CREB 2014 Calgary Real Estate Forecast
(Calgary, January 15 2014): CREB®'s 2014 forecast for the Calgary real estate market projects a 2.4% rise in resale home sales and a 6.4% rise in condominium sales (apartment-style condo sales: +5.0%, townhouse-style condo sales: +8.3%).
Sustained employment growth in the city on the back of 2 years of higher net migration levels will see a 3.8% increase in Calgary resale home prices, while combined condo prices will rise by 5.3% (Calgary apartment price: +5.8%, townhouse price: +4.75%).
"In 2014, both sales activity and prices are expected to improve, but not at the same pace recorded in 2013," said Ann-Marie Lurie, CREB®'s cheif economist. "While factors influencing demand will support growth in 2014, new listings and increased competion from the new home sector should alleviate some of the supply pressure in the market".
CREB®'s forecast is detailed and based on the most current data available. It takes into account both upside & downside risks to the market, including:
- Macro and local economies
- Net migration to Calgary
- Employment & job potential in the city & local area
Assumptions considered include the waning global risk to the world economy, continued economic expansion of the US economy, take-away capacity & construction of proposed pipelines to transport Alberta's crude oil, as well as the price differential between WTI oil & heavier oil sands crude.
Summary: 2014 Calgary Market Forecast
- Calgary single family home sales volume to rise 2.4% to 16,693
- Median home price to rise 3.8% to $481,113
- Combined condo sales volume to rise 6.4% to 7,650
- Combined *median* condo sale price to rise 5.3% to $303,606
- Apartment-style condo sales volume to rise 5.0% to 4,207
- Apartment-style *median* condo sale price to rise 5.8% to $276,138
- Townhouse-style condo sales volume to rise 8.3% to 3,443
- Townhouse-style *median* condo sale price to rise 4.75% to $320,535
CREB® Market Forecast Video
CREB® chief economist Ann-Marie Lurie speaks to the highlights of Calgary 2014 economic outlook & housing forecast.
Read why we use Median rather than Average Sale Price when discussing Calgary real estate statistics.
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