In a preview of its annual forecast, the Calgary Herald quotes CREB as saying that the expectation is that sales in the city will slow to two per cent (due to easing employment growth and migration levels) while prices will increase by 2.9 per cent.
But CREB still cautions that Calgary’s resale housing market is not without risks.
“Clearly, if global economic conditions change and commodity prices decline, this will dampen the market,” Ann-Marie Lurie, CREB’s chief economist, tells the Herald.
CREB will release its full forecast at its annual conference on Jan. 16, 2013.
In the meantime, here are some notable numbers from CREB’s latest Housing Market Statistics report, which considers sales in Calgary up until the end of November 2012:
- Year-to-date until the end of November, total MLS sales in Calgary are up 15.21 per cent compared to 2011’s pace
- The average price for all MLS sales in Calgary is $428,208, a 3.16 per cent jump from last year
- Condo sales increased by 11.06 per cent with an average sale price of $283,400 – up 4.33 per cent from last year
- Townhouses saw a sales increase of 17.33 per cent with the average price up 2.31 per cent to $317,335
- Single-family home sales are up 15.83 per cent from a year ago with the average sale price increasing by 2.84 per cent to $480,421
For more on CREB’s preview of its 2013 forecast, read the Calgary Herald.