According to the latest Calgary civic census conducted in 2009, Calgary's vital stats are:

• Population:1,230,200 (2009)
• Employment showing signs of stabilizing.
• Rising oil prices have promoted economic growth by increase energy sector investments, and creating job growth.
• Net migration to increase 6% in 2010 reaching 17,000 migrants and a further 9% increase in 2011 is forecast.

Source: Stats Canada

Calgary Mortgage Rates Will Slowly increase in 2010

The CMHC best case scenario, expect mortgage rates will continue to slowly increase in 2010 with a one year mortgage rate to be in the 3.6 to 4.8% range and the three and five year mortgage rates to be in the 4.2 to 6.7% range. In 2011, CMHC forecasts that the one year mortgage rate will be in the range of 5.0 to 6.0% whereas, the three and five year mortgage rate will be in the range of 5.6 to 7.2%. However, if the economy recovers at a faster rate than expected, mortgage rates may increase at a more rapid rate.

Calgary 2010 Housing Outlook

The CMHC reported that the housing starts will start to rise in 2010 by 39% to 8,800 units. This increase is a result of a growing economy, low mortgage rates and strong demand and low inventory conditions. In 2011, a forecast of 17% increase with 10,300 units expected.

The New House Pricing Index is expected to rise by 2.7% in 2010 and 3.4% in 2011. The median absorbed price for homes in 2010 is $420,000 an expected 7% decline from 2009.

Multiple starts are expected to rise 49% with 2,300 units in 2010 but still remain historically low. A 35% increase is forecast in 2011 with 3,100 units as the economy improves and inventory costs decrease.

A slight increase in MLS sales from 2009 is forecast, with 25,000 sales in 2010. A further 4% increase to 26,000 units is expected in 2011 as the economy grows, net migration increases, higher wages, and more job opportunities are available.

The average price is expected to increase 4.4% to $403,000 in 2010 after two years of declining. With balanced conditions, a further increase of 3.7% to $418,000 is expected in 2011.

CMHC Calgary housing market & Calgary mortgage rate forecast