CREB® Calgary Real Estate Forecast For 2015

CREB® is forecasting that housing sales will ease by -4% in 2015, due to market uncertainty and changes in economic climate, while prices are expected to remain relatively stable with a modest increase of 1.58% on an annual basis.

A Look Back

How accurate was CREB®’s 2014 forecast from last January?  It might be a surprise to some that the real estate board underestimated the strength the market would experience in 2014.

The benchmark price was predicted to increase 4.28%, but prices increased over double that amount: 9.85%.

CREB® expected City of Calgary sales to total 24,335 in 2014, but actual sales were 25,664.

However, more new listings came onto the market than was forecast.  The prediction for 2014 was 32,703 and the year-end result was 36,329.

4 responses to “CREB® Calgary Real Estate Forecast For 2015

  1. Welcome back Mike, hope the trip was a wonderful one. Where did you guys go, Mars? If so, I understand that you missed the news that oil is down more than 50%, sales are soon to be down a third and listings are soon to double. Actually they already are double for condos. Also, there may have been a few layoffs.
    CREB may need to revise their predictions. But what do I know? What was their forecast for 2008, 2009 and 2010? If they predicted an 18% price drop then I will be a converted believer.

  2. Hi YYC, my wife and I were in Hawaii, but I was sure to keep up-to-date with all the goings-on 😉

    The forecast is CREB®’s, not my own. Since the board hired an economist a few years back, the forecasts have been fairly accurate as far as predictions go and have actually undershot the market. This year’s forecast, however, looks optimistic to me. We’ll likely see a revised forecast from CREB® this summer.

    As for their 2008-2010 forecasts, pre-economist times, just do a search on my blog and you’ll see how highly critical I was of those particular predictions.

    Check back tomorrow for the Jan 1-21 update. It doesn’t look pretty.

  3. Thanks Mike, I will be sure to check in tomorrow.

  4. I missed you. That probably means you added another r5 years to your marriage.

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