Posts Tagged ‘urban land institute’

Do Oil Prices Affect Property Values in Calgary?

Wednesday, November 5th, 2014

House in grass

As oil prices drop due to increased production and reduced global demand (I filled up for 98.9 at Costco this week), I’ve heard rumblings from people fearful of property values plummeting along with the price of crude. It’s not a foolish worry: Calgary’s market fluctuations have often risen and fallen along with our province’s energy economy, as one would logically expect. Not this time, however, at least, not yet.

The Globe and Mail ran an excellent breakdown in early October describing Calgary’s continually strong market growth, as the median house price rose to nearly $490,000 in September, up $10,000 from the month previous. According to PricewaterhouseCoopers and the Urban Land Institute, Calgary and Edmonton are the top markets in Canada for real estate investors. The survey quoted by the Herald notes the increasing numbers of young adults moving to Alberta for employment are helping drive condo sales as they enter the market looking for urban dwellings; as they age, their housing needs will progress, too, meaning we will likely see a very healthy market for a decade or more.

While increased prices aren’t necessarily music to the ears of those looking to buy their first property, they speak to the stability and robustness of the city’s market, making investment in Calgary real estate a sound decision in many cases (although your personal mileage may vary – I’m not offering personal financial advice here). Thinking of jumping in? Check out my Buyers Guide, then contact me to set the wheels in motion.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.