Many Calgarians’ largest investments took a hit in 2018, as real estate saw a significant decrease in value across the board.
According to real estate website Zoocasa.com, the average house and apartment value in YYC decreased by a full 3.4% in 2018 — meaning that the average house value of $418,500 dropped by $14,800 between January 1 and December 31.
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Not the best results for anyone who was hoping to grow some investments this past year. Zoocasa even provided an infographic to show where and what was hit the hardest, with statistics coming from the Calgary Real Estate Board.
Detached houses in Calgary saw a -$17,305 change throughout the year, with properties in City Centre, NW, S, and E Calgary being hit the hardest.
In fact, real estate in City Centre saw a significant decrease for all housing types, with semi-detached houses seeing a -5.4% change while apartments came out the easiest with a -2.4% change.
Apartments were the safest from the value decrease across the city, according to Zoocasa, with the average apartment seeing a -2.4% change, which equals out to a -$6,290 loss.
It was also the only housing type to actually see any sort of increase in value in 2018. Apartments in SE, E, NE, and NW Calgary were all in the green, though +2.9% was the most significant gain for any area.
On the other end of the scale, the steepest loss was felt for semi-detached homes in City Centre, where the average piece of real estate dropped an astounding -$41,378, or 5.4%.
Calgary has been recovering from economic turmoil ever since 2015, so here’s hoping that 2019 is a (much) better year for Calgary homeowners.