The price of homes in Calgary may have an influence in the latter part of this year after the economy of Alberta which was greatly weakened. From the update for the mid-year, the Real Estate Board of Calgary has revealed an eight percent decrease in the volume of sales in the city for this year, cooling down from last year’s 26 percent nose-dive. The prices are expected to diminish by 3.8 percent over the years.
A forthcoming change of things in Alberta, as well as the feeble workforce market, easy-going demand and cooling prices are assured. The president of CREB, Cliff Stevenson said that “While the market as a whole continues to be challenging for home sellers, the highest price declines are typically in the neighborhoods and sectors where the largest amount of supply has built up, either from the resale market or the competing new home market. In this kind of market, both buyers and sellers continue to be forced to adjust their expectations. Not all districts and product segments are reacting the same way.”
He also noted that: “The big thing is making sure consumers are well informed about how the market is reacting in specific segments and within specific communities, so they can make sound decisions. That’s the unique value add of a real estate professional.”