A national real estate firm is predicting prices in Calgary’s resale housing market, and across the country, will continue to increase in 2015 despite low oil prices.
In releasing its house price survey and market survey forecast Wednesday, Royal LePage said the average price in Calgary will climb 2.4 per cent from 2014 to $472,000 while the Canadian average price will see a 2.9 per cent hike to $419,318.
It said the recent drop in oil prices did not impact the overall real estate market in the fourth quarter of last year.
The Calgary market was one of the hottest in the country, with all three major housing categories seeing near double-digit price growth over this time last year.
There remains a structural imbalance between the availability of homes and number of eager homebuyers. This fundamental discrepancy between supply and demand explains why we’ve seen such aggressive price appreciation in 2014.
Inventory availability remains a major issue across the city, as frustrated buyers are chasing a limited number of homes. The one exception is condominiums, where new units are being built at a faster rate.
Nationally, the average price for bungalows rose by 6.7 per cent to $406,218. Two-storey homes were up six per cent to $443,379. Condos were also up by 4.5 per cent to $257,624.