Home and condo sales in Calgary remained relatively unchanged in December 2010, indicating that a full-fledged recovery in the housing market has yet to take hold.
Undoubtedly housing markets in Alberta and Calgary underperformed in 2010, as sales recoveries did not materialize as forecasted. In many ways, re-sales in 2010 showed a repeat of 2008, with a short lived resurgence in the first few months, when confidence returned to the market.
Employment and net-migration have been slower to pick up here in Calgary - and these are key drivers in our housing market.
All in all we believe it will be a slow and gradual warm up in 2011, but it will take some time for the housing market to bring inventory levels down and shake off these winter blues.
Source: CREB(R)
