Median Calgary home price predicted to dip 2.3% by end of 2019
A new report released on Tuesday points toward lower house prices to come in Calgary as inventory stays high and demand remains soft.
The Royal LePage Market Survey Forecast predicts the median home price in Calgary will drop 2.3 per cent to an aggregate price of $473,104 by the end of 2019.
Corinne Lyall, an owner and broker with Royal LePage Benchmark, says troubles in the energy sector continue to weigh on the city's real estate market.
"That's obviously been a challenge. And as well, we know the discrepancy between the U.S. oil prices and the Canadian oil prices … that's really had a negative impact on, again, our recovery from a recession that we've been in," she said.
Lyall adds that recent mortgage rule changes are also playing a role in declining real estate prices.
"What's going to change the current real estate and economic conditions are the oil and gas sector, obviously, No. 1. We're not going to get away from that anytime soon. However, there's been some focus on diversifying our economy, of course," she said.
Lyall said declining vacancy rates in Calgary might create enticing opportunities for investors and landlords to enter the market in the city.
She also noted that Calgary's positive in-migration in 2018 — after several years of the opposite during the recession — could help support home price stabilization.
