Calgary’s real estate market in December caps off 2019 with more signs of stability
City of Calgary, January 2, 2020

December sales improved to levels more consistent with activity recorded over the past five years. This follows a weak sales activity last year.

A stronger second half in 2019 was enough to push annual sales up by one percent.

“Price declines, lower mortgage rates and some modest improvements in full-time employment helped support some demand growth in the city. Reductions in supply are also contributing to the slow adjustment to more stable conditions in the housing market,” said CREB® chief economist Ann-Marie Lurie.

“As oversupply in the market continues to ease, we should start to see more stabilization in prices. However, conditions continue to favour the buyer and this is weighing on prices.”

December’s unadjusted benchmark prices were $418,500. This is just slightly lower than last month and one percent below last year’s levels.

Overall prices in 2019 declined by three percent over last year’s levels. The total adjustment in prices is a 10 percent decline since the 2014 slowdown in the energy sector.

While there are signs of stabilization, conditions vary significantly by location, price range and product type.
Improvements in the resale market have been mostly driven by lower-priced products or areas where price declines were enough to bring more purchasers back into the market.