With energy prices hovering well-below their norm, what will be the impact on the housing market in 2015?
The Central Alberta Realtor's Association has released their 2014 Market Report which outlines that overall 2014 was a successful year with housing prices remaining strong. Across the board, a 10.6% increase was recorded with increases in most areas, except a few outlying rural locations. The rental market also continues strong; although we are likely to see a surge of first-time home buyers with interests rates at this low level.
So what will 2015 look like? No on can say for sure, but what is certain, is that our neighbors to the south are experiencing a much stronger economy than during the 2008 recession; this should have a less severe effect on things up here in Canada. However, both the Province and Country are well invested in the energy sector, so the impact could be far reaching. What can be said, is that we are likely to see a slow first quarter to 2015 with sales picking back up for the remainder of the year.
It is looking like things aren't so glum after all! What do you think?
The detailed report, complete with 2014 statistics by location, is available here.
Image courtesy of this site.