2014 was Calgary's last boom, sales were just crazy. May 2014 showed the highest number of sales at 3911 with a median price at $425,000. It was crazy!!!
Many factors came into play. The price of oil crashed! A new NDP government came into power! The federal government brought in stress testing for all people trying to buy a home with less than 20% down. Then the ystarted increasing interest rates. That wasn't enough stress on our market, they then brought in stress testing for everyone and again increased the interest rates.
Population increase from births to immigration is expected in 2018 by 1.4%, above the country's 1% overall forecast. Our discounted and bottle necked oil problem can see the light with the approval of Enbridge Line 3 and Transmountain Explansion pipelines in around 2021. And confidence may come back to Alberta with a new provincial government.
What does residential real estate look like today in comparison to 2014? June 2014 showed the number of sales at 2657 and the median price at $425,000. June 2018 showed 1896 sales and median price at $433,750. The number of sales are down 29% from June 2014 - June 2018 but the median price has stayed strong!
That being said, there are 3 sectors of the real estate market that each have their own statistics to consider.
Apartment - June 2018: 292 Sales, Median $250,000 Compared to June 2014: 480 Sales, Median $284,000,
Number of Sales down 39%, median price up 13.6%
Attached - June 2018: 394 Sales, Median $345,500 Compared to June 2014: 627 Sales, Median $340,000
Number of Sales down 37%, median price up 1.5%
Detached - June 2018: 1210 Sales, Median $495,750 Compared to June 2014: 1550 Sales, Median $493,500
Number of Sales down 22%, median price even.