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In what should be a surprise to almost no one, the Calgary Real Estate Board says resale housing market conditions favour buyers.

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Oil at US$35 a barrel for a period of five years would trigger a 26 per cent collapse in Canadian home prices, according to stress tests run by Canada’s housing agency.









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Supplies continue to build in the oilpatch but prices in Calgary have yet to collapse in a way that would constitute a crash.

Corinne Lyall, president of CREB, noted that despite the rise in listings, inventory levels are still 27 per cent below the high recorded in November, 2008. “Furthermore, price declines have not been as steep as those recorded during the last downturn,” she said in a release.

The average sale price of a home in November was $460,859, a 5.08 per cent decline from a year ago. The benchmark price, which the board says better represents changes for similar-type homes and minimizes impact caused by the distribution of housing sales, was down two per cent from a year ago at $450,700.