It’s official. The hot real estate market Calgary enjoyed for so long is losing momentum.
While the days of prosperity are certainly not over, the scramble for the precious commodity known as a single-family dwelling is cooling down and prices are no longer seeing the drastic hikes that they saw two years ago.
According to a new report released by Statistics Canada on Monday, housing prices across Canada rose only 0.2 per cent in the year-over-year analysis between February and March, mostly due to the prices waning in Alberta.
Between March 2007 and March 2008, Calgary’s housing market prices rose 5.3 per cent, just slightly higher than the rise between February 2007 and February 2008, which hit 5.2 per cent.
Not only are the prices coming down, but availability is going up, which makes the market much more favourable for buyers than it has been for the past few years.
Although Alberta in general is still seeing increases in housing market values, those increases are also less than the province of such promise was seeing.
Saskatchewan and Manitoba, on the other hand, are experiencing the same sort of boom Alberta saw in recent years.
For the 11th month in a row, Saskatoon saw the highest increase in housing prices, packing on a 46.2 per cent year-over-year increase in last March and 2.1 per cent between Feb. and March.
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