Calgary housing sales skyrocketed to record levels in May
It seems we are saying this every month but there was another record set in the Calgary housing market in May, this time based on sales.
The latest report from the Calgary Real Estate Board points out the big reason for this was a growth in apartment/condominium sales. There were nearly 1,000 apartment sales in May, which is a 36% growth from this time last year.
The overall May sales number in Calgary was 3,120, which is a new record for the month. Overall sales numbers have been down across the board this year and while this doesn’t completely override those issues, CREB’s chief economist Ann-Marie Lurie does believe it is a shift for the market.
“Calgary’s housing market continues to exceed expectations with the recent gain in sales activity this month,” said Lurie.
“The higher interest rate environment and recent rental rate gains have driven more consumers to seek apartment condominium units. In addition, the recent rise in new apartment listings has provided enough options to support the sales gain. Calgary continues to benefit from the relatively healthy job market and recent population growth keeping housing demand strong across all property types.”
While sales go up, new listings continue to stay low as they are down 15% from this time last year. The report says the low inventory continues to make the city a seller’s market.
This all means the benchmark price in Calgary went up 1% month-to-month to $557,000. The report says that is higher than last year’s peak of $543,000.
The benchmark price has steadily gone up each month of 2023, starting at $520,000 in January.
Calgary Real Estate Board (CRED)
One of the biggest surprises in the city came in the eastern part, where the average price jumped up 11%. Two other regions of the city had jumps of around 5% but everything else either stayed the same or saw a moderate increase.
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