According to an article published in the Calgary Herald "Home sales and prices in Calgary continue to make gains, marking another rise in January."

However, figures released by the Calgary Real Estate Board show a slight slow-down compared to December's numbers. "The city’s housing market is expected to continue a “gradual and modest” recovery, one official said, helped by low mortgage rates and more affordable prices coaxing buyers into the sector. “Just one year ago, we were facing record low sales and more than 10 months of inventory,” board president Diane Scott said in a release.

That makes for dramatic year-over-year increases in sales figures, she noted. “But all in all, sales this month are moving closer to the range we would expect this time of year.” Analysts expect the Bank of Canada to start raising interest rates from historic lows this summer, once a still-tentative economic recovery takes a firmer hold.

“With a fully functioning credit creation process — check the hot housing market if you have any doubts — the clock is ticking . . . to lift policy rates and the general cost of credit from current extreme lows,” BMO economists Michael Gregory and Benjamin Reitzes said in a commentary Monday." ...(Read More)

Article Source: The Calgary Herald