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The Calgary Real Estate Board (CREB), held its 2014 Forecast today, and if you missed it—lots of great things are coming for our real estate market this year. Industry experts are forecasting that resale home sales grow 3.6% this year, and prices to grow by 4.3% as well. This trend is being attributed to the continuing employment and net migration growth our city has seen over he past couple of years.
The rate of net migration is expected to slow from 2013’s rate, but CREB® estimates that, even with the moderating growth, 24,335 homes will be sold in the city this year. City of Calgary census figures reported net migration of 19,067 in 2013 and forecasts growth of 15,000 new residents this year. – CREB
“In 2014, both sales activity and prices are expected to improve, but not at the same pace recorded in 2013,” said Ann-Marie Lurie, CREB®’s chief economist. “While factors influencing demand will support growth in 2014, new listings and increased competition from the new home sector should alleviate some of the supply pressure in the market.”
The entire forecast is available for download on the CREB website. If you’re interested in seeing some of the discussions and highlights from the speakers at the event, you can check out #CREB14 on Twitter (some good stuff there too).