Median home price in Calgary expected to drop in 2019
Posted Dec 11, 2018 12:00 pm.
This article is more than 5 years old.
CALGARY (660 NEWS) – While most major cities in Canada could see an increase next year, Calgary’s median price is expected to drop.
The annual Royal LePage Market Survey Forecast released Tuesday, showed increases for Toronto, Vancouver and Ottawa, while cities in Alberta and Saskatchewan could see the opposite.
Calgary is expected to see a decrease of 2.3 per cent, putting the median home price at $473,104 by the end of 2019.
Realtor with Royal LePage Benchmark John Hripko, explained the key factors behind the price drop.
“I believe a lot of people are waiting or hesitating to proceed in so far as purchasing homes, because of the impending lack of action on both pipelines going to the west coast, down south and even the Energy East pipeline.”
As with any forecast, numbers could change for Calgary and Alberta, especially with the provincial and federal elections set to take place in the coming months, which could bring a shift in the market.
“The biggest scenario right now is that we have continued increased inventory levels with weakening demands in virtually all price sectors and that obviously impacts the value on the median price,” said Hripko.
According to the forecast, Vancouver will once again have the highest median house price at $1.29 million while Winnipeg could post the lowest price at $309,829.
