The latest Housing Market Assessment report by Canada Mortgage and Housing Corp. indicates Calgary’s real estate market is experiencing a “moderate degree of vulnerability.”
The objective of CMHC’s assessment is to identify locations in which there are heightened vulnerabilities to housing market instability from the level of house prices and/or from factors that are known to influence house prices. (The chart above looks at what’s happening across the country.)
“House prices of repeat sales (in Calgary) in the third quarter of 2017 were relatively stable compared to the previous quarter, with year-over-year gains slightly above the rate of inflation,” said the report.
“Growth in employment and in the young adult population have helped support housing demand and price levels in Calgary,” it says.
“While there was low evidence of overheating, price acceleration and overvaluation, there continues to be imbalances in the area of overbuilding. Apartment rental vacancy rates and multiple new home inventories remain at elevated levels.”
The full report can be found at https://goo.gl/Z8TfGK
Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.
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