I'd break it down like this:
- Intrest rates are going up, therein prices are going to rise (reduces demand)
- Calgary's population growth has been relatively flat (No increase in demand)
- Several condo buildings have resumed construction (increase in supply)
- Housing starts have been increasing due to the low rates (increase in supply)
All these points lead to an increase in supply while we see a decrease in demand. I don't see how prices go up. I admit this is a very simplisitic view of the real estate market but these are the main factors that affect the price.
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