Calgary Real Estate Board Q3 report

CREB®'s Q3 2023 housing market report for Calgary reveals a market shaped by supply challenges, with sales rebounding in the latter half of the year, driving stronger-than-expected price growth. Chief Economist Ann-Marie Lurie notes the market's favorability towards sellers due to persistent supply issues. Looking ahead to 2024, improved supply-demand balances are anticipated, though supply adjustments may take time due to robust migration levels. Economic growth may slow in 2024 due to higher interest rates and inflation, but Alberta's economic activity is expected to outpace national levels, buoyed by higher commodity prices and migration. The report projects increased listings and starts in 2024, offering more supply choices and supporting stronger sales amid a stable employment market. As the market moves toward balance, the pace of price growth is expected to moderate from 2023's high levels. However, global growth shifts pose a risk, impacting commodity prices, economic growth, employment, and migration, ultimately influencing Calgary's housing market outlook.