In fact, significant challenges remain for the market and recovery is forecast to be bumpy during 2018.
Anne-Marie Lurie, chief economist at Calgary Real Estate Board, says that conditions are likely to be much the same as in 2017.
"The market will continue adjusting to the 'new normal' in this economy. However, there was modest job growth and net migration last year, with expectations of further improvements into 2018," she said.
Market conditions are set to be more balanced, especially in the single-family and attached sector, with fewer listings and a pick-up in sales activity. This will mean sellers ensuring they market their home competitively.
Apartments will continue to struggle, CREB says, due to excess inventory. That is likely to mean downward pressure on prices for much of the year with stabilization towards the end of 2018.
For the attached sector, prices are forecast to gain by a modest 0.38% this year.
More market update:
Things are looking up for the Calgary economy and the housing market has shown some green shoots of recovery, but real estate agents are not expecting anything spectacular for the year ahead.