Photo: Spencer Harris/Flickr
Calgary home prices remained relatively flat in the fourth quarter of 2015 and are expected to experience a small decline in 2016, says Royal LePage.
According to the real estate group’s latest house price survey, Calgary’s aggregate house price rose 0.3 per cent year-over-year to $459,809 in the final three months of last year. Broken down by housing type, the median price of a two-storey home rose 0.7 per cent to $514,935 in the fourth quarter of 2015, while bungalows saw a decrease of 0.1 per cent to $452,038. During the same period, condo prices declined 1.2 per cent to $300,714.
“Calgary’s housing market has been more resilient than most expected amidst declining oil prices,” said Royal LePage broker Diane Scott in a release. “With some moderate price declines already underway, we will be watching closely, especially in light of the most recent drop in oil prices, for further impacts on the housing market to take shape.”
Looking ahead to 2016, Royal LePage forecasts a year-over-year price decrease of three per cent for homes in the Calgary region.
“After remaining balanced throughout most of the year, the detached home segment is shifting to a buyer’s market as we enter 2016, while condo prices continue to remain soft,” said Scott. “We have seen an increase in first-time homebuyers entering the market due to more opportunity to enter at a lower price point.”
Nationally, Canada’s residential real estate market showed strong growth in the fourth quarter of 2015, led by hot Vancouver and Toronto markets. For the year ahead, Royal LePage expects price growth to continue in most markets, but not at the pace that has been the recent norm.