Calgary price drops continue fuelling the market’s affordability and sales activity, with the aggregate home price shrinking by 4.3% annually to $464,542.
According to the latest edition of the Royal LePage House Price Survey, the largest decline was seen in bungalows, which fell by 5.8% to $492,511.
Meanwhile, two-storey homes had a 3.9% year-over-year decrease to $508,860. The market’s aggregate condo price also dropped by 3.5% during the same period to $274,045.
“Sales activity has increased as buyers take advantage of lower prices,” Royal LePage Benchmark broker and owner Corinne Lyall said. “Consumer confidence improved in the last quarter compared to the beginning of the year, and inventory has tightened, causing increased buying decisions.”
However, strong demand is steadily depleting the market’s listings, and this might put a hard stop to the generous affordability that the market has enjoyed for much of the year.
“Eventually, prices will increase to reflect the decline in the number of listings on the market. Interest rates are still low, so potential buyers might want to consider entering the market now,” Lyall explained.
Looking to the final quarter of 2019, Calgary will likely experience a further 2.4% annual decline in aggregate housing value, to end up at $465,007. This will be a mere 0.1% higher compared to the Q3 2019.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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