Slow transition for Calgary housing market

Calgary’s housing market is set to see a slightly more optimistic tone in 2017 following the economic turmoil of the last two years.

Although 2017 is unlikely to result in sharp rises in sales, the Calgary Real Estate Board forecasts that prices will stabilize with little change for detached and attached homes while apartments may lose 2 per cent.

"The transition in the housing market will be a slow process," said CREB chief economist Ann-Marie Lurie. "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."

Sales are predicted to rise 3 per cent year-over-year to 18,335, although that would still be 12 per cent below long-term averages.
 

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