Calgary's Newsradio 660 released a short article today regarding the current real estate market in Calgary that is worth making a note of. The Chief economist with the Canadian Real Estate Board states this market will change... 

Real estate activity down in Canada by Kevin Usselman and Stephanie Irvine

Activity in the Canadian housing market continued to slide in June, with Calgary and Toronto leading the decline.

The Canadian Real Estate Association reports sales were off by more than eight per cent last month, compared to May.

Year over year, the drop is even more pronounced running at almost 20 per cent.

Calgary's housing market only recently became a buyer's market.

But the chief economist with the CREA says that is going to change, with people taking their homes off the market and refusing to accept low-ball offers.

Gregory Klump tells 660News while sales and prices will continue to cool in the coming months, Alberta's energy-based economy will keep luring people to this province.

Klump says declines in prices and sales aren't shocking.

He says the numbers were artificially inflated with a rush of people into the market, buying ahead of tighter mortgage rules and rising interest rates.

 

Article by 660 News Radio, Calgary can be found at 660 News - http://www.660news.com/news/local/article/78062--real-estate-activity-down-in-canada