Housing prices to ease in second half, CREB® forecasts

Prices expected to remain stable

Continued weakness in housing demand will limit downward pressure on supply levels and cause prices to ease in the second half of the year, CREB® said in its 2015 mid-year forecast. Despite this anticipated retraction, Calgary’s benchmark prices are only expected to decline by less than one per cent on an annual basis.

“Further job losses are expected in the second half of the year,” said CREB® chief economist Ann-Marie Lurie. “These employment changes combined with overall weakness and slower than anticipated recovery of oil prices is expected to keep housing demand relatively weak for the rest of 2015. However, with the initial shock of oil price declines having dissipated, the pullback in sales activity in the second quarter is not expected to be as dramatic as the first part of the year,” said Lurie.

Overall sales activity in the city of Calgary is forecasted to total 19,780 in 2015, a 22 per cent decline relative to last year, but only six per cent lower than average activity over the past five years.

Dramatic swings in new listings during the first half of the year caused inventory levels to rise, but by June, they remained below previous highs. Over the second half of the year, inventory levels traditionally ease as we move toward the fall and winter markets. However, this year housing supply levels are expected to remain relatively elevated due to improved selection in the rental markets, completion of projects under construction, and an easing in the rate of decline in resale new listings.

Continue reading


4724 21A Street SW

Incredible location nestled on a quiet cul-de-sac this rare four bedroom up home is perfect for active family. Featuring 3450 sqft of living quarters, 6 bedrooms and 3.5 bathroom this home is perfect. The open concept main floor boasts gleaming white gourmet kitchen with top of the line stainless steel appliances and expansive granite counters, large mudroom including large family lockers great for hockey gear, dog wash, phone desk, powder room and main level office. This home has it all. The upper level is complete with large Master retreat with his and her walk-in closets, spacious spa like Ensuite with large steam shower, soaker tub and double sinks, also on upper level are 3 additional spacious bedrooms, laundry room and additional storage. Lower level is complete with theatre room, 2 bedrooms, yoga studio and full bathroom. The low maintenance landscaped yard comes complete with sprinkler system.