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The annual CREB Forecast and Tradeshow was held last week, where industry experts share their predictions and trends for the 2013 real estate market and economy. Overall, the forecast painted a positive picture for Calgary this year, calling for moderate price and sales growth for the real estate market.

 

Economic Environment: Canada

 

• Interest rates: it is unlikely we will see any increase in the stimulative interest rate until 2014.

• Three key factors have helped the Canadian economy avoid some of the economic trouble in the US: our
strong financial sector, our commodity-rich endowment, and our relatively resilient housing market.

 

Economic Environment: Alberta

 

• Alberta’s 5.2 per cent GDP growth in 2011 led the country.
• Rising oil production is driving up energy exports, more than offsetting continued declines in natural gas shipments.
 
Calgary Housing: New Homes
 
• New home starts surged in 2012, driven by low mortgage rates, strong employment and migration growth and declining supplies in the resale market.
• Housing starts are estimated to total 12,400 units in 2012, a 33 per cent rise.
 
Calgary Housing: Resale
 
• The resale market finally gained some momentum in 2012 as sales activity rose both within city limits and in surrounding areas.
• Sales within city limits totaled 21,207, an 15 per cent increase over 2011.
• This year, the level of sales growth is expected to ease to 2.2 per cent, for a citywide total of 21,669 units.
 
Do you have questions about the 2013 forecast? Feel free to contact me, or download the full report from CREB here.

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