City of Calgary, July 22, 2019
A struggling energy sector continues to impact the overall economy.
Unemployment levels are high and growth remains weak.
However, Calgary benefits from stable population growth fueled by international migration.
Supply is adjusting in the resale market, as well as in the new-home and rental markets.
Reductions in housing supply is moving the resale market towards a more balanced market which supports price stability going forward.
Lower price ranges and housing markets will continue to vary. Growth in the attached and detached markets will continue to be fueled from the lower end of the market.
Apartment activity continues to face challenges due to new product and rentals.
Nonetheless, less houses on the market will help to stabilize the market moving into 2020.
Three things to know about the 2019 mid-year forecast:
• Low lending rates and the new shared-equity mortgage program may help improvements in housing demand in the second half of the year.
• Economic concerns will continue to affect consumer confidence and housing sales.
• Slowing economic activity in Alberta may result in weaker job growth than the current forecast suggests.