CALGARY The Calgary Real Estate Board says 2021 kicked off with a flurry of sales in what would prove to be the busiest January in Calgary s housing market in seven years. According to CREB, there was a total of 1.208 sales in the city last month. Competition for homes was strong in January as demand exceeded supply. Officials say the year began with an inventory of 4,035 units that was bolstered by the addition of 2,246 new listings throughout January, but the number of available homes is still far lower than the past six years. CREB chief economist Ann-Marie Lurie credits the increase in sales to two main factors.
Calgary’s housing sales in 2020 were strong enough to nearly offset the initial losses it suffered due to the COVID-19 pandemic shutdown, though it didn’t break records for sales or prices.
News from the past week underscores the topsy-turvy journey ahead during a recession and pandemic.
The local housing market is expecting overall sales and prices to climb, the Calgary Real Estate Board (CREB) announced Tuesday in its 2021 outlook, while an Avison Young report forecasts a rising vacancy rate for downtown office buildings.
A new study by ATB Capital Markets anticipates âsignificant improvements to the Canadian energy landscapeâ that could see the domestic industry outpace the U.S. oil and gas sector.
Yet, job losses are battering the sector with the U.S. blocking the Keystone XL pipeline project and layoffs happening this week at Cenovus Energy following its takeover of Husky Energy.
CREB: COVID-19, decreased demand for oil to hamper housing market in 2021
The Calgary skyline is seen on Friday, Sept. 15, 2017. Calgary s real estate board is predicting home sales and new listings will be on the rise in 2021, but their growth will be restricted by the continued impacts of COVID-19 and reduced demand for oil. THE CANADIAN PRESS/Jeff McIntosh January 26, 2021 - 10:36 AM
Calgary home sales, prices and new listings might be headed for a slight increase in 2021, but theyâre likely still bound to be hampered by COVID-19 and reduced demand for oil, the cityâs most prominent housing organization predicted Tuesday.
CALGARY The Calgary Real Estate Board is predicting continued growth in Calgary s housing market this year as result of low lending rates, but ongoing challenges are expected to prevent a substantial increase. In its annual forecast released Tuesday, CREB predicted total sales in Calgary would increase in 2021 by nearly five per cent compared to last year s sales. The 2020 sales numbers exceeded initial expectations, bolstered by a rebound in the second half of the year as demand outpaced supply. It is expected some of the momentum recorded at the end of 2020 will continue into 2021, fueled by exceptionally low lending rates and pent-up demand, said Ann-Marie Lurie, CREB chief economist, in a statement. While sales are expected to rise by nearly five per cent on an annual basis in 2021, persistent economic challenges are expected to prevent stronger growth in our housing market.