House prices to ease in second half says CREB

The impact of the oil industry downturn on the housing market is starting to bite with house prices in the second half of the year expected to ease.

That’s the view of the Calgary Real Estate Board, which says that pressure on the supply of homes is set to recede which will see prices decline.

However, median prices in Calgary are expected to fall by less than one per cent. Sales activity, CREB predicts, will be 22 per cent lower than 2014 but just six per cent behind the average for the last five years.

“Further job losses are expected in the second half of the year,” said chief economist Ann-Marie Lurie. “These employment changes, combined with overall weakness and slower than anticipated recovery of oil prices, are expected to keep housing demand relatively weak for the rest of 2015.

"However, with the initial shock of oil price declines having dissipated, the pullback in sales activity in the second half is not expected to be as dramatic as the first part of the year.”

Calgary’s residential benchmark price is expected to average $448,354 for 2015, a modest 0.20 per cent decline over the previous year. Detached houses, especially those at the higher end, may well see larger decreases depending on demand. 

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