The downturn in Calgary’s housing market due to the oil slump will continue in the short-term according to a new report. The Conference Board of Canada’s Metro Resale Snapshot shows a 35.9 per cent year-over-year drop in MLS sales (annual seasonally-adjusted rate) to 23,400 units with listings down 12.9 per cent and average prices down 4.3 per cent to $446,848.
Senior economist Robin Wiebe’s assessment is that the resale market is balanced with a ratio of sales to new listings of 0.534. Sales in October were up 2.1 per cent with prices down 0.3 per cent compared with the previous month.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: