A CREB® 2018 Calgary Economic & Housing Outlook Mid-Year Update Summary
Stricter lending conditions, a rise in interest rates, persistently high unemployment and slow economic recovery have weighed on housing demand so far this year.
Adversity in condo market to continue in 2018
If you’re a condo owner in Calgary, you may be telling yourself that “what goes down must come up,” but it’s a fine line between thoughtful analysis and wishful thinking.
“The condo-apartment sector is still facing a lot of challenges,” said CREB® chief economist Ann-Marie Lurie.
“While sales improved in 2017, it wasn’t enough to keep pace with new listings, so we still had price declines.”
What you should know about the year ahead for Calgary’s housing market
CREB® has released its annual economic outlook and regional housing forecast. But what does it all mean? CREB®Now takes readers through the numbers.
After posting successive sales declines in 2014 (25,552), 2015 (18,839) and 2016 (17,809), CREB® is forecasting MLS® activity in Calgary to rebound slightly in 2017. Citywide sales are expected to total 18,335 units, a three per cent gain over 2016, but 12 per cent below long-term averages. By category, detached sales are predicted to hit 11,550 in 2016, while attached and apartment sales will reach 4,002 and 2,783, respectively.
Calgary housing market to see increased stability, signs of change in 2017: CREB®
The worst might be over for Calgary’s housing market, according to CREB®, which is forecasting transitional conditions throughout this year on the back of renewed optimism in the oil patch.
The forecast, captured in the real estate organization’s 2017 Economic Outlook and Regional Housing Market Forecast report, comes after more than two years of recessionary conditions that have been manifested by sales and price declines in virtually every corner of the local market.
After a tough year for the ‘other half’ of Calgary’s real estate market, the city’s apartment/attached segments are expected to see gradual turnaround in 2017
Lower prices and added choices created buyers’ conditions in Calgary’s attached and apartment sectors in 2016. But a slow recovery is expected in 2017, bringing both sectors into better balance, says CREB®’s 2017 Economic Outlook & Regional Housing Market Forecast.
The degree to which they’ll the “other half” will get there will differ, however. While the attached sector is set to post positive overall numbers, apartment sales and prices will be moderated by persistently high inventory levels.