CREB's monthly stats show Calgary sales in January total 880 units, below typical activity
Low oil prices throughout January, combined with a shifting outlook in the energy sector, caused unease for consumers. As a result, monthly housing sales activity fell to levels not seen in five years.

"Economic conditions this year are expected to be weaker than original estimates provided in December 2014," said CREB® chief economist Ann-Marie Lurie.

Will add 'consistency' to housing stock numbers

Seeking to provide consumers and industry experts with a better picture of Calgary's housing market, CREB has altered some of the categories in its monthly housing report.

Prior to the changes, which will appear on the January housing update, the city's housing stock was separated into three categories: single-family, condominium apartment and condominium townhouse.

Jan. 14 marked CREB's annual economic outlook and regional housing forecast, Building Your Future.

The keynote for the forecast was investor, authour and TV personality Kevin O'Leary. O'Leary took some time before he hit the stage to sit down for a one-on-one covering everything from success to customer service to who he thinks is the greatest guitarist in the world.

 

CREB®'s president for 2015 is owner/broker of Royal LePage Benchmark, Corinne Lyall. Lyall took some time out of her busy schedule to chat with CREB®Now about the changing face of real estate, the first home she ever sold and how she likes to spend a day off in the city.

CN: Tell us a little bit about your background, what brought you to CREB?

Lyall: I grew up in real estate with my parents. My father, Clare, was in commercial real estate for almost 30 years, and my mom Jan started her career in the '70s, ultimately became a broker/owner and just dropped her license this past year.

Today was CREB's economic outlook for 2015 taking a look at all things housing and economy for the year to come. Here's some quotes from keynote speaker Kevin O'Leary, CREB chief economist Ann-Marie Lurie and more.

Read more about the outlook on CREBnow on Friday.

Equilibrium coming to Calgary's housing market in 2015 says annual forecast

The New Year is set to bring some balance to Calgary's housing market, meaning more choice for buyers.

"With more supply in the market expected this year, buyers will likely have more alternatives in all price ranges," said 2015 CREB® president Corinne Lyall. "It's a nice scenario for buyers, but it also means sellers will likely have to adjust their price expectations and be realistic about the amount of time their home will be on the market.

"A REALTOR® can help navigate market conditions and real estate options, which are always unique to each customer," she added. "While challenges in the market can raise concerns for purchasers and sellers, it really comes down to their personal situation and knowing what's right for them. Real estate truly is local."

Yearly records set as monthly sales see slight decline

It was a record setting year for Calgary's condominium apartment and townhouse sectors, as sales reached new annual highs despite year-over-year residential sales declines of 7.5 per cent in December.

Single family sales totaled 708 units in December, a year-over-year decline of 8.3 per cent. Meanwhile, total condominium sales also declined by six per cent over the same time frame, but overall activity remained consistent with long-term averages.

While the recent drop in oil prices has caused speculation about implications for the housing sector, stable conditions are expected given current forecasts for employment and migration.

"While employment and migration are expected to support housing demand, estimates could change depending on the extent and duration of oil price declines," said Ann-Marie Lurie, CREB®'s chief economist. "However, concerns over the potential impact will influence consumer confidence. This is expected to cause supply and demand to ease in 2015, maintaining resale market balance and keeping prices relatively stable."

Improving inventories help ease price growth pressure

Calgary's residential resale housing market posted relatively strong November activity reaching 1,782 units, a three per cent increase over the previous year, and nearly 13 per cent above long term averages.

"Relative to other major centres, economic growth in Calgary remains one of the strongest in the country," said CREB® chief economist Ann-Marie Lurie. "Employment opportunities and relatively higher wages have encouraged people to move here, supporting the demand growth in our housing sector."

Meanwhile, new listings growth continues to outpace the gains in sales, supporting a 22 per cent year-over-year rise in November inventories to 3,849 units. While inventories have recorded significant gains, they remain below long-term averages for the month.

Price growth eases as supply improves

Calgary's hot condominium market helped fuel a 10 per cent increase in Calgary's residential resale housing market in October.

Overall sales for the month totaled 2,147 units, compared with 1,948 during the same period last year, according to the latest statistics from CREB®.

"Two consecutive years of relatively strong employment and population growth, combined with rising wages and low lending rates, have supported demand growth in our housing sector," said CREB® chief economist Ann-Marie Lurie.