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2019 Mid-Year Calgary Housing Report

Blog by Dory Cameron | August 8th, 2019

The Calgary Real Estate Baord has come out with its mid-year report.  In a nutshell, housing prices are down just over 4% from last year's prices HOWEVER, because we are seeing less houses coming onto the MLS system, prices are stabilizing.  So last week I took it upon myself to look at housing that sold over the last 3 months in some sought-after areas like Charleswood, Collingwood, Brentwood and Varsity.  I am seeing an ever-so-slight uptick in sold prices.  What does this mean?  It means in the sought-after areas (inner-city) housing prices have not only stabilized but are now selling closer to list price than they were say this time last year, or even six months ago, in fact.  Based on my experience from our last recession (2008-2011), I noticed that these areas were the ones to watch in order to judge whether housing prices were set to start going up.  So while I don't think housing prices are increasing, I am seeing the inner-city homes selling closer to list price and I believe in 2020, barring any unexpected world crises, we may see inner-city house prices take a subtle step in seeing some very modest increases.  But that seems to be the end of the decreases.  Now in areas that are on the edge of the City such as Nolan Hill, Carrington, Walden, Silverado prices are still struggling.  New home prices are pushing the prices of re-sale homes downwards.  Bedroom communities such as Airdrie, Chestermere and Okotoks are seeing downward pressure.  There are nearly 400 houses with double front garages currently for sale in Airdrie.  It is going to take Airdrie a couple of years, perhaps well into 2021, to see the housing prices stabilize.  Out of all the bedroom communities, Cochrane prices fought off the declining bedroom community price drops.  And if all goes like it did in 2012, Cochrane, out of all the bedroom communities, will be one of the first to see price recoveries.  But I will continue to watch housing prices and report as things change.