Calgary’s sizzling housing market set to cool in second half

Calgary’s red hot housing market is set to cool off a bit in the second half of the year, but it’s not dropping to Arctic levels.

Chief economist with CREB Ann-Marie Lurie told 660News, housing prices increased about 10 per cent in the first half but it will be closer to 8 per cent by the end of the year.

“The stronger than expected price increases was related to the fact that our market was seeing sellers conditions,” she explained. “There was greater demand relative to the supply on the market, however we are starting to see a transition and supply levels are improving which should ease some of the pressure on the price growth.”

She added it’s still strong price growth compared to most places and in migration and rising wages are two of the big reasons why.

“We saw that demand for single-family houses in the lower price ranges was very strong, but supply levels haven’t necessarily been replenishing,” she explained. “So the rising level of supply in the single-family market are coming at the higher end.”

She said people are increasingly looking toward the condo market since it’s a little more affordable.

Lurie added an extremely tight rental market has also supported demand for ownership.

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