Calgary & Edmonton Market Recap

Despite 2015 being a year of uncertainty with low oil prices slowing the economy, the overall market has managed to stay relatively stable. Although prices and sales have dropped, the market has not dropped as much as some predicted. 

Instead, in response to unstable job security and weakening economic confidence, many people chose to watch the market from the sidelines. Additionally, some first time buyers have taken advantage of the opportunity to get into the market making the entry level market the most active while inter-migration into the province has also remained stable keeping prices from dropping more.

Calgary has seen its overall benchmark price fall just 2% in the last 12 months and now sits at $450,700 down from $459,900. Although sales are down roughly 26%, listings are also down helping to keep prices stable. Edmonton has seen similar slides with a decline in the number of sales this year and overall average price now sitting at $369,559 down from $381,569 a year ago. The entry level market remains the most active with the luxury market seeing the largest slow-down.

As we look to the year ahead, we expect this pattern of supply and demand to continue to help stabilize the market.