Some experts suggest prices will fall much further than CREB predicts. Buyers are hunting for deep deals, but so far, sellers have been hesitant to lower asking prices significantly. But as the downturn drags on, sellers are relenting and that gap is starting to narrow.
Prices could also fall as discounted properties start hitting the market as banks take over homes from people who couldn't pay their debts. Albertans routinely have the highest debt loads in the country.
Forecasts are never easy to make, especially estimating the real estate market based on whether oil will go up, down or sideways. Experts, however, are unanimous in suggesting with certainty home prices will fall in Calgary this year.