Economy not having disastrous effect on Calgary house prices
Posted Apr 8, 2016 6:57 am.
This article is more than 5 years old.
A new report from Royal LePage on house prices shows things maybe aren’t as dire as one would expect in Calgary.
According to the House Price Survey, the aggregate price of a home in the city dropped a mere 0.6 per cent in the first quarter of 2016 compared to the same time period last year, to sit at just over $466,000.
Corrine Lyall, owner of Royal LePage Benchmark, says it’s all about supply and demand.
“People that are putting their homes on the market are potentially in a need to sell situation, as opposed to just testing the market. So our inventories are still relatively low, compared to what everybody’s forecasting in terms of what’s happening in the economy,” said Lyall.
Two story homes fell by one 1.0 per cent, bungalows were down 0.2 per cent, while condo values actually went up 0.3 per cent.
