Steady growth expected for Calgary housing market in 2012
CREB presents 2012 Calgary housing forecast
There will be more opportunities for both buyers and sellers in Calgary this year.
The Calgary real estate market appears to be on its way to recovery, according to the the Calgary Real Estate Board.
In the coming months, Calgary’s housing inventory levels are expected to stabilize, resulting in an eventual return to a more balanced and sustainable housing market. CREB recently released its real estate market forecast for 2012.
“As the market moves into balanced territory, there will be more opportunities for both buyers and sellers in this market,” says CREB President Bob Jablonski. “2012 will provide consumers with stable price growth in a low interest rate environment, encouraging both the first-time buyers and the move-up buyers to be more active in the marketplace.”
Confidence in the local economy will eventually trickle into the resale housing sector.
According to the forecast, strong economic fundamentals point to improvements occurring throughout 2012.
“The global economic uncertainty will continue to weigh on consumer confidence in the first part of 2012,” says CREB Chief Economist Ann-Marie Lurie. “However, as the benefits of employment growth and migration settle in, confidence in the local economy will trickle into the resale housing sector, moving activity to levels more consistent with long-term trends.”
Highlights of the report include:
- Elevated energy prices, combined with low lending rates, will continue to encourage business investment in Alberta.
- Creation of full-time well-paying jobs, combined with our relatively affordable housing market, will continue to attract migrants to Calgary.
- Real estate sales activity will continue to increase, with stable price growth.
Category: Business
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