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The Calgary real estate market last month had its best March sales in over a decade.
Author of the article:
Calgary Herald Gavin Young / Postmedia• •
The Calgary real estate market last month had its best March sales in more than a decade.
A year into the start of the COVID-19 pandemic, the Calgary real estate market is booming, driven by low lending rates and improved savings that have helped sales activity.
There were 2,903 sales last month, the highest March total since 2007. Calgary Real Estate Board chief economist Ann-Marie Lurie said that while sellers’ market conditions have been around for some time, the lack of offers has been Has limited sales a bit.
“There was a jump in new listings this month, which contributed to the strong monthly sales,” Lurie said in a press release.
In March, the reference price in Calgary rose from the previous month to $ 441,900, an increase of six percent from the previous year’s level. While price gains have brought the market closer to recovery, prices remain more than five percent below their 2014 highs, according to Lurie.
“An improvement in prices is likely to help further gains on new offerings as sellers seek to capitalize on the recent shift towards rising prices,” she said. “Ultimately, this will help support more balanced conditions, but it could be some time before we see this shift in the market.”
According to CREB, the city-wide unit price rose by almost eight percent compared to the previous year. The year-on-year growth ranged from a low of almost three percent in the city center to a high of almost 11 percent in the northern and southeastern districts.
Prices in most districts remain below previous monthly highs, but recent increases in both the north and south-east have supported full price rebound in these areas.
In the market for condominiums, the narrowing in supply in March supported some price increases compared to the previous year. After prices have been falling for nearly five years, this change is a welcome change for most sellers, Lurie said. However, prices remain nearly 17 percent below their 2014 highs.