Yesterday the Calgary Real Estate Board (CREB®) held their annual forecast, giving insight into what we can expect from the real estate market in 2021.
Their report was incredibly positive, which is good news to anyone looking to buy, sell or invest! 2020 was a difficult year for Calgarians, which was reflected in the real estate market. However, in the last quarter there were major improvements.
Here are some of the highlights from their report:
- CREB® Chief Economist Ann-Marie Lurie says, "It is expected some of the momentum recorded at the end of 2020 will continue into 2021, fueled by exceptionally low lending rates and pent-up demand... sales are expected to rise by nearly five per cent on an annual basis in 2021."
- "Calgary did not hit record-high sales or prices in the third or fourth quarters, but still posted some of the strongest sales relative to the past five years."
- "Reduction in supply relative to sales is the primary reason the Calgary housing market returned to more balanced conditions by the end of 2020. The pullback in new listings relative to sales activity resulted in inventory levels falling to the lowest levels seen in the past several years."
- "We could start to see some supply come back in 2021, as concerns regarding the spread of the virus ease. Persistently high unemployment rates could also weigh on some existing homeowners who may need to sell their homes."
- Alan Tennant, CREB®President and CEO, says, "This year has been filled with twists and turns all over the world. The Calgary housing market was no exception.However, our local REALTORS® continued to serve at a high level by connecting homebuyers and sellers through this difficult period in a safe and timely manner.”
If you have any questions, please connect with Ken Richter directly at 403-630-6363.
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