Moderate relief might be in sight but Calgary’s housing market isn’t going to become instantly accessible for the average buyer, according to a nationwide housing report compiled by RBC Economics.
Calgary’s market is beginning to enter a reasonable range of affordability after spending the past two years on an “unsustainable” upswing, driven mainly by the first increase in outward migration in a decade, the report said.
But while steep housing prices may be starting to settle, it will be awhile yet before significant declines filter down to the average consumer, said RBC Economics’ Amy Goldbloom.
“We’ve witnessed very strong decelerating trends with a decline in housing starts and resale coming off sharply,” said Goldbloom.
“We’re looking at somewhat more affordable conditions in the year ahead but still not a lot of relief.”
Grant Neufeld, co-ordinator of Calgary’s Housing Action Initiative, said any perception of affordability is geared towards the higher end of the socio-economic stratum and negates those who are most in need of a place to live.
“It doesn’t really accommodate the needs of large number of people who aren’t in houses at all,” Neufeld said.