An improving economy with prospects of job groth and more people moving to the city as CREB forecasting an increase in Home and Condo Sales this year but the recovery will be slow.
CREB’s annual forecast released Tuesday, said Calgary’s housing inventory is expected to stabilize, resulting in an eventual return to a more balanced and sustainable market.
It forecasts single family home sales to increase by 19.9% this year to 14,500 transactions, while Condo sales will rise by 15.8 % to 6,000 transactions. Satellite communities and towns such as Okotoks, Cochrane, Airdrie, and Strathmore, CREB is forecasting a 13.5% increase to 4,000 transactions.
In 2010, single family home sales were the loweest in more than a decade, falling 16% from 2009.