Calgary real estate demand surges despite historic low number of homes for sale
According to a new report, Calgary real estate sales continue to be on the rise despite a “historic” low number of homes for sale in the city.
Statistics released by the Calgary Real Estate Board (CREB) show these exploding sales are driving property prices even higher.
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A total of 2,711 units hit the market in February, with the number of sales following swiftly behind 2,135 sold that month. That’s an increase of 23% compared to last year.
The growth in sales kept the sales-to-new listings ratio high, sitting at 79%.
āPurchasers are acting quickly when new supply comes onto the market,
preventing inventory growth in the market,” said Ann-Marie Lurie, chief
economist at CREB.
āIt is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.ā
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Some areas of the city are seeing higher price gains than others.
West of the city remains the most expensive district with the average benchmark price a home is $700,000. The most affordable area is the East district but it is experiencing the highest year-over-year price growth in the city at 25%.
The city centre on the other hand has reported the slowest price gain in the city at under 5%.
Calgary Real Estate Board
Last month, the unadjusted detached benchmark price for a home was $585,000, which is 2% higher than January and over 10% higher than this time last year.
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