On January 23, The Calgary Real Estate Board (CREB®) released its 2024 Calgary Forecast and the Region Yearly Outlook Report. On the whole, the report dives into the impact of rising lending rates on the housing sector, which has been a topic of discussion for some time now. Although there were higher rates last year, Chief Economist Ann-Marie Lurie states that 2023 was a year of “relatively strong sales thanks to a robust labour market and strong migration.”
Looking Forward to 2024
Based on Lurie’s predictions, we expect to see another year of strong sales for Calgary’s real estate market. The question is, what factors are contributing to this? Many, which are listed below:
💸 Buyers who were sidelined last year due to limited supply choices will re-enter the market
🚗 Interprovincial migration remains consistent
💪🏼 A healthy labour market continues
In addition, as of January, 24, the Bank of Canada made the decision to hold the interest rate at 5%, continuing a pattern of quantitative tightening. The goal is to ultimately restore price stability for Canadians. Throughout 2024, we will all need to keep an eye on supply, but new home starts and listings should help drive growth. Conditions will not be as tight in 2023, which is a good thing. Progress is on the horizon.
You can view the full economic outlook report here. As always, if you have any questions or are feeling stuck when it comes to a home sale or purchase, reach out to us at office@lesliemethot.ca.