Last month, RE/MAX Canada released their Housing Market Outlook for 2018, which outlines forecasted trends for real estate across the country.
Before we look at what this year might look like, here's a recap on 2017 in our city:
- The average sale price was $487,931, a 2 per cent increase from 2016.
- Typical first-time buyers in Calgary last year were millennials and young couples.
- Most first-time homebuyers purchased condos, and spent between $175,000 and $200,000.
- The average condo sale price was $295,589, down 4 per cent from 2016.
An evolving regional economy helped to drive real estate market activity and price increases in Calgary in 2017, but both buyers and sellers remain relatively tentative as the city continues to recover from the ongoing downturn in the oil sector. [RE/MAX Canada]
As we head into 2018, here is what is expected for Calgary's market:
- The average home sale price is expected to remain stable, at $487,931.
Calgary’s ongoing evolution into a major tech and distribution hub, as seen with Amazon’s recent announcement that Calgary will house one of the company’s key distribution centres, is expected to increase confidence in the real estate market moving forward. [RE/MAX Canada]