Balloon –Bust or Balanced? Calgary House Prices 2017 Forecat

Balloon –Bust or Balanced?

Calgary House Prices – 2017 Forecast

Predicting house prices for the Calgary area for 2017 is a complex task. The market will definitely go UP this year based on the economy rebounding, higher oil prices, pipeline expansion etc. According to the outlook from the Calgary Real Estate Board there are predictions of an increase but price impacts will vary depending on housing type.

Light Dim but Growing

CREB report states that prices for detached homes are projected to rise by 0.8 per cent. Compared to normal price increases year over year that's low but at least its going the right direction. Some people are taking advantage of the economy. Of note is the $750k-plus price of the market. This area has seen a recent spike in activity. People are moving UP while the prices are still low.

Not a Buyer's Market for Long

Chief economist for CREB, Ann-Marie Lurie said last year was "a buyers' market, for sure" but it will change in 2017. "What we're expecting is we're going to see it gradually shift into more balanced conditions," she said.

CREB president David Brown agrees. He doesn't expect buyers to have their pick of price-reduced properties except for condos. Prices may fall by another 2%. "In the apartment-style condos, you may still see some deals available, but everything else is going to stabilize."

Even More Good News

CREA, Canadian Real Estate Association predictions tell another story. Not all provincial markets should expect price drops in 2017. Home sales will rise in Alberta by as much a 3.5% primarily because the market experienced a slowdown in 2016.

The Balloon Effect

According to a new real estate report released Tuesday, the average price for a resale home in Calgary will balloon to more than half a million dollars by 2017. The average price for all residential property in Calgary did grow if you look at the long range. A 2013 home selling at $431,760 more or less may be as much as $517,016 in 2017.

Why Wait?

If you have been waiting to buy now is the time since we may have hit bottom, while interest rates are still relatively low, inventory is high and some sellers are eager. As the saying goes, "Why not strike, while the iron is hot?"

Why not give Chris a call: 403-680-4479

REAL ESTATE PROFESSIONALS
100, 5810 2 STREET S.W.
CALGARY, AB T2H 0H2
Office: 403-253-5305
Fax: 403-775-5156
E-mail: chris@yourhomeinalberta.com

Website: http://www.YourHomeInAlberta.com