Given the current state of the economy, it is little wonder that homeowners, as well as homebuyers, have questions about the present state of the Calgary housing market. Whether or not you like the answer depends on your position.
The Big Question
With a downward trend in home sales beginning last year and virtually guaranteed to continue through 2016, the proverbial big question relevant to all positions of the housing market are, “Should I buy, sell, or hold?” As with most things involving anything, it depends on whom you ask and through which side of the glass you are looking.
Don Campbell is senior analyst for the Real Estate Investment Network as well as renowned author and expert on the art of buying and selling property. When recently asked by CBC News about the state of the current Calgary housing market he stated, “If oil stays at these low rates, the housing market will suffer from a lack of buyers willing to pay at or near asking price, thus driving average sale prices down.”
In 2015, building permits on single and two-family homes fell a staggering 37% and all indications show 2016 hold little hope of a meaningful rebound.
Mr. Campbell went on to say, “2016 is slated to be a difficult year on many levels in the city but, like the many previous economic storms that have hit this city in the past, Calgarians have the ingenuity and strength to navigate through it.”
He continued; “That doesn’t mean much if a person must sell their home because of change of job situation, but for those who don’t have to sell and plan to stay in the city for many years, they should focus on what they can control and build a financial buffer.”