CREB: Housing trend positive for 2017

Calgary’s housing market is poised for price stability in 2017, but there are some “ifs and buts” in the forecast.

Speaking at the Calgary Real Estate Board’s annual Forecast Conference at the BMO Centre on Stampede Park, Chief Economist Ann-Marie Lurie sees a three per cent gain in sales over the last year, but still 12 per cent below long term averages and, she adds, that’s provided we see no further job losses in our market.

“One of the key factors that is influencing this is the fact that there’s no further layoffs expected in the energy sector, and that should start to support labour market stability, so we should start to see those unemployment rates fall, no further job losses, and that really is the key to the transition in the housing market.”

Lurie says we should see a shift from a buyers market to more stability, most likely in the second half of 2017.

While prices should stay steady in the detached home market, there’s a two per cent retraction expected in apartment condos, due to all the vacancies.

CREB president David Brown says we’re gradually shifting away from what has been a buyers market in Calgary.

“There are still some good deals in the market. You’re probably not going to see dramatic price drops as we maybe have seen in the previous years. Things will stabilize in the detached sector of the market. In the apartment style condos, you may still see some deals available, but everything else is going to stabilize.”

Along with hoping that there are no further job losses this year, the predictions could also be affected by new mortgage rules and possible rate increases.

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