CMHC Housing Market Outlook
In last week’s Calgary Home Podcast I mentioned some average price forecasts from CMHC for the province of Alberta. Today the Housing Market Outlook for the Calgary area was released online. The report covers the new home market, resale market, rental market andeconomic factors including mortgage rates.
A few highlights from the Resale Market section were a forecasted stabilization of demand:
Buyers’ market conditions wil not last forever. An examination of data reveals that the level of supply has likely peaked for this year and CMHC is forecasting a return to more balanced conditions in 2009. As active listings come down relative to demand, price stability is expected to be restored.
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Demand is also projected to increase in 2009 as net migration is forecasted to improve in 2009.
Access the entire outlook in PDF here.
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