My term as president of the Calgary Real Estate Board (CREB®) comes following a period of unprecedented change. The story of the global meltdown in late 2008 is a story we all know too well. That downturn sent the global economy into a sharp correction after a long period of strong growth.

In many ways we are facing a brand new world and new market forces are at play. As we climb out of this recession we are seeing the emergence of a brand new economy, a brand new consumer and brand new technologies, all of which are impacting the real estate industry. The new chapter in this story will be the rate of the recovery. When will it take a firm hold?

There is no question that Calgary is closely tied to world economies and global energy markets. The good news is we have the energy to recover. Energy prices dropped drastically during the recession, but once again oil prices are now on the rise fuelled by a rebound in emerging markets.

Calgary is a young city and today’s young families are driving the post-recession growth in our housing market. With the average Calgary household size at 2.5 people per household, and the average family income higher than incomes in other areas of Canada, young families are showing their buying power and helping to turn the market around. With even modest income growth in 2009 and 2010, lower interest rates have enabled these families to look at homes in the $350,000 to $375,000 range, closer to average market prices.

This affordability has been the silver lining in Calgary’s housing market and will help boost sales in 2010. The number of single family homes sold in the city in 2009 was 14,440. At CREB®, we are expecting approximately 17,000 single family homes to be sold in 2010, an increase of 18 per cent. The number of condominiums sold in 2009 in Calgary was 6,328, and CREB® forecasts approximately 7,000 condos will move this year, an increase of 11 per cent.

As we enter a brand new year, CREB® is preparing to serve a brand new set of clients with new expectations. We are seeing the emergence of a new set of first-time homebuyers who are wired, environmentally-conscious, on-the-go and ready to buy. Social media is opening up new ways for us, as REALTORS®, to connect with potential buyers and sellers and to better serve our clients. Green building is adding new value to the homes we buy and sell. And Calgary is emerging as a budding world city with an opportunity to become a leader in the energy sector and beyond.

Undoubtedly the recent recession, not unlike a Calgary winter, hit us hard and fast. But I am confident that we can soon look forward to a brighter day, a brighter future and a better world. And when we do, the board and its REALTORS® will be ready to embrace this brand new world.

Diane Scott is the 2010 president of the Calgary Real Estate Board.