Recap: CREB 2016 Forecast
Today CREB (Calgary Real Estate Board) held their annual forecast of the real estate market in Calgary. If you were there, or watching the tweets online from #creb16, you might be left with an uneasy feeling about what’s to come this year. However, if you look at the real figures and forecasts for 2016, you might not be so pessimistic about the kind of year we’re going to have here in Calgary.
Some of the highlights from the CREB 2016 Forecast:
- Resale activity to remain relatively the same. Today, CREB stated that resale housing market activity would decline this year, but from 18,830 in 2015 to 18,416. That’s not an astronomical difference in sales numbers, and again it’s just a prediction. CREB’s Chief Economist says 2016 will be starting off, as it is, in a buyer’s market (meaning it’s a great time to buy).
- Homes will be more affordable. CREB predicts the annual benchmark price this year to drop to $438,652, that’s a drop of 3.4%.
- There will be more selection for buyers. With completions in the new housing sector coming onto the market this year, inventory levels will actually increase this year, which is helping to contribute to the lower home prices this year. But what this really means for buyers is that they have more options to choose from (more bang for your buck).
“Over the next two quarters, market conditions balanced somewhat, preventing steep price declines. New listings fell as potential sellers held off with some indication of oil price stabilization, while sales declines eased due to pent-up demand from buyers who finally had more choices.” [CREB Forecast]
If you want to read the full forecast, there’s a copy available online here. If you have questions about home buying, be sure to contact me.
