Last week, RE/MAX released their Housing Market Outlook for 2014, and the momentum of the five-year high we had this year is expected to continue into next year.
“Inventory was vital in maintaining market stability in 2013,” says Gurinder Sandhu, Executive Vice President, Regional Director, RE/MAX of Western Canada. “A run-up in inventory at the outset of the year, amid weaker demand, could have changed the outcome to what ended up being another relatively healthy year of real estate activity. Instead, we saw modest price growth and rising sales levels, particularly in the second half. Another positive performance is projected for 2014, with average price forecast to break records in many markets.”
The report forecasts that Calgary will specifically see price increases of 6% in 2014, and sales levels are expected to hit a 9% increase here too. The key words the report used to describe the market next year were 'strength' and 'stability'.
If you have questions about the current market situation in our city, or the findings in this report, please feel free to contact me.