The year looks golden for those thinking of selling their homes in Wild Rose Country. A recent market survey regarding real estate in Alberta shows that home prices are expected to rise, especially in two major markets -- Calgary and Edmonton. Home prices in Cow Town are expected to increase by 1.5% in 2020 over last year, bringing the median price for a single family home to about $477,000.
Things are looking up for Calgary's home market. Alberta's Cow Town has had some good news recently regarding the real estate sector which is now poised to come out of a yearslong downturn. In fact, the market in the entire province is rallying due to overall increased economic growth and a more lively gross domestic product sector.
The prices of new, single family homes in Cow Town are still declining. Alberta real estate continues to take a hit, especially in Calgary where the number of new builds has dropped by about 16% from the same time last year. House prices for new homes in the city have decreased by just over 2% since July of last year and experts are putting the blame on oil prices that have been continuing to fall over the last five years.
The province is looking for a new real estate regulator. In fact, the Alberta government is primed to fire all board members who regulate the real estate industry provincially, citing dysfunction and infighting. The province is disbanding the board and appointing an interim administrator until a new board is formed. The minister responsible for Service Alberta said the Real Estate Council of Alberta (RECA) is rife with problems that have gone on for too long without possible solutions.
Homebuyers and sellers in the Calgary area will now have the opportunity of getting the best price on their purchases. A Calgary-based company has come out with a product to help those searching for their next real estate deal to easily access data that may help them to get a fair price for their next homes. Information includes the last sale price of all Calgary residential properties.
The glut of homes for sale in Cow Town is easing, experts say. That's good news on the horizon for prospective real estate deals in general in Calgary. The market is starting to move again with sales up by about 7% in July as compared to the same time last year. According to the Alberta Real Estate Association (AREA), the uptick was more than likely due to a rosier employment picture, lower home prices and stable interest rates.
Buying or selling a home can be exciting. But for Alberta real estate salespeople and those elsewhere in the country, it can also be dangerous. Salespeople often work alone, most don't work set hours, and it can be particularly dangerous for women. After the recent sexual assault of a female Calgary real estate agent who was overseeing an open house, the Alberta Real Estate Association (AREA) is making a special safety app available to its members.
Things are looking promising when it comes to the home front in Calgary. Although residential real estate sales aren't as brisk at they used to be, business is picking up in Cow Town, and it is expected to do so in the rest of the province as well. Showing particular promise are homes with a value of $500,000 or less.
It's no secret that very few individuals have anything good to say about the federal government's mortgage stress test. Many Alberta residents -- and others in the country poised for buying real estate -- were set back when the test was introduced at the beginning of 2018. The test has impacted the market in a number of ways, one of which includes a market decline.