Calgary continues to suffer from a prolonged slump in energy prices, but prices are hanging in there. With all the doom and gloom we have been subjected to in the last couple of years, you might have expected the real estate market to crash. That clearly has not happened and I don’t expect it to. This is probably because oil prices seem to have stabilized at the $35 to $40 range and most companies have already had major layoffs. Sure they could shed more jobs, but the Calgary economy seems to be a bit more diversified than it was the last couple of times we had a bust. It also helps that places like Vancouver and Toronto still have hot real estate markets, and the rest of the country is at least stable. If those other cities also had falling prices we would be in a lot more trouble.
In the single family home market there were 1,005 sales at an average price of $538,434 which is a very slight decrease of .2% from February and 1.3% from March of 2015. Sales were down by 15.2 percent from last March and there were 3,077 active listings. It took on average 41 days to sell a house in Calgary in the month of March.
On the condo side of the market, there were 256 condos sold at an average price of $298,533 and it took about 47 days for them to sell. The price decreased by 2.9% compared to February and 2.4% compared to March of 2015. Sales were down by 15.2% and there were 1,536 active listings.
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