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
• Rising oil production is driving up energy exports, more than offsetting continued declines in natural gas shipments.
• Housing starts are estimated to total 12,400 units in 2012, a 33 per cent rise.
• This year, the level of sales growth is expected to ease to 2.2 per cent, for a citywide total of 21,669 units.