The Calgary Real Estate Board had it's annual forecast event where they shared what we can expect from the real estate market in 2023. Here are some of the highlights from their report:
- "Elevated lending rates are expected to weigh on sales in 2023, bringing levels down from the record high in 2022. However, with forecasted sales of 25,921 in 2023, levels are still expected to be higher than the activity reported before the pandemic" (Calgary Real Estate Board).
- "Supply levels declined to the lowest levels seen in over a decade as gains in higher price properties did not offset the supply declines occurring in lower-priced homes. This has left our market in a situation where lower-priced properties still face sellers’ market conditions while higher-priced homes are seeing more balanced to buyers' market conditions" (Calgary Real Estate Board).
- "Price declines in the upper end of the market are expected to offset gains reported in the lower ranges, causing an annual decline of less than one per cent" (Calgary Real Estate Board).
Calgary Real Estate Board Chief Economist, Anne-Marie Lurie, who prepared the report, reveals the following: "Higher commodity prices, recent job growth, record high migration and relative affordability are expected to help offset some of the impacts higher lending rates are having on housing demand... 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."
You can read the full report by clicking here!
It's going to be another great year for Calgary real estate. Call me at 403-630-6363 to make your move today!