<<< back to article list

Calgary's Real Estate Surprise First Half of 2015


Blog by Real Phaneuf, Gary Yip, Ed Weening and Scott Sieppert | July 20th, 2015


July 2015

Well, with the first half of 2015 quickly passed and I thought it time for another update.  The Alberta economy, the price of oil and the change in our political landscape are all working to reshape Calgary one more time.  While all this occurred in the first half of the year, the Calgary Real Estate market remained steady and showed price resistance to these changes.  While the number of sales reduced significantly from the previous year the median price of homes actually rose about 2.5% in the first half of the year and the average price improved about 6%.    

Month

Sale Price, Median

Sale Price, Average

Jan

$421,000

$459,980

Feb

$420,000

$460,745

Mar

$420,000

$472,009

Apr

$417,500

$468,640

May

$433,000

$478,727

Jun

$430,000

$484,245

Jul

$432,386

$473,697


The second half of the year is setting up to be a little weaker and we may lose the gains we accomplished in the first half of the year.  The recent announcement by the Bank of Canada to lower the prime lending rate by .25% should offer some support to the market.  However the late summer, fall and winter months tend to be a slower pace than the spring market and we could see competition between sellers to obtain the next buyer.  Some markets are already showing this competition develop.

All this being said, it isn’t as bad as the media would like us to believe.  The overall conditions have definitely changed from a year ago when we were in a hot market with a shortfall of homes to fill the demand.  This year buyers have had more selection and the market has been mostly in a balance of buyer’s demand and seller’s supply of homes. 

If you are contemplating a move we would like to hear from you.  We can certainly give you an update on the current market conditions in your neighbourhood and develop a plan to make your move as smooth as possible.  Feel free to contact Shayne, Gary or myself at any time.  If you are looking for help with your mortgage, Jason Dodd our in house mortgage broker can assist you with any information you require.  Please feel free to contact us and we will certainly pass along his contact information.

Enjoy the rest of the summer as fall is just around the corner.

 

Real Phaneuf, Realtor