Calgary housing prices should remain stable
Scotiabank report predicts drop in prices for much of Canada
A new report from Scotiabank says Canada could see a 10 per cent decline in house prices over the next two to three years.
But Adrienne Warren, author of the Scotiabank housing prices report, predicts a more stable outlook for Calgary and Alberta.
"Some markets could potentially outperform, like certainly in Calgary," she said.
"A number of the Alberta and Saskatchewan markets where in general economic conditions are a little firmer because of the resource activity and demographic trends also more positive for demand with people coming into the province, potentially a little less risk of overbuilding."
Warren said while housing prices should not drop as much in Calgary, they also shouldn’t rise as much as the market has seen over the last decade.
Still, the report predicts that Canadian house prices will cool, but says the housing market will avoid a sharp drop like the one that occurred in the United States.
Calgary realtor and developer Dan Sidhu says Calgary's housing market is unique.
"Jobs are very good in ... Alberta," he said.
"I have a lot of friends in Toronto and the jobs are not there. People are moving from the other provinces to Alberta."
Still, he has seen some hiccups in the housing market since new mortgage rules came into effect.
"The only advice is I want to let people know they should get the pre-qualified first, especially the first-time homebuyer," he said, adding it can be hard to get the financing in line.