Sales Continue to Surge as Listings Rise

City of Calgary, March 2022

Thanks to a surge in new listings, sales activity reached a record high for the month of February with 3,305 sales. The rise in new listings caused adjusted inventories to rise above last months levels. However, with only one month of supply, the market continues to favour the seller.

“Sales have been somewhat restricted by the lack of supply choice in the market. While sellers did respond with a record level of new listings this month, the demand has been so strong that the housing market continues to remain undersupplied causing further price gains,” said CREB® Chief Economist Ann-Marie Lurie.

The total residential benchmark price for the city rose by nearly six per cent over January levels and was over 16 per cent higher than levels recorded last February. Much of the growth has been driven by the detached segment of the market which has not seen conditions this tight in over 15 years.

This is the fourth consecutive month that the market has dealt with conditions that are far tighter than what the city experienced last spring. While the gains in new listings will help provide choice to purchasers and eventually support more balanced conditions, it will take some time to work through the demand in the market.

View the full report here: February 2022 Statistics Report

Sellers’ market conditions continue to impact prices

City of Calgary, February 2022

 
Thanks to persistently strong sales, inventory levels in the city eased to 2,620 units, the lowest levels seen since 2006. This caused the months of supply to remain exceptionally low for this time of year at 1.3 months.
 
The tight market conditions contributed to further upward pressure on prices. The unadjusted benchmark price in January reached $472,300, a monthly gain of nearly two percent and a year over-year gain of 12 percent.
 
“Expected gains in lending rates are contributing to persistently strong demand in the housing market, as purchasers are eager to get ahead of any increases,” said CREB® Chief Economist Ann- Marie Lurie.
 
“We did see more listings this month, but it did little to change the market balance or take any pressure off prices. This was expected, as these conditions should persist for several more months.”
 
There were 2,009 sales in January, well below record levels, but over 98 per cent higher than long-term trends. At the same time, 2,476 new listings came onto the market, resulting in a sales-to- new listings ratio of 81 percent. This is far higher than levels traditionally recorded in January.
 
View the full report here: January 2022 Statistics Report
 

2021 Record Year for Home Sales

City of Calgary, January 2022

Thanks to exceptionally high sales in December, 2021 was a record year for home sales. Calgary sales reached 27,686 units this year, nearly 72 per cent higher than last year and over 44 percent higher than the 10-year average.
 

“Concerns over inflation and rising lending rates likely created more urgency with buyers over the past few months. However, as is the case in many other cities, the supply has not kept pace with the demand, causing strong price growth,” said CREB® Chief Economist Ann-Marie Lurie.

As of December, the unadjusted benchmark price rose by nearly one per cent over last month and was sitting over 10 per cent higher than last year’s figures. Overall, the 2021 benchmark price rose by more than eight per cent compared to last year for a total of $451,567, just shy of the annual record high set back in 2015.

We are entering 2022 with some of the tightest conditions seen in over a decade. As of December, inventory levels are nearly 25 per cent lower than long-term averages for the month. This will have an impact on our housing market as we move through 2022. More details on the housing market forecast for 2022 will be released on Jan. 25.

View the full report here: December 2021 Statistics Report
 

Persistent sellers’ market conditions drive up prices

City of Calgary, December 2021

Market Continues to Favour the Seller in October

City of Calgary, November 2021

Sales remain strong in September

City of Calgary, October 2021

Market continues shift toward more balanced conditions after torrid start to the year

City of Calgary, September 2021

Price growth slows as supply to demand balance improves

City of Calgary, August 2021

Welcome to the second edition of TRANSITIONS Magazine!

This publication is all about the family dog! We have articles and quizzes to test your knowledge and help you to determine which breed of dog is best for you and your family. Of course you will also find links to trending real estate news and our newest column – “Ask Susanita”!

Enjoy!

Click on some of the highlights we have linked below.

Featured Articles:

Choosing a Family Dog
Getting Ready for Puppy

Most Recent Real Estate Market Reports:

Market continues shift toward more balanced conditions after torrid start to the year – August 2021 Real Estate Statistics Report

Price growth slows as supply to demand balance improves – July 2021 Real Estate Statistics Report

Supply trends up but market still favours the seller – June 2021 Statistics Report

Inventory rises, but sellers’ market conditions persist – May 2021 Statistics Report

Demand for homes remains high with record sales in April – April 2021 Statistics Report

Ask Susanita!

Why did the Calgary Real Estate Market go crazy in 2020 and 2021?

Where will Calgary home prices go next?

Is now a good time for new buyers to get into the Real Estate Market?

Does Calgary’s economy support a sustained housing market increase?

What do you need to know if you are in a competing Real Estate bid situation?

Watch for our Fall/Winter edition to be released soon!

If you or someone you know has any real estate questions, we’d love to help!

Contact us here: https://www.cbcompleterealestate.com/contact

OR

Phone: 403-686-1455

Email: info@cbcalgary.ca

Thanks for reading!

Supply trends up but market still favours the seller

City of Calgary, July 2021

Calgary’s housing market is showing few signs of letting up, as sales reached 2,915 units in June – a record high for the month.

“It is taking time for supply to catch up with the demand in the market,” said CREB® chief economist Ann-Marie Lurie.

“Through the early spring market, many buyers did not have a lot of choice, but the recent improvements in supply are providing more options for those purchasers and supporting the strong sales we continue to see in June. At the same time, gains in inventory are taking some pressure off the market as it starts to trend towards more balanced conditions.”

New listings in June totaled 4,135, the second-highest level ever recorded for the month. This caused inventories to trend up to 6,918 units. While this is higher than longer-term averages, it was balanced by strong sales and the months of supply remained relatively tight at 2.4 months. However, this is still an improvement from earlier in the year when the months of supply was below two.

As the market moves toward more balanced conditions, we are also starting to see the pace of price growth slow. The benchmark home price continued to trend up in June, but the monthly gain slowed to less than one percent. While the pace of growth is slowing, as of June, the benchmark price was 11 percent higher than levels recorded last year.

 
View the full report here: June Statistics Report