After a tough year for the 'other half' of Calgary's real estate market, the city's apartment/attached segments are expected to see gradual turnaround in 2017

Lower prices and added choices created buyers' conditions in Calgary's attached and apartment sectors in 2016. But a slow recovery is expected in 2017, bringing both sectors into better balance, says CREB®'s 2017 Economic Outlook & Regional Housing Market Forecast.

The degree to which they'll the "other half" will get there will differ, however. While the attached sector is set to post positive overall numbers, apartment sales and prices will be moderated by persistently high inventory levels.

Slowdown welcomed by new home industry

Local homebuilders and developers say they are heading into 2016 feeling positive after going through a year that brimmed with economic challenges.

"It's definitely been an interesting year," said Wendy Jabusch, president of the Canadian Home Builders' Association – Calgary Region and a vice-president with Brookfield Residential.

In particular, housing demand fell sharply in 2015 as the provincial economy sputtered through an oil patch slowdown that eventually led to pronounced job losses.

Yearly update on the local and national housing markets

Canada Mortgage and Housing Corp. (CMHC) has issued its outlook on the local and national housing markets. Detailing several factors impacting Canada's housing market -- both new and resale - CMHC's numbers provide a basis for what to expect heading into the remainder of 2015 into 2016 and beyond.

To help provide a little more understanding, CREB®Now digs a little deeper into CMHC's Outlook.