Third Quarter Housing Review Highlights
• Despite the rough economic terrain in Alberta house prices in Calgary have remained relatively stable, a testament to the non existence of a housing bubble.
• The unemployment rate in Calgary is up from last quarter to 9.3 per cent, however, the current upswing in oil prices bodes well for consumer and producer confidence. Higher oil prices might lead to some job recoveries in the region and increased housing demand.
• The new mortgage rules which took effect on October 17, 2016 with the intention of cooling a hot housing market especially in Toronto and Vancouver may have unintended consequences on different sub-sectors of the housing market in Canada. House prices in Calgary have appreciated 3.1 per cent from a year ago, while housing units sold are down 6.1 per cent the same period.
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