Calgary's housing market will ward off cooling trend in 2023: CREB forecast
Unlike other Canadian cities, Calgary's housing market is positioned to do better than it had before the pandemic according to the outlook in a report by the Calgary Real Estate Board (CREB).
The 2023 forecast predicts prices will not see the dramatic drop-offs as traditionally hot markets like Toronto and Vancouver are seeing as they continue to cool.
The board is also expecting lower total sales activity, predicting about 26,000 home sales, down from 30,000 in 2022.
In the detached housing market within the City of Calgary, sales dropped from 17,037 in 2021 down to 15,795 – but prices in this category grew in the same timeframe.
The benchmark price for a detached house in Calgary is $629,350 in 2022, up from $549,800 in the previous year.
"We're optimistic about getting a sale soon," said Taryn Fay-McClymont.
She and her husband have just listed their Bowness semi-detached home to move to B.C.'s Okanagan region to be closer to family.
Not long ago, the idea wouldn't have made sense financially.
"We've decided that this is the time. And its really now that we've hit it at this time that (prices) are going up here and they seem to be going down everywhere else," said Fay-McClymont.
Ann Marie Lurie, chief economist at CREB told the audience during the forecast announcement at the Calgary Telus Convention Centre on Tuesday that Calgary's market looks brighter than it has since 2015, all things considered.
"Although we are going through a period of adjustment we're still doing relatively well."
Calgary realtors say demand from buyers from hot markets like Toronto and Vancouver are helping move their listings.
"We have net migration, we have cash buyers, there's a lot of people that are coming here that still see the value of your house, so its a nice positive surprise to (property sellers), which makes us feel good as realtors," said Barry Klatt, real estate agent with Alberta RE, Real Broker.
Other agents say its easier to have conversations with property sellers in this market about price stability, when the energy recession between 2015 and 2019 meant prices softened.
"We have more buyers than we do have inventory, so sellers should be confident. We're going to be able to sell your product," said Cynthia Culhane, also with Alberta RE, Real Broker.
Although rising interest rates to cool inflation are having an effect elsewhere in the country, the report from CREB say migration into Calgary is staving that off.
Mortgage specialists agree.
"There's no question these rates have jumped significantly so its putting some people out and pricing some out of the market," Josh Higgelke, broker, Mortgage Connection, "but that being said we've been lucky here in calgary that our house values aren't the same as some of these other major centres so its still for many business as usual."
On Wednesday, the governor of the Bank of Canada is expected to add another quarter percentage point – raising lending rates from 4.25 up to 4.5 per cent.
But, as cooling trends continue, Calgary's housing market is uniquely expected to stay lukewarm.
CTVNews.ca Top Stories
Quake deaths pass 5,000 as Turkiye, Syria seek survivors
Search teams and emergency aid from around the world poured into Turkiye and Syria on Tuesday as rescuers working in freezing temperatures dug, sometimes with their bare hands, through the remains of buildings flattened by a magnitude 7.8 earthquake. The death toll soared above 5,000 and was still expected to rise.

Will Biden's second state of the union mark a less protectionist approach to Canada?
A new poll suggests a majority of Canadians still see the United States as their country's closest ally, even in an age of isolationism and protectionist policies.
Thieves cut huge hole in Ottawa restaurant wall to get at jewelry store next door
An Ottawa restaurateur says he was shocked to find his restaurant broken into and even more surprised to discover a giant hole in the wall that led to the neighbouring jewelry store.
New details emerge ahead of Trudeau-premiers' health-care meeting
As preparations are underway for the anticipated health-care 'working meeting' between Prime Minister Justin Trudeau and Canada's premiers on Tuesday, new details are emerging about how the much-anticipated federal-provincial gathering will unfold.
China says will 'safeguard interests' over balloon shootdown
China said Tuesday it will 'resolutely safeguard its legitimate rights and interests' over the shooting down of a suspected Chinese spy balloon by the United States, as relations between the two countries deteriorate further. The balloon prompted U.S. Secretary of State Antony Blinken to cancel a highly-anticipated visit to Beijing this week that had offered slight hopes for an improvement in relations.
Quebec minister 'surprised' asylum seekers given free bus tickets from New York City
Quebec's immigration minister says she was 'surprised' to learn the City of New York is helping to provide free bus tickets to migrants heading north to claim asylum in Canada.
Nova Scotia man finds possible historic Killick anchor on beach
John Benoit of West Jeddore, N.S., says he has been beachcombing for over 50 years, but his most recent discovery -- a Killick anchor -- is by far his most memorable.
Vaccine intake higher among people who knew someone who died of COVID-19: U.S. survey
A U.S. survey found that people who had a personal connection to someone who became ill or died of COVID-19 were more likely to have received at least one shot of the vaccine compared to those who didn’t have any loved ones who had been impacted by the disease.
opinion | Don Martin: Alarms going off over health-care privatization? Such an out-of-touch waste of hot political air
The chances Trudeau's health-care summit with the premiers will end with the blueprint to realistic long-term improvements are only marginally better than believing China’s balloon was simply collecting atmospheric temperatures, Don Martin writes in an exclusive column for CTVNews.ca, 'But it’s clearly time the 50-year-old dream of medicare as a Canadian birthright stopped being such a nightmare for so many patients.'