Aug. 16, 2017 | Gerald Vander Pyl
High supply in Calgary's condo market continues to push down prices
Calgary's condominium market continues to see the supply of available product overwhelm buyer demand, meaning owners looking to sell need to consider ways to set their unit apart from the crowd.
According to CREB®'s 2017 Economic Outlook & Regional Housing Market Mid-Year Update, the condo market has seen a slight rise in year-to-date sales over 2016, but not enough to keep pace with a rise in listings, up an average of nine per cent over last year.
That increased supply is putting downward pressure on prices, which are expected to continue to decrease during the rest of the year for an annual forecasted decline of three per cent.