The Year That Was - 2023

The real estate rollercoaster of 2023 in Calgary has been nothing short of fascinating. Despite early-year declines, the market picked up momentum in the latter half, favoring sellers due to persistent supply challenges. Chief Economist Ann-Marie Lurie notes that the unexpected surge in interprovincial migration, particularly from Ontario, contributed to the stronger-than-expected price growth. The relative affordability of the Calgary market prevented downward price adjustments in higher price ranges.

Looking Ahead to 2024

As we step into 2024, higher interest rates and inflation are poised to impact consumer spending and business investment, potentially slowing economic growth. However, Alberta is expected to outpace national growth levels, thanks to higher commodity prices and continued migration. The supply-demand balance is anticipated to improve, with a rise in new listings and home starts offering more choices. Stronger sales are on the horizon, supported by population gains and a stable job market. While both sales and prices are expected to rise, global economic shifts, commodity prices, and migration patterns remain risk factors.

For the complete report, including the additional slides, head over to CREB's full report, available below.

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