Festival condos review. Is the housing market no longer in its prime? The sharp fall in international oil prices is beginning to threaten Calgary, which was once seen as the hottest property market in Canada.Please Visit: Festival condos review to Get Your VVIP Registration Today!
Now, the city’s real estate market is heading for a critical juncture. Calgary is Canada’s fourth city, located in Alberta, known as the oil capital of Canada.
As of Feb. 23, total home sales in Calgary plunged 36%, while the number of new listings rose 9%. According to the Calgary Real Estate Association, the city’s median house price fell 0.5%, and the average house price fell 3.4%.
Obviously, now is a bad time to sell the house. Those who want to sell their homes are pinning their hopes on a rebound in oil prices, hoping that higher oil prices will reverse the bleak economic outlook for the Canadian energy hub.
Sherry Cooper, a former chief economist at BMO and now at Dominion Lending Centres, a mortgage brokerage, says sellers in Calgary will regret waiting for oil prices to pick up and that, in her view, house prices will continue to tumble by 10 to 20 per cent.
“from what level? From house prices that already have a bubble. Average house prices in Calgary have skyrocketed. From this point of view, it used to be the strongest real estate market in Canada, “Cooper said. Apartment prices fell sharply in February, falling by an average of 8 per cent to C $304000, single-family villas by 3.3 per cent to C $534000 and townhouses by 2.2 per cent to C $417000.
The latest provincial outlook from the Canadian Conference Board (Conference Board of Canada) shows that Alberta will fall into recession and will last until at least 2016.