Calgary Residential Market Update
Calgary real estate continues to grab the interest of buyers from all over the world, primarily due to the attention being paid to a unique heavy oil asset – the Athabasca Oil Sands. Economic growth in Calgary, Alberta is undoubtedly fuelled by the energy sector. The International Energy Agency expects global crude oil demand to increase by 1.6 % in 2011. The recovery in the world economy, and the fast rise of emerging markets, has meant world oil demand is now resuming its long-term growth trajectory. As a result, Calgary’s economic growth is projected to increase this year as oil and gas activity continues to recover from the recessionary levels recorded in 2009. Energy forecasters anticipate the recovery in total oil and gas investment will occur over a longer time frame, reaching 2006 – 2008 peak levels again between 2014 and 2016.
