The Calgary Real Estate Board held its annual conference where the forecast for what the Calgary real estate market will look like this year took place. These forecasts are created by gathering data from the previous year, analyzing year over year trends, applying economic variables and evaluating any recent changes to the housing industry. This report gives a reliable prediction of what the market will look like in 2018, lest there be any major, unforeseen events.
We highly recommend visiting www.creb.com to explore all the resources they have available to make you an informed buyer, seller or investor. You can also find a more in-depth report on the forecast on their website, but here are some of the highlights you need to know specifically:
CREB® writes, "while Calgary is officially out of a long period of economic downturn, the path to recovery is expected to be bumpy." This is because although improvements have been made due to an uplift in the economy, stricter lending rules are going to offset the progress.
CREB® chief economist Ann-Marie Lurie stated, "housing market conditions are expected to remain relatively unchanged in 2018. The market will continue adjusting to the 'new normal' in this economy. However, there was modest job growth and net migration last year, with expectations of further improvements into 2018."
Well that may not sound overly optimistic, know that "minimal changes in sales activity are expected to be met with easing new listings for some property types" (CREB®). This means the market will be more balanced, with prices remaining relatively stable. Although we may not see tremendous growth, we also shouldn't expect to see a decline in activity.
In these times, it is important that you partner with a licensed REALTOR®. CREB® president Tom Westcott said, "in this market, knowledge is power. A REALTOR® will help buyers and sellers understand what options they have and negotiate the best price for their property. For buyers, there are a lot of supply choices in all prices across most product types. Sellers need to understand what niche their home falls within, their competition and how fast they have to sell."
Let us help you come out on top in 2018! We are dedicated to selling your home for top dollar! Call us today at 403-630-6363.
Your Real Estate Professional,