The 2016 Housing Market Outlook by RE/MAX is officially available and filled with important information for buyers and sellers alike. To read the whole report, click HERE. It is definitely worth the read, giving you an inside look at what the projections are for the housing market in 2016.
The report covers all of Canada so that you can get a birds eye view on what the market looks like as a whole. In this post, we will be highlighting the information specific to Alberta and Calgary. However, we highly recommend reading up on the other provinces.
Here are some key things to note from the report as we head into 2016:
As we are all well aware of, the sudden drop of oil prices was a shock to the system for every sector, including the real estate market. RE/MAX notes, “The average residential sale price decreased approximately 5 per cent year-over-year, from $484,790 in 2014 to an estimated $461,704. Though demand has been lower, supply has not increased very much, keeping prices fairly stable overall. It is anticipated that the lower end of the market will continue to be more active than the higher end in 2016, with first and second-time buyers driving demand.”
Despite things you may have heard, our real estate sector is remaining stable, if not strong. Inventory levels and prices are favourable for both buyers and sellers right now.
For all you first-time buyers, note that the condo market is doing really well. Not only is there a lot of inventory, but prices are reasonable, making purchasing a condo a great foot in the door to beginning your real estate portfolio.
The luxary home sector has taken the biggest hit. People were simply not able to afford massive properties with how uncertain the economy was. However, going into 2016 this sector is also predicted to pick up. Why? Because luxury homes are on the market for a lot cheaper than before, making them more affordable for those who have the means.
As we mentioned above, to read more check out the official RE/MAX report. As always, we recommend setting up a meeting with us so we can discuss how the 2016 market forecast affects your specific needs.
We are truly looking forward to partnering with you this year!
Your Real Estate Professional,