Calgary housing activity to moderate this year, prices to remain strong: board
The Calgary Real Estate Board says it expects the city's housing market activity to moderate this year after record sales were experienced in 2021, but tight conditions will linger.
The Alberta board is forecasting the city will see 25,598 sales this year, down from 27,686 last year and 16,149 in 2020.
CREB says rising lending rates will cool some demand for housing, but sales will still be strong because many were able to save more money during the COVID-19 pandemic.
CREB is predicting annual price growth will slow to four per cent this year, down from more than eight per cent last year, when the average price of a home totalled $585,275.
The board expects supply levels will eventually improve relative to demand this year, especially after last year's surge in housing starts.
However, CREB chief economist Ann-Marie Lurie says the current tight conditions will stick around until at least spring and could result in one of two scenarios.
"If supply levels remain low relative to demand, we could see stronger-than-expected price growth," she says, in a release.
"On the other hand, if rates rise much faster and higher than expected, it could cause a more significant pullback in sales."
This report by The Canadian Press was first published Jan. 24, 2022.
CTVNews.ca Top Stories
Air traveller complaints to Canadian Transportation Agency hit new high
The Canadian Transportation Agency has hit a record high of more than 71,000 complaints in a backlog. The quasi-judicial regulator and tribunal tasked with settling disputes between customers and the airlines says the backlog is growing because the number of incoming complaints keeps increasing.
LIVE B.C. seeks ban on using drugs in 'all public spaces,' shifting approach to decriminalization
The B.C. government is moving to have drug use banned in "all public spaces," marking a major shift in the province's approach to decriminalization.
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
AFN chief says Air Canada offered a 15% discount after her headdress was mishandled
After the Assembly of First Nations' national chief complained to Air Canada about how staffers treated her and her ceremonial headdress on a flight this week, she says the airline responded by offering a 15 per cent discount on her next flight.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
U.S. flight attendant indicted in attempt to record teen girl in airplane bathroom
An American Airlines flight attendant was indicted Thursday after authorities said he tried to secretly record video of a 14-year-old girl using an airplane bathroom last September.
76ers All-Star centre Joel Embiid says he has Bell's palsy
Philadelphia 76ers All-Star centre Joel Embiid has been diagnosed with Bell’s palsy, a form of facial paralysis he says has affected him since before the play-in tournament.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The current overall public health risk posed by the H5N1 bird flu virus is low, the World Health Organization said on Friday, but urged countries to stay alert for cases of animal-to-human transmission.
Island near Mull of Kintyre for sale for US$3.1 million
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.