As the summer of 2015 comes to a close, the Calgary real estate market reflects the uncertainty of the area’s economy, but the energy industry’s problems have yet to make a significant impact on property values in and around Calgary. The latest statistics show that while prices are no longer climbing in many neighbourhoods, they are not dropping either. Overall, the Calgary market remains fairly well-balanced with neither buyers nor sellers wielding a clear advantage.
At the start of the year, some experts were predicting major real estate value drops in Calgary in response to plunging gas and oil prices and energy industry layoffs, but that has not happened to date. The latest statistics released by the Calgary Real Estate Board (CREB) on September 1, 2015 indicate that August’s benchmark price for all residential (detached, attached and apartment) properties in Calgary was $456,300 – nearly identical to the benchmark price of $456,700 posted in August of 2014. These stable overall market numbers do not extend to the apartment benchmark – $294,100. Calgary’s apartment sector has experienced a slight 1.44% decline in benchmark value during the same 12 month time period.
Any examination of the state of the Calgary real estate market should make note of the fact that market conditions vary considerably throughout Calgary’s diverse collection of neighbourhoods. While the overall trend is toward stability in pricing, some areas of the city have seen diminution in value while others are still seeing multiple offers on highly desirable properties in the right location. The recreational property market centered in the mountain and lake regions immediately surrounding the city remains strong. American buyers, buoyed by a strengthening U.S. economy, are once again looking to purchase second homes in Alberta and Calgarians are looking to vacation closer to home in view of the current U.S. exchange rates.
The Calgary real estate market will undoubtedly continue to respond to the general uncertainty in the current economy. Continued or increased unemployment is bound to impact supply and demand for housing. On the upside, however, consumer optimism remains strong. In its Mid-year Update to its 2015 Economic Outlook & Regional Housing Forecast, CREB remarks that “Positive long-term prospects and reduced concerns about the bottom falling out in the near term could minimize the pullback in demand, keeping market conditions in relatively balanced territory and preventing further aggregate price declines.”
Do you need to move to celebrate the changes that are happening in your life? Let me serve you in helping you make the move to the place or home that reflects where you are in life’s journey! I will listen to your needs and use my knowledge and expertise to make this a smooth transition to the right place for you to call home in Calgary. Contact me at 403-708-5873, firstname.lastname@example.org, or www.allisonjames.com and let’s get on with your journey!
About Allison James
Allison James has been a realtor® since 1999 with Century 21 Bamber Realty Ltd. in the changing Calgary real estate market. A Century 21 Centurion Award 2007 recipient and a member of CREA and AREA, she specializes in residential real estate and has her designations as a Seniors Real Estate Specialist and a Certified Condominium Specialist. These designations testify that she has the expertise and resources to help her clients make a smooth transition to the next step in their life journey. She enjoys helping her clients as they move through many of the same stages of life that she, too, has experienced. The fact that the majority of her business comes from past clients and/or referrals from satisfied clients speaks volumes about her dedication to the high quality of service that she offers her clients to meet their Calgary and surrounding area real estate needs. She is a mother of four who are all on their own now, and a grandmother of eight. Besides helping people buy or sell real estate, she loves spending time with her family, being active outdoors, traveling and meeting new people, photography, playing the drums, reading, scuba diving, listening to music, learning new things, and nurturing her spiritual growth.