Jan. 12, 2016 | Cody Stuart
Resale housing market expected to navigate ominous conditions in 2016
The year was 2014. The price of oil was soaring sky high, and, like so many other sectors, Calgary's housing market was along for the ride.
What a difference a few years make.
Following the collapse of worldwide oil prices and subsequent cooling of the city's once red hot housing market, the arrival of 2016 now finds Calgary in a time of uncertainty.
In its 2016 Economic Outlook & Regional Housing Market Forecast, CREB® expects resale sales activity to decline by 2.2 per cent from 2015 levels to 18,416 units, and the benchmark price by 3.44 per cent to $438,652.