Historical review of Calgary home prices vs the National average
This data is from the Teranet National Bank. What can be seen from the graph below is that from 2000, when this data started, till 2005 Calgary Home Price Index (HPI) was almost identical with the national average. Then, with the boom in oil prices the Calgary market took off. Calgary outperformed the national average till 2016. Then, based on the oil crash in 2014, Calgary has underperformed the national average.
Calgary’s fortunes are tied to the lack of market and the forced discount that Western Canadian oil fetches. This will change with the completion of more pipelines. There is definitely a change in attitude about development in industry and government just now... we will see where it leads!
In the short term I see more of the same for the economy of Calgary My opinion is that in the medium to longer term there is much more potential on the upside for Calgary.