As always in uncertain times there is much speculation about the economy, employment rates, and the housing market, to name a few. With oil prices taking a beating in 2015 this has certainly been the case in Alberta, and specifically the Calgary real estate market. Despite the many doomsayers during challenging times, there’s always light at the end of the tunnel. The following excerpts from credible sources in their respective areas of expertise indicate that yes, we’re feeling the pinch, but prices still haven’t crashed and it’s not the end of times, as some would have you believe!

Of interest…

• “Calgary’s housing market continues to withstand the slowdown in the oil patch, with home prices rising 0.14 per cent from last July. Calgary prices sit 0.7-per-cent lower than their peak in November, but have rebounded slightly after bottoming out in April.” Tamsin McMahon – Real Estate Reporter with Globe and Mail

• According to the BMO Economics research note released yesterday (August 14, 2015) ”Calgary home prices “are effectively flat lining, not correcting more sharply as some feared.”

• An RBC Economics Report states in a Monthly Housing Market Update for August 14, 2015 states:”A gradual recovery in oil sensitive markets became more evident in July with home resales rising relative to June in Calgary and Edmonton (after pausing in Calgary and taking a step back in Edmonton in the previous month). A jump in new listings in both regions accompanied the sales advance, helping to ease the demand-supply conditions, notably for Calgary, where market conditions remain tilted in favour of sellers. Down-ward price pressures still remained contained in Calgary with the MLS HPI remaining unchanged on a month-to-month basis; however, annual price growth slowed to only 0.1% from 0.5% in June.”

• “Sales (demand) so far in August are below historical averages, but then again, so are new listings (inventory). It’s very much a subdued but balanced market.” Calgary Real Estate Review – Mike Fotiou, Associate Broker with First Place Realty

If you’re looking to buy or sell but are feeling confused an uncertain about the Calgary real estate market, call Bill Brandsma at 403-253-5678. He’s experienced, knowledgeable, committed, and ready to answer any questions you may have.