A recent article in the calgaryherald.com reported that the Canadian real estate market is on the verge of losing sales numbers due to the decline in housing demand. This suddenly became a benchmark for the Calgary Real Estate Board to maximize efforts to resolve this crisis for the industry.
One of the main reasons for the said decline was because of the a downsizing in the oil price industry, leading to lesser jobs and current costs in housing rates, according to the same article. Job losses are expected to happen within this year as well, according to CREB's chief economist Ann-Marie Laurie. Such employment changes will certainly affect the housing demand for the remainder of the year, she continued in a statement.
Another article from theglobeandmail.com also mentioned a decline in resale home pricing to go down to about 0.2% lower by the end of 2015. The said figure was a contradiction to what the CREB predicted instead early January this year for home prices to close at 1.58% higher. Board President Corinne Lyall expressed her sentiment by "not expecting that much concern from consumers and the general public over the housing crisis and it not lasting for this long."
The same article also mentioned the country has lost over 12,000 jobs since January and mostly are executive positions handling full time jobs, and in turn garnering about double the number for half-time position work. Last December saw the turnout of home prices slumping down in the city as home sellers were in the rush to put their homes for sale in order to avoid a price correction. A number of listing were totalled around that time, yet many also took out their listings that were unsold by the end of last year.
Let's still hope for the resurrection of the Canadian housing market though.
