Calgary House Prices To Rise 2.5% In 2013

Many dismiss housing forecasts from real estate brokerages as inherently biased, so before we take a look at Royal Lepage’s forecast for 2013 let’s see how their 2012 forecast panned out – you might just be surprised.

I combined their 2012 price and sales forecast with the actual result in the chart below.  Aside from Vancouver, their forecast was remarkably accurate.

Royal Lepage 2012 Forecast (click to enlarge image)

Royal Lepage 2012 Forecast (click to enlarge image)

Which brings us to Royal Lepage`s 2013 forecast:

Increased demand and low inventory resulted in healthy year-over-year price gains for standard two-storey homes and detached bungalows in Calgary and Edmonton, while price appreciation for standard condominiums were relatively flat in both cities compared to the fourth quarter of 2011.

At the end of 2013, average house prices in Calgary are forecast to increase 2.5 per cent, while Edmonton house prices are expected to increase by 0.6 per cent compared to 2012.

Calgary price gains are predicted to be third  behind Regina (4%) and Montreal (3.8%) but sales growth is to lead all of Canada with 9%.  The next highest (and only other city with positive sales growth) is Halifax at 0.8% while all other municipalities are expected to see activity weaken.

2013 Forecast (click to  enlarge)

2013 Forecast (click to enlarge)

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