CREB 2018 Forecast: Social Media Recap
Yesterday, CREB hosted their annual forecast and tradeshow, shedding some light on what the housing market will bring this year. The CREB 2018 Forecast brought some great speakers, including Terry O’Reilly, host of ‘Under the Influence’.
The overall sentiment from the forecast is that 2018 will look much like 2017, with continued stability coming back to the real estate market in Calgary.
Housing market conditions are expected to remain relatively unchanged in 2018, as the impact of higher lending rates and stricter lending criteria are offset by modest improvements in the economic climate. Recent changes may have prolonged the recovery period in our market, but it is not expected to completely derail the transition. [CREB]
Some of the other highlights I found via the CREBNow Twitter are as follows:
- Be careful with conditions, always review title with your client and exercise caution if representing buyer and seller.
- Kahane says his job, and the job of REALTORS, is to give clients all their options and let them decide, not push them in any specific direction
- “Many people in have been used to quick adjustments” in market. “That is simply not the case anymore” says Lurie
- “We’re currently in a market that is reflecting more buyers’ market conditions” says Lurie
- We have to work through new inventory before we see growth in prices says Lurie. Also have to consider rental supply. Falling Rental rates and growing vacancies means fewer renters turning into buyers
- We have more inventory in the market than we have in the past which will limit ability for prices to improve says Lurie. New home supply remains elevated.
- Overall, we expect sales level to remain close to where they were last year says Lurie. Improved activity coming for affordable product. Detached sales to slow while attached sales increase
- Positive (economy) and negative (migration, interest rates) factors will keep growth relatively low in 2018 days Lurie. Average and median prices likely to decline
- According to Lurie, Employment rates have recovered but are still higher than we are accustomed to. Types of jobs that have been lost and those recovered are not the same
You can catch up on the top tweets with #CREB18, or read the entire CREB 2018 Forecast report online here.
