It is likely that Calgary's real estate market will continue recovering for the next few years. In fact, with more money being invested into Alberta's oil sands, it's entirely possible that Alberta could see a spike in housing prices and sales - as has happened in past years when oil production and oil investment have been high.
A recent business report on oil sands investment, forecasts that oil sands investment will rise to a new high in 2013. Even though oil prices have fallen since April 2011, prices are still historically high - high enough that oil companies continue to feel confident about investing in engineering projects and oil/bitumen production.
In July 2011, oil production from the Alberta oil sands regions hit a new high. With new projects on the go, such as the Flint Energy Service's Surmont steam assisted gravity drainage project and Jacob's Engineering's contracts, it is likely that oil production will continue to dramatically increase.
Alberta's economic future does look very promising. Along with unemployment rates that have already been decreasing this year, Alberta's future plans for the oil sands will result in additional employment and wealth for Alberta residents. In terms of Calgary's real estate market, we will likely see steadily increasing improvement for at least the next two years.
Krista Kehoe, Calgary real estate agent & REALTOR®