Royal LePage forecasting 3% decline in Calgary house prices in 2016

Royal LePage forecasting 3% decline in Calgary house prices in 2016
Calgary home prices remained stable during the fourth quarter of 2015 and will experience only a small decline this year despite the city’s challenged economy, Royal LePage said in a local market outlook released Wednesday.

The real estate company is forecasting a year-over-year drop of three per cent in the aggregate price of a home in the Calgary region in 2016.

Royal LePage’s national house price composite, compiled from property value data in 53 of the country’s largest real estate markets, show the aggregate price in Calgary rose to $459,809 in the fourth quarter, up 0.3 per cent year-over-year.

The median price of a two-storey home rose 0.7 per cent to $514,935, while bungalows saw a decrease of 0.1 per cent year-over-year to $452,038.  

During the same period, condominium prices saw some softness, declining 1.2 per cent to $300,714, said Royal LePage.

“Calgary’s housing market has been more resilient than most expected amid declining oil prices,” said Diane Scott, broker and owner of Royal LePage Solutions, in a news release.

“With some moderate price declines already underway, we will be watching closely, especially in light of the most recent drop in oil prices, for further impacts on the housing market to take shape.

“After remaining balanced throughout most of the year, the detached home segment is shifting to a buyer’s market as we enter 2016, while condominium prices continue to remain soft. We have seen an increase in first-time homebuyers entering the market due to more opportunity to enter at a lower price point.”
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