Calgary Real Estate Market
The Calgary real estate board released its annual market update for 2011. The Calgary real estate market is expected to continue forward on its ways to recovery. Strong job creation and job stability are key to a stronger future of the Calgary market.
There is no doubt that the Alberta economy is greatly full but the energy sector. The recovery in the world economy and the rise of emerging markets have contributed to world oil demand. As a result, the economic growth in Calgary is projected to increase this year. We can expect a total recovery in the oil and gas sectors between 2014 and 2016.
The Calgary employment outlook improves with growth in the full-time positions. Job growth will encourage migration to Calgary and fuel the growth in the housing market. Employment growth is forecasted to rise by 3% for 2011 making Calgary one of the most attractive labour markets in the country.
The Calgary real estate market is predicted to stay pretty much the same throughout 2011 for single-family homes. There won't be a surge of inventory or prices. The market is considered to be a balanced market and will continue on this path for the rest of the year. The condo market is predicted to improve as inventories recede. Even though sales will be up in the condo market a price recovery will not occur until 2012.
There are of course negative risks that can affect our Calgary real estate market. Trouble in the US and European economies could result in lower than expected economic growth. Uncertainty can cause Calgary consumers to wait and see and delay the purchase of a home or condo, of course, will limit the Calgary real estate growth. market uncertainty could result in companies delaying expansion plans until further information is considered regarding the US moving into a double-dip recession.
View the full Calgary Real Estate Board Residential Resale Market Update: