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Canada's housing market cooling, but maybe not so much in Calgary

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Recent data says Canada's housing market is cooling from a peak earlier this year with declines expected through the rest of the year, but some experts say Calgary will be shielded from extreme price decreases.

According to a TD Economics report, average home prices declined between February and July by more than five per cent in Alberta, more than 10 per cent in B.C. and about 15 per cent in Ontario.

Local brokers say real estate in Calgary experienced a surge in early spring, and demand has come down. Terry Weed is looking to downsize from his Auburn Bay home, in search of a smaller attached dwelling in Calgary's inner city. Derek Cook listed his investment property in southwest Calgary in February, but decided to sell it months later for about 10 per cent less than the initial asking price.

 

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