Calgary housing sales on a late-year roll

December 13, 2021



Calgary housing sales in November 2021 reached 2,110 transactions, just shy of the record for the month set in 2005.
And sales of rental apartment buildings came in second in this ascending commercial real estate market.
The Calgary Real Estate Board (CREB) reported a rush of homebuyers in November, as the sales-to-new-listing ratio hit a blistering 100 per cent.
“Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise,” said CREB chief economist Ann-Marie Lurie. She added that supply levels have tightened, causing prices to rise.
The benchmark composite home price in November was $461,000, up nearly 9 per cent from November 2020, according to Lurie.
New listings for homes in November totalled 1,989 units, which was fewer than the number of sales in the month. With a high sales-to-new-listings ratio, inventory levels dropped to 3,922 units and the months of supply dipped below two months, CREB said.
Calgary’s entire real estate market appears to be expanding.
With $468 million in sales in the third quarter of 2021, Calgary is on track to top $2 billion in commercial and industrial real estate sales this year, according to Altus Group. The multi-family rental apartment sector saw 15 transactions totaling $82 million—a 70 per cent increase from the same point last year, Altus found.