This passed week, the Calgary Real Estate Board (CREB®), released it's annual economic and housing forecast.
Here are the highlights:
They predict a 3% increase in sales activity over 2016, which will mainly be for detached properties.
They expect a 0.8% price growth for detached homes in 2017, though the detached and apartment sector is much less at 0.3% for attached and a moderate increase for aparments. Though these increases are small, it's a welcome as many homewoners have seen declines in the passed couple years.
The price of oil is such a large part of the Canadian economy and with so much uncertainty with the future of our oil ad gas production, it's difficult to predict what the future holds. CREB® expects oil prices to show more stability in 2017, fluctuating between $50-$55.
Calgary's unemployment rate topped 10% in the latter part of 2016. It's expected to decrease in 2017 to 7.8%. While this is promising it does not account for the number of job losses we've seen in our city. However, lower unemployment rates will help to prevent slow activity in the housing market in 2017.
2016 saw lower migration levels than in previous years. The number of people moving to Calgary between 2011-2015 was in excell of 20,000 per year. 2016 only saw approximately 13,470. We're expected to see a slight increase in 2017 to about 15,000 people.
To read CREB®'s full report, click here