Re/MAX Predicts Two Per Cent Drop in Calgary Home Prices

Re/Max has pulled back its price outlook for the Calgary housing market, now anticipating a 2 per cent drop for the average residential property instead of the 3 per cent increase it originally forecast for 2015.

The realtor group’s Spring Market Trends Report, released Friday, predicts the average sale price will fall to $474,251 after sales declined in the first quarter.

The report said sales in Calgary should rise once buyers believe oil prices have stabilized and are showing signs of recovery. Decreased new home starts are also expected to stabilize growing inventory levels on the resale market, it said.

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