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.