Thursday, January 08, 2009

Calgary Real Estate Market Under Pressure in 2008

The Calgary real estate market transitioned very quickly from hot to not hot in 2007. It came under increased negative price pressure during 2008 as there were many more home sellers than buyers. In 2008 we witnessed the median home price in Calgary start the year at $368,500, peak at $386,000 and finish the year at $340,000 for a sizeable annual decline of $28,500 or 7.7%. The Calgary real estate market peaked in July 2007 at a median price of $392,000 so we have now witnessed a drop of $52,000 or 13.3% over a 18 month period.

The Teranet - National Bank House Price Index data also bears these price decline numbers out.


Inventory is at elevated levels still and sales are quite low which gives the Calgary market little hope for any price appreciation during 2009. With over 10 months of inventory at the end of 2008, there may be a bright month or two but look for continued declines this year.
See the data for yourself here.

2 comments:

Toronto Condo said...

Wow! Thanks for all the support guys - it’s not as bad as some of the speculation, and partly john is right - I’ve been wondering how long I want to continue with the site. The issue that the REBGV brought up was a minor one that I addressed immediately, but it was a catalyst to my thinking that maybe its the best time to close the site...Condominiums Toronto

Torontocondo said...

Toronto, Canada routinely ranks at the top of the United Nations Human Development Index for the most livable cities. It's a great place to buy a house. Overall, Canada ranks number 4 on the most recent scale after spending several years in the number 1 spot.

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