It is unlikely the average home price will fall up to 18 percent over the next 12 months..
Wednesday Jun 03rd, 2020
"Calgary has a double problem, Covid-19 and the oil industry, with many more concerned about what is going on in the oil industry," says Martens. Continued demand and diminished supply have kept prices steady in the Calgary. There are some price adjustments happening already, but expecting average prices to drop 18 percent across the board isn't ralistic."
Article link here: shorturl.at/gmsP9
Market improving but remain challenging
The comments in the article above are from an interview with Lowell Martens. I have had many clients ask me recently if I think prices will be going 10%-20% lower, based on some of the more extreme predictions they have read in the headlines. Of course nobody can predict where prices are heading, but even if they drop over 10% I feel this will take years to happen. I think it is important to note that Calgary is very different from Toronto and Vancouver markets that have seen dramatic increases in values over the last several years. My opinion is that Calgary's market may be more insulated bacause we have faced tough economic times since 2015. I always suggest that buyers should look at their unique sitution and make a decision based on their needs, circumstances and timeframes. I can tell you that activity is really picking up the last few weeks. Motivated sellers are having the most success as buyers have very high expectations in these soft market conditions.
Have a geat week!
-Maricel Kharrat, Calgary REALTOR
Real Estate Professional Inc.
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