Calgary’s nation leading annual increase of 8.3% year-over-year in December belies what’s been happening over the near-term.
“While the cities of Calgary and Edmonton closed out 2014 with solid year-over-year gains, the recent plunge in oil prices is likely to temper housing activity in these markets this year,” writes TD Economics.
Month-over-month, Calgary repeat home sale prices fell -1.1%. Monthly declines during the winter months aren’t alarming in themselves as Teranet’s index is not seasonally adjusted. However, the one percent drop is Calgary’s largest monthly backslide since February 2013 and the second straight decline.