Calgary’s real estate market in December caps off 2019 with more signs of stability

December sales improved to levels more consistent with activity recorded over the past five years. This follows weak sales activity last year.

A stronger second half in 2019 was enough to push annual sales up by one per cent.

“Price declines, lower mortgage rates and some modest improvements in full-time employment helped support some demand growth in the city. Reductions in supply are also contributing to the slow adjustment to more stable conditions in the housing market,” said CREB® chief economist Ann-Marie Lurie.

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Calgary, Jan. 14, 2019 – Since the oil price crash, Calgary has faced job losses, wage reductions and tightening national housing policy. These factors have all contributed to the slower sales environment, excess supply and citywide price adjustments of more than 10 per cent.

However, as Calgary moves into the sixth year of this cycle, there are indications of adjustments to these conditions throughout the housing market.

“Job growth, combined with recent easing in mortgage rates and price declines, is starting to bring some purchasers back into the lower end of the market,” said Ann-Marie Lurie, CREB^® chief economist.

“We are seeing more transactions in the $500,000-and-below price point for residential homes.”