A new report shows that Calgary’s real estate market appears to be shifting in favour of sellers, reports CBC News.
The report, published by the Conference Board of Canada, concludes that while prices in most major Canadian housing prices are expected to drop slightly, there is no bubble to pop.
“Calgary’s resale market is approaching sellers’ conditions,” the report says. “Sales have not fallen on a year-over-year basis since April 2011, and price growth accelerated sharply last year.”
Despite that, the market has still continued its relatively strong performance. Last year, a total of 43,000 people moved to Calgary for employment, as Alberta became the top choice for Canadian job-seekers.
“It’s absolutely a double-edged sword,” said Calgary Mayor Naheed Nenshi, expressing caution about the rapid growth. “Those people who move here don’t bring schools and hospitals and roads with them. And from a city’s perspective, they also don’t bring buses and C-Trains or parks.”
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