The market is assessing the impact of the Coronavirus. In Calgary, the impact may not be as strong as some fear.
Today, Calgary’s house market is tilted in favour of sellers while the apartment condo market is balanced. Nevertheless, prices have continued to slide.
A balanced market gives buyers and sellers equal negotiating power and is fair for everyone and should lead to flat prices. It would appear that in the hot markets of the early 2000s prices outpaced economic fundamentals.
Calgary house prices have been following the seasonal real estate cycle. Prices rise in Spring and fall toward the end of the calendar year.
Fears of a slowing global economy have pushed oil prices down and that will keep a lid on Alberta's home prices.
