The official forecast from the Chief Economist for the Calgary Real Estate Board was released on January 31st. While the numbers largely indicated that in 2018 we would see a similar, if not slightly improved market over 2017, the message that they conveyed at the forecast conference was much different, leaving people with a bleak outlook for the upcoming year. Our opinion is that this was due to the presentation itself, and not necessarily the outlook.
What we heard at the forecast, and read into the numbers from January's activity, is that with increased migration, and stabilizing economic conditions projected for Alberta, we are optimistic that the market will continue to recover nicely. Does that mean that we will return to the levels indicated in the ten year average? Not likely. Our Real Estate sector may have to accept what other Alberta industries are faced with, and that we are settling into a new normal. This new normal is not a scary market as absorption rates, days on market, inventory and sales are all at reasonable levels. This new normal does mean that we have to continue to be diligent in our pricing expectations, whether that is buying or selling.