In the comprehensive analysis of the “CREB® Unveils 2024 Forecast Calgary and Region Yearly Outlook Report” on January 23, 2024, Malvinder Tiwana, affiliated with Grand Realty, examines the yearly forecast. The report emphasizes the significant impact of rising lending rates on the housing sector, driving potential buyers to actively seek more affordable options. Meanwhile, some sellers adopt a cautious stance, refraining from listing to avoid higher rate repercussions, resulting in a noticeable decline in new listings, especially for lower-priced properties in 2023.
Despite moderation from record highs, the housing market remains resilient due to robust migration and a strong labor market, maintaining sales above long-term trends. The report underscores the influence of international migration on rental markets and interprovincial migration supporting sales growth in higher price ranges, even amid increased lending rates.
Anticipating 2024, the report foresees a resurgence of buyers as lending rates ease, leading to improved listings. While the renewal of mortgages may boost resale listings, persistent demand requires time for supply to restore market balance. Conditions, though less stringent than 2023, project a continued seller’s market, resulting in sustained price growth, with the rate slowing for each property type and supply growth driven by upper price ranges, likely decelerating higher-priced property growth. Lower-priced properties may continue facing challenges, contributing to sustained price gains.
