2019 CREB Forecast
January 30, 2019 – Today I attended the annual CREB Forecast, where we learn how our chief economist feels the next year will look like. Things to take away from today? Some people feel this year will be the same as last, with continued uncertainty regarding jobs, oil, government and pay cuts. Some, those of us who are optimists, think it will be slightly better than last, and of course there are those who always fear the worst.
Ann-Marie Lurie, CREB® Chief Economist, says “slowing growth, weak job prospects and lack of confidence are all factors that are contributing to the expected easing in sales activity this year. At the same time, our market continues to struggle with high inventory levels and further potential rate hikes, all of which is expected to cause additional price declines this year.”
So does that mean you should not sell? Of course not, there are factors to consider when deciding if it is the right time for you to sell/buy. Are you downsizing now that the kids have moved away? Are you looking to move into a condo, not wanting the hassle of cutting grass, or looking for a secured building because you like to travel? Or are you upsizing, because your family is growing and you just need that little bit more space to keep your sanity?
Yes, the market is oversaturated. Yes, interest rates may continue to rise. Yes, there is a stress test to ensure you can still handle your payments should interest rates rise. And Yes, it could be the right time for you to sell/buy, provided you ask yourself what you really need and are not willing to compromise on.
For those out there who are looking to get into the market as first-time buyers, now is a great time to find deals in every sector of the market. Remember, this is your first home, not your dream home.
If you have any questions on what the market is up to, or need a sounding board on whether it is the right time for you to enter the market, feel free to reach out. I’d be happy to help you sort through your wish list and my network of professionals are more than willing to assist in the areas that I do not specialize.
Click here for the full 2019 Calgary Economic & Housing Outlook report.