However, the oil sector's weakness continues to be a thorn in the market's progress
Despite recent economic troubles, Calgary home prices still exhibited growth (if modest) in Q4 2018, increasing by 1.3% year-over-year to reach an average of $484,462.
Any possibility for further growth was muted by sustained weakness in the petroleum sector, however.
“Calgary’s real estate market in 2018 was affected by a confluence of lacklustre oil prices, new mortgage rules, and rising interest rates. Although we saw some market improvement in full-time employment and increased migration from the last 12-18 months, the market continues with higher than normal inventory levels and slower sales, which limits price appreciation growth,” Royal LePage Benchmark broker and owner Corinne Lyall explained.
Read more: Multiple struggles stymie Calgary market’s performance
The relative dynamism in the below-$450,000 price point emphasized this point – although Lyall was quick to add that there are promising trends afoot.
“It’s important to note that interest rates are still low despite the increases seen during last year, and as buyers adapt to the mortgage changes, we are starting to see some demand return. Currently, with increasing residential vacancy rates due to migration and higher downtown office vacancies, there are some attractive opportunities for investors and companies considering a move to Calgary.”
