The Sherwood Park and District Chamber of Commerce was pleased to attend the 2020 REALTORS® Housing Forecast at the Edmonton Convention Centre on Wednesday, January 15, 2020. The forecast was hosted by the REALTORS® Association of Edmonton, with speakers from the City of Edmonton and Province of Alberta, Edmonton Global, and the REALTORS® Association of Edmonton. The topics included the economic outlook for 2020, population and demographic analysis, real estate market analysis, and more.

Alberta Government Chief Economist Catherine Rothrock discussed the Government’s outlook on the economy and more. She talked of both the muted outlook for oil prices but also said that global labour markets are remaining strong. Natural increase and immigration are driving population growth in Alberta; however, inter-provincial movement to Alberta is low. Albertans have tightened discretionary spending in recent times. In positive news, the Government predicts that oil and gas investments will pick up, and production will continue to rise over the next three years.

Lynette Tremblay, Vice President, Strategy & Innovation for Edmonton Global, presented their ongoing strategy to attract foreign direct investment in the greater Edmonton area with encouragement to attendees that collaborating locally will allow us to compete globally. Michael Thompson and Jennifer Lucas, both of the REALTORS® Association of Edmonton, closed the morning off discussing the real estate. It is predicted that in 2020 single-family home average prices will increase by 0.4%, condo average prices will increase by 0.2%, and duplex/rowhouse average prices will increase by 0.3%.

We enjoyed taking part in the 2020 REALTORS® House Forecast – special thanks to Sherwood Park & District Chamber of Commerce Member Mike Roppelt from NOW Real Estate Group for the invitation and tickets!