A real estate analyst with the Real Estate Investment Network (REIN) says the fact that Calgary’s housing prices aren’t budging much shouldn’t come as a shock.
“The current Calgary real estate market conditions are disappointing but unsurprising,” said Don Campbell, senior real estate analyst with REIN.
The oil price slide is in its 15th month after all, he says. Previous forecasts stated prices would begin to slide from November 2015 to February 2016 amid mixed signals in the market.
“The drop in oil prices, which brought layoffs and lower consumer confidence, have been the largest factor in today’s market conditions, prices held steady due to a lack of real desperation to sell,” said Campbell.
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