Calgary's housing market in 2015 is being compared to a roller coaster ride.
According to Calgary Sun, the report released by the Calgary Real Estate Board (CREB) for 2015 reflected a 26 percent decrease in Calgary-wide sales from 2014. To be more specific, single-family home sales plunged by 24 percent, townhomes saw a decrease in sales up to 29 percent and apartments took a deep plunge to 33 percent.
But it's not all that bad. The problem with city averages is that it outshines the positive condition of certain areas. According to the publication, the northwest community of Nolan Hill in Calgary saw increase in sales up to 133 percent every year. Coral Springs on the east side saw an increase of 100 percent, and while Dover was up by 200 percent, sales in Dover Glen increased by 100 percent. On the other hand, Cougar Ridge on the west side saw sales that plummeted by 63 percent from 2014.
To further demonstrate why sales in this area is a roller coaster ride, Connaught in the Beltline saw a reduction of 42 percent and the lowest that is 87 percent decrease in sales was seen in the lower part of Mountain Royal. In contrast, though, the east village saw sales that rose to 500 percent from 2014 to 2015. The area that saw the greatest drop from year to year were Sunnyside and Montgomery at 90 percent.
However, it is best not to draw conclusions right away. The report suggests that the decline in prices may also mean that sellers are still trying to decide when and at what prices it is the best to sell. The sales-to-list-price ratio by the end of 2015 was at 97 percent. According to Calgary Sun, CREB and the Canada Mortgage and Housing Corp will present their forecasts on Jan. 13.
In a previous report, analysts believe that the future is bright with real estate in Canada. According to Vancouver Sun, people are expected to rent than buy, more investors will come in as they take advantage of the lower Canadian dollar but in general home prices are not expected to go down.
