WATCH ABOVE: Calgary was one of the hottest housing markets in the country. Now things are expected to cool. David Boushy reports.
CALGARY – Housing prices in Calgary are expected to increase by a modest 2.4 per cent in 2015, according to one of the country’s largest realtors.
Royal LePage released its House Price Survey and Market Survey Forecast on Wednesday.
A spokesperson says the surveys suggests the recent drop in oil prices has yet to impact the overall real estate market
“Oil is a major economic influence in Calgary, so the recent price drop is worrying,” said Ted Zaharko with Royal LePage Foothills.
“While we believe there may be some immediate term impact on the local housing market in the form of slowed appreciation, there would need to be prolonged low oil prices for any spillover into the housing market to be significant.”
The newest House Price Survey showed significant year-over-year price appreciation across all housing types surveyed in Calgary, with average prices for detached bungalows jumping 9.1 per cent to sit at $511,889 in the latest quarter.
Meanwhile, Lepage says the price of standard two-storey homes also increased in 2014, climbing 8.5 per cent to $500,320.
Standard condominiums also experienced robust growth, rising 9.1 per cent to $311,644.
“The Calgary market was one of the hottest in the country, with all three major housing categories seeing near double-digit price growth over this time last year,” said Zaharko.