Real Estate Market Update for Calgary – 2017

Real Estate Market pic

Real Estate Market

Business strategy consultant Adam Drybrough serves clients in the greater Calgary area. In addition to his work with startups and retail brands, Adam Drybrough uses his skills to benefit landowners and developers in the area.

Experts predict that the Calgary real estate market is in for another tough year. Some stakeholders report that rising mortgage rates are creating significant challenges for first-time home buyers.

These problems may be compounded by recent changes to federal mortgage-insurance regulations. The Calgary Real Estate Board wrote that the regulations may be contributing to an ongoing trend of job loss in and emigration from the Calgary area, which weakens the market even further.

While detached home prices continue to fall at about 3 percent, the condo market is hurting even more. A surplus of development projects during the 2014 boom left the region with a surplus of condos, which fell in price by 6 percent in 2016 and are expected to fall another 2 percent in 2017.

Despite these trends, experts see a period of recovery on the horizon. They warn that stabilization may be slow, but economic conditions are likely to improve soon.