Calgary home sales flirt with record highs
November 12, 2021
The Calgary region posted 2,186 housing sales in October—a record high for the month and more than 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs. Sales are currently 61 per cent higher than average transactions over the past five years and 42 per cent higher than 10-year averages, according to the Calgary Real Estate Board (CREB).
“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB Chief Economist Ann-Marie Lurie.
“Much of the persistent strength is likely related to a sense of urgency among consumers to take advantage of the low-lending-rate environment.”
The detached-house market is particularly strong, with 1,333 sales—up nearly 18 per cent—in October 2021 compared to a year earlier, with a sales-to-listing ratio of 99 per cent. At a benchmark of $540,800, detached house prices are up 10 per cent from October 2020.
New listings have improved relative to 2020, but stronger sales caused further easing in inventory levels. These levels remain 16 per cent lower than last year and longer-term averages for the month. And supply levels have struggled to keep pace with demand. As of October, CREB estimates there are just over two months of supply.
Persistently tight market conditions did cause some benchmark price gains. The benchmark price in October reached $460,100—slightly higher than September 2021 and nearly 9 per cent higher than the $422,600 recorded October 2020.