Decline in the energy sector remains the chief driver of the weakening housing market: “As we move into the second year of this environment, we expect to see additional housing supply pressure and further price declines,” said CREB chief economist Ann-Marie Lurie. “Weakness in the energy sector is overshadowing all aspects of our economy and with more people looking for work and fewer opportunities, we could see some families making adjustments to their housing situation.”
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The Calgary Real Estate Board is projecting that sales activity will decline by more than 2 per cent this year with the annualized benchmark price falling by 3.44 per cent to $438,652. In line with the fourth quarter of 2015 there will be steeper declines in the higher density sector, although all property types are set to depreciate while inventory continues to rise.