This year, in Calgary, and according to CREB®, we saw the sales go as planned, with a drop in the beginning of the year balancing out the gains later on. What we didn't anticipate was that the difficulty in finding houses for sale would last longer than expected. This continued to make it a good time for sellers, and home prices increased more than we thought. One reason for this was more people moving here than we predicted, especially from Ontario.
Even though interest rates went up, our real estate stayed reasonably affordable. This kept demand strong for more expensive homes, so there wasn't a need to lower prices in the high-end market. Recently, there have been more homes listed for sale, and we expect this trend to continue into next year. However, fixing the supply issue will take more time.
Check out the full detailed report and 2024 forecast from CREB® here: