Who does more forecasting — TV weathermen or local real estate boards?

We’re inclined to say weather folks, seeing as they do it on the daily, but we’ve been seeing a lot of forecasting coming from places like the Toronto Real Estate Board and the Real Estate Board of Greater Vancouver lately. Why even today we saw a new forecast coming from the Calgary Real Estate Board!

While sometimes you don’t want to hear what the weatherpeople have to say (they have a tendency to rain on your parade), we’re really liking what the Calgary Real Estate Board is forecasting.

According to the new CREB forecast, Calgary’s resale housing market will get a boost from consumer confidence later in 2012 and this will push MLS sales and average prices higher for the year.

“As the market moves into balanced territory, there will be more opportunities for both buyers and sellers in this market,” said Bob Jablonski, the incoming president of CREB.

“2012 will provide consumers with stable price growth in a low interest rate environment, encouraging both the first-time buyers and the move-up buyers to be more active in the marketplace,” he explained.

CREB’s forecast includes a 12.2 per cent jump in single family home sales in 2012 to 14,800 transactions and a 2.1 per cent increase in the average sale price to $476,000.

They also shed some light on the Calgary condo market, predicting year-over-year sales would rise by 5.9 per cent to 5,700 units and a 0.2 per cent rise in the average sale price to $355,000.

CREB attributed these expected trends to an unchanging low interest rate, anticipated wage growth and no notable upward pressure on housing prices.

Read more about the CREB forecast in the Calgary Herald by clicking here!

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