Calgary Real Estate Predictions for 2012

For resale house hunters, 2012 is lining up to be a year of stability.

That’s the message from this week’s annual forecast conference of the Calgary Real Estate Board. “It’s a nice, steady, relaxed atmosphere for buyers and sellers,” says incoming president Bob Jablonski in his outlook for the coming year.

CREB’s forecast includes an average sale price of $476,000 for resale homes this year, up 2.1 per cent from 2011. It also predicts sales to reach 14,800, marking a 12.2-per-cent climb over 2010.

“Buyers have time to research and carefully consider their options without needing to be overly concerned about pricing changes,” says Jablonski, a 25-year industry veteran.

Employment growth and migration are factors that are expected to help bolster the city’s housing sector, says chief economist Ann-Marie Lurie of CREB.

“Calgary’s job market has already recovered a lot of the jobs that were lost during the recession,” she says, adding that much of the recent job creation is of the business professional variety.

“These are typically good paying jobs, which helps with growth in consumption and in housing.”

Many of those who moved to Calgary for work, but lost their job during the economic downturn, left the city, says Lurie. However, people are once again moving to Calgary, she says.

“Those migrants are returning and forecasted levels remain strong relative to the long-term average,” says Lurie. “Migrants coming to the city need a place to live and while their first choice is often rentals, in time, they will often move to ownership and cause a rise in demand for housing.”

Going forward, Jablonski advised the realtors in attendance to listen, communicate and ask.

“Improve your skills and be the best you can be,” he says. “Build your relationships, your business and be the resource to your clients. There is always a market for wellpriced listings.”

Read more: http://www.calgaryherald.com/business/Steady+goes+forecast+resale/6031350/story.html#ixzz1kOnLoo00

Josh Skapin. (January 21, 2012). Calgary Herald. In ‘Steady’ as she goes forecast for resale. Retrieved January 23, 2012, from http://www.calgaryherald.com/business/real-estate/Steady+goes+forecast+resale/6031350/story.html.