CREB® unveils Q3 housing market report with special 2024 forecast preview
City of Calgary, Nov. 17, 2023 — The Calgary Real Estate Board (CREB®) has released its Q3 2023 housing market report, providing a comprehensive overview of the real estate landscape in the City of Calgary and surrounding areas. The report showcases trends in sales and pricing, offering valuable insights for industry professionals and prospective homebuyers and sellers.
“Sales activity in the Calgary market has followed expectations, with declines earlier in the year offsetting gains in the second half,” said CREB® Chief Economist Ann-Marie Lurie. “Thanks to persistent supply challenges, the market has favoured sellers, resulting in stronger-than-expected price growth. As we move into 2024, we expect to see better supply-demand balances, but given the strong migration levels over the past two years, supply adjustments will take time supporting further price gains.”
Higher interest rates and inflation levels are expected to weigh on consumer spending and business investment, slowing economic growth in 2024. However, thanks to higher commodity prices and migration levels, economic activity in Alberta is expected to outpace national growth levels.
Supply challenges impacted both sales and prices in the Calgary market last year. As we move into 2024, a rise in new listings and an improved number of starts are projected to offer more supply choices; this, along with population gains and a stable employment market, is expected to support stronger sales this year. And as we shift toward more balanced conditions, the pace of price growth is expected to slow from the high levels reported in 2023.
While both sales and prices are expected to rise in 2024, there is considerable risk to the outlook. Shifts in global growth could impact commodity prices and, ultimately, our economic growth, employment, and migration. Migration and employment shifts will influence the path to housing market balance and the rate of price growth experienced in our city.
