Today, CREB® unveiled its 2015 mid-year forecast update that indicated the Calgary regional resale housing market is in for a turbulent ride over the second half of the year as some economic realities set in.

Here are five takeaways from the 24-page document:

Not just a drop in the bucket
CREB®, citing a number of economists, warns that the broader effects of oil price shocks have yet to be fully realized in both the energy and non-energy sectors. Oil prices are expected to average $55 US per barrel, which is nearly 13 per cent lower than expectations from the end of 2014. What that means is all sectors, including housing, will likely face more downward pressure heading into 2016.

Weaker resale demand
Despite more favourable lending rates, housing demand will be weaker than we've have become used to. CREB® attributes that to further job losses expected this fall, rising unemployment levels and weaker migration numbers to the city. Overall, sales activity in the city is forecasted to decline by 22 per cent to 19,798 units in 2015 and prices will contract by 0.2 per cent.

Jan. 14 marked CREB's annual economic outlook and regional housing forecast, Building Your Future.

The keynote for the forecast was investor, authour and TV personality Kevin O'Leary. O'Leary took some time before he hit the stage to sit down for a one-on-one covering everything from success to customer service to who he thinks is the greatest guitarist in the world.

Today was CREB's economic outlook for 2015 taking a look at all things housing and economy for the year to come. Here's some quotes from keynote speaker Kevin O'Leary, CREB chief economist Ann-Marie Lurie and more.

Read more about the outlook on CREBnow on Friday.

Equilibrium coming to Calgary's housing market in 2015 says annual forecast

The New Year is set to bring some balance to Calgary's housing market, meaning more choice for buyers.

"With more supply in the market expected this year, buyers will likely have more alternatives in all price ranges," said 2015 CREB® president Corinne Lyall. "It's a nice scenario for buyers, but it also means sellers will likely have to adjust their price expectations and be realistic about the amount of time their home will be on the market.

"A REALTOR® can help navigate market conditions and real estate options, which are always unique to each customer," she added. "While challenges in the market can raise concerns for purchasers and sellers, it really comes down to their personal situation and knowing what's right for them. Real estate truly is local."

While the recent drop in oil prices has caused speculation about implications for the housing sector, stable conditions are expected given current forecasts for employment and migration.

"While employment and migration are expected to support housing demand, estimates could change depending on the extent and duration of oil price declines," said Ann-Marie Lurie, CREB®'s chief economist. "However, concerns over the potential impact will influence consumer confidence. This is expected to cause supply and demand to ease in 2015, maintaining resale market balance and keeping prices relatively stable."