RE/MAX 2017 Housing Outlook for Calgary

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Last week, RE/MAX of Western Canada released their 2017 Housing Market Outlook, which assessed cross-canada real estate trends from 2016, and forecasted predictions for the coming year.

As for Calgary, while 2016 didn’t necessarily wow, 2017 shows a bright light for not only housing but our economy as well. There were however, several wins for this year, and lots to look forward to in 2017.

  • The average residential sale price in Calgary was down 4% this year, at $402,335
  • Demand for properties between $300,000 and $500,000 has stayed strong and stable throughout 2016.
  • The recent approval of the Trans Mountain Pipeline is slated to boost consumer confidence in Alberta as well as boost the economy in 2017.
  • Some jobs in the oil sector returned to Calgary in 2016, which is a positive trend towards employment.
  • RE/MAX predicts average sale prices in Calgary to stabilize in 2017.
  • The luxury market in Calgary was fed by majority of non-oil sector industries finding good value in upgrading their homes. As luxury properties took a dip in pricing, there was great deals to be had in 2016.
  • The average price of condos declined in 2016, which again led to great deals for first-time buyers and those looking to move inner-city or downsize.
  • First-time buyers in Calgary are being encouraged by the still, historically low interest rates.
  • The average first-time homebuyer in Calgary is looking to enter the market with a purchase of a home between $350,000 and $450,000.

You can find out more on the RE/MAX 2017 Housing Market Outlook for Calgary here. The full report on Canada’s 2017 Housing Market Outlook, as well as a breakdown for other major sectors, can be found online here.

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