Calgary not alone in home sales surge
August 11, 2023
Despite recent back-to-back Bank of Canada interest rate hikes, housing sales in Calgary reached an all-time high of 2,467 transactions for July 2023—up 18 per cent from a year earlier according to the Calgary Real Estate Board (CREB).
“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” said CREB chief economist Ann-Marie Lurie. “At the same time, we continue to struggle with supply in the resale and new home markets resulting in upward pressure on home prices.”
Calgary is not alone in experiencing higher sales this year, according to a national survey by real estate agency Zoocasa.
Sales have skyrocketed since the beginning of 2023. Following a slow 2022, national sales have increased by well over 100 per cent in almost all major Canadian markets since January despite low inventory and ever-increasing prices, the Zoocasa survey found.
The biggest year-over-year sales surge was a 387 per cent increase in Guelph, Ontario, the survey found, followed by North Bay, Ontario, with a 366 per cent increase.
With a 214 per cent increase, the Fraser Valley of B.C saw the third-largest rise in sales. Across Canada, the average urban home sale increase in the first half of 2023 was 134 per cent with a composite home price increase of 7.8 per cent to $760,600, Zoocasa reported.