Unlike other Canadian cities, Calgary’s housing market is well positioned to do better than before the pandemic, according to the outlook of a report from the Calgary Real Estate Board (CREB).

    Forecasts for 2023 predict that prices will not experience the dramatic declines seen in traditionally warm markets like Toronto and Vancouver as they continue to cool.

    The council also expects total sales activity to decline, forecasting around 26,000 home sales, down from 30,000 in 2022.

    In the City of Calgary single-detached home market, sales have fallen from 17,037 in 2021 to 15,795, but prices in this category have increased over the same period.

    The benchmark price for a detached home in Calgary is $629,350 in 2022, up from $549,800 the previous year.

    “We are optimistic that we can get a sale soon,” said Taryn Fay-McClymont.

    She and her husband have just listed their semi-detached home in Bowness to move to the Okanagan region of British Columbia to be closer to their family.

    Not so long ago, the idea wouldn’t have made sense financially.

    “We decided it was time. And it’s really now that we’ve hit it right now that (prices) are going up here and they seem to be going down everywhere else,” Fay-McClymont said.

    Ann Marie Lurie, CREB’s chief economist, told the audience during the forecast announcement at the Calgary Telus Convention Center on Tuesday that the Calgary market looks brighter than it has since 2015, although considered.

    “Although we are going through a period of adjustment, we are doing relatively well.”

    Calgary real estate agents say demand from buyers in hot markets like Toronto and Vancouver is helping them move their listings.

    “We’ve got a net migration, we’ve got cash buyers, there’s a lot of people coming here who still see the value in your home, so that’s a nice positive surprise for (the property sellers), which we makes us feel good as realtors,” said Barry Klatt, Realtor at Alberta RE, Real Broker.

    Other agents say it’s easier to have conversations with property sellers in this market about price stability, as the energy slump between 2015 and 2019 drove prices down.

    “We have more buyers than we have inventory, so sellers need to be confident. We’re going to be able to sell your product,” said Cynthia Culhane, also at Alberta RE, Real Broker.

    While raising interest rates to calm inflation is having an effect elsewhere in the country, the CREB report says migration to Calgary prevents it.

    Mortgage specialists agree.

    “There’s no doubt that those rates have jumped significantly, so that’s putting some people out and excluding some from the market,” Josh Higgelke, Broker, Mortgage Connection, “but that being said, we’ve had some the luck here in calgary that our home values ​​are not the same as some of these other major centers, so it’s still business as usual for many.”

    On Wednesday, the Governor of the Bank of Canada is expected to add another quarter of a percentage point – taking lending rates from 4.25% to 4.5%.

    But, as cooling trends continue, the Calgary housing market is expected to remain particularly tepid.

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