Today I had the pleasure of speaking with Ann-Marie Lurie, who is the Chief Economist at the Calgary Real Estate Board. Ann-Marie recently presented detailed statistics and predictions for Alberta at the annual Housing Market Forecast for Real Estate Professionals. I am thrilled to share our discussion with you! ➡️ Watch on YouTube ➡️ Subscribe to support the channel so we can bring you more great content. ➡️ Follow on Instagram ➡️ Follow on Facebook ➡️ Go House Hunting on the Website Need a REALTOR® ? Email Us Key Points in the Episode: 📍Interest Rate Prediction 📍Housing Price Prediction 📍What's Driving the Market 📍Supply and Demand Situation 📍Affordable Housing Note: We had a bit of buffering at times.... but I think it's still worth your time. If you would like more detail on what was prepared and present by CREB® Chief Economist Ann-Marie Lurie at the Forecast, the following is a summary: (Scroll to the bottom for a Link to the Report) ⬇️ The report included a detailed analysis of Calgary's economic and housing market trends and surrounding areas for the upcoming year. The report delves into the impact of rising lending rates on the housing sector, as buyers looked for more affordable housing options, and some potential sellers held back from listing to navigate the challenges posed by higher lending rates. Chief Economist Ann-Marie Lurie underscores this dynamic, stating, "Despite higher rates, 2023 was a year of relatively strong sales thanks to a robust labour market and strong migration. The challenge was limited supply, especially for low-priced homes with the strongest demand. This resulted in significant price growth with the largest gains in our lowest-priced homes.” As the report looks ahead to 2024, Lurie anticipates another strong year for sales, stating, "We expect potential buyers, who were on the sidelines due to limited supply choices, to re-enter the market as lending rates ease and listings improve. At the same time, interprovincial migration and a healthy labour market should continue to support stronger sales activity.” Supply remains an issue this year, but gains in new home starts and new listings are expected to support some modest gains. “Conditions are not expected to be as tight as in 2023," Lurie said, "but supply growth takes time, and sellers’ market conditions are expected to persist through the spring, driving further price growth in 2024.” Supply growth is anticipated to be driven mainly by upper price ranges, decelerating the pace of price growth for higher-priced properties. Meanwhile, lower-priced properties are expected to face continued tight conditions, contributing to sustained price gains. Ann-Marie has over 25 years of experience in the real estate sector. She has had the opportunity to work in several different aspects of real estate including commercial brokerage, pension investment, residential real estate analysis and multi-family underwriting. Ann-Marie joined CREB® as the Chief Economist in 2011 where she is responsible for scoping, developing and delivering economic analysis and market intelligence products. Ann-Marie has completed both her BA Honors and MA in Economics from the University of Calgary. Here is a Link to the Full-Report: ⬇️ https://www.creb.com/-/media/Public/Forecast2024/2024ForecastReportD.pdf #housingmarket #calgary #economy #realestate #interestrates #inflation #canada #alberta #househunting #housing #calgarytocottage Disclaimer: The @CalgarytoCottage Podcast and YouTube channel provide general information, inspiration, and entertainment and are not intended to replace the advice of your Financial or Real Estate advisors. The use of information provided on the channel or materials linked from it is solely at the user's own risk.

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related