Calgary's real estate market plunged in 2015, losing $3.5 billion
Calgary’s real estate market plunged $3.47 billion in 2015, moving over 26% less sales last year than in 2014.
The total sales volume for 2015 in the City of Calgary was $8,837,612,978, compared with $12,313,571,788 in 2014. Likewise, there were only 18,830 sales made compared to 25,543 the year before, according to the latest statistics from the Calgary Real Estate Board.
While prices increased only slightly by 1.1%, there were almost 30% more homes on the market during the last 12 months than in 2014.
“Economic uncertainty, followed by weak economic conditions and job losses, contributed to slowing housing demand throughout the year,” said Anne-Marie Lurie, chief economist at the Calgary Real Estate Board.
“That said, while aggregate prices trended down in 2015, it was not to the same extent as some had speculated. Supply levels were low moving in this cycle and thus provided some cushion to absorb the inventory gains,” she added.
The benchmark price of a detached home is now $514,050, an attached home is now $354,508, and an apartment is $292,208.