Calgary’s real estate market is going to expect undergo “process of recovery” for rest of the year as there is an improvement in oil prices, according to report by Calgary Real Estate Board (CREB).
CREB expects that annual home sales to hit around 18,491 units, there came a rise of 3.3% from 2016. “While it is faster pace than originally anticipated and these levels are below the long-term trends.”
David Brown, CREB President said that they saw many of the consumers delay in purchasing decision which is willing to re enter in market as concerns regarding reconomy eased. More of the potential buyers in market helped to move some of the products in inventory and started to create price stability.
During this year there came a boost in demand which helped to ease pressure on level of supply of homes. According to reports inventories will be slightly elevated for rest of the year. CREB warned that difficulties comes to exist in ownership of condo apartment market as rise in sales can’t keep pace with growth in listings. It said that a specific area of market is likely to continue to face the challenges in coming year, it will take time to absorb some additional inventory in resale, rental and new real estate markets.
Ann-Marie Lurie, a chief economist at CREB said that economic challenges are continue to exist, as rate of unemployment is too high, weak level of migration and more lending conditions are weighing on housing market. This condition continues to cause adjustments in housing market for remainder of this year. So, it is not expected that earlier offset gains support general stability in year 2017. She also added that while shift is welcoming news and they are expecting process of recovery and this recovery will get slow and dependent on property location and type within market.