Following the havoc that has been taking place in Calgary’s economy for the recent two years, the real estate market is getting ready to cause a change and set a positive trend in this year. Despite the fact that there isn’t a chance for a sharp rise in sales during this year, predictions were made by Calgary Real Estate Board that the prices will be moderated with minor alteration for attached and detached home, with a loss of 2 per cent for an apartment.
The chief economist for CREB, Ann-Marie Lurie said; “The transition in the housing market will be a slow process. We are entering the year with high unemployment rates and the possibility that job growth will not occur until the latter portion of 2017. These conditions will continue to weigh on housing demand, but supply is adjusting to weaker sales activity, which will eventually translate into price stability.”
There are expectations that sales will increase over the year by 3 per cent to 18,335, even though that is less than longstanding averages, which will be at 12 per cent.