Recently, the Calgary Real Estate Board (CREB®) released its 2023 Forecast Calgary and Region Yearly Outlook Report. Prepared by CREB® Chief Economist Ann-Marie Lurie, the report provides a detailed analysis of the economic and housing market trends in Calgary and surrounding areas for the upcoming year. We recommend clicking on the link above to get an idea of what the CREB® is saying, then supplementing that knowledge with our summary below.
What is going on with the market right now?
Overall, Calgary and surrounding areas are experiencing record low inventory levels (the lowest we’ve seen in over a decade), with very high demand. This is keeping sales moving and should keep prices on an upward trend as we move into spring. Curious as to how exactly this works? Wondering why news outlets are saying that the market is softening? For most of Canada, the interest rate increases have slowed sales and thus, reduced prices. Here in Calgary (and surrounding areas), however, there simply aren’t enough homes to supply the increasing demand.
While the interest rates have cooled for the rest of Canada, our low inventory and strong energy industry, have resulted in us not having the same outcomes. This strong economy, coupled with the 104,286 new people that moved to Alberta in 2022 (up 377% from 2021), is resulting in the continuation of strong sales trends from 2022, something that is expected to persist in 2023.
See what Ann-Marie Lurie had to say below:
“With much of the pandemic behind us, 2023 reflects more of an adjustment into more typical conditions and a pause on price gains following 12 per cent growth in 2022. While other markets in the country are forecasted to see more significant price and sale declines in 2023, Calgary did not face the same gains as those markets, as prices only recovered from the 2014 highs in 2021.”
So what does this mean for you?
If you are considering a sale in 2023, we’d be happy to provide a free market evaluation to help you understand the value of your home in this new market. Your position in the market will make THE difference, so learn how to best position yourself in the spring and summer markets so that you can be successful in your sale. If you have any questions, don’t hesitate to send us a note at office@lesliemethot.ca.