Red Hot Housing Market for Calgary - 2017?
No! Small Growth Expected for Calgary
Unlike the Vancouver and Toronto
Real Estate Markets, which have seen major price jumps for homes, Calgary is not
expected to see this type of volatility. According the 2017 outlook from the
Calgary Real Estate Board, house prices aren't expected to grow by a
significant amount this year.
Rise Expected but Not Much
CREB's report stated that, "After
falling by 3.2 per cent in 2016, prices for detached homes are projected to rise
by 0.8 per cent by the end of 2017. Attached homes, meanwhile, fell by 4.1
per cent last year and projected to increase by 0.5 per cent.
Not a Buyers' Market in 2017
David Brown, CREB president
said he doesn't expect buyers to have their pick of price-reduced properties
across the board. "There are still some good deals in the market but
you're probably not going to see dramatic prices drops as we maybe have seen in
the previous years."
Balanced Conditions
Chief economist for CREB, Ann-Marie Lurie, said
last year was "a buyers' market, for sure" in Calgary but that is
expected to start shifting, particularly in the latter half of 2017. "What
we're expecting is we're going to see it gradually shift into more balanced
conditions."
Time to Buy into the Condo Market
While there is a modest price
increase projected for homes, condo prices are projected to fall by another two
per cent, according to CREB. "In the apartment-style condos, you may still
see some deals available, but everything else is going to stabilize."
There is Risk and Uncertainty on the Horizon
CREB cautions that numerous
risks may affect the housing market in 2017, notably oil prices maintaining an average
$50.66 per barrel, mortgage decisions by the Bank of Canada and the uncertain
impact on the Canadian economy with respect to the election of U.S. president
Donald Trump.
Need some help sorting out the risks? Give Chris a call #403-680-4479