Activity in the province's major urban markets was "unusual" for this time of the year, local real estate groups say
Albertan housing markets saw notable surges in activity in November, according to local industry associations.
Calgary
The market saw a total of 2,110 sales in November, only slightly lower than the all-time record for the month set back in 2005. The gains were driven by growth in demand across every residential asset class, according to the Calgary Real Estate Board.
“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 Ann-Marie Lurie, chief economist at CREB. “At the same time, supply levels have struggled to keep pace, causing tight conditions and additional price gains.”
A total of 1,989 units were newly listed for sale in Calgary last month, while active inventory fell to 3,922 units, CREB said.
“It is not unusual to see new listings and inventories trend down at this time of year, but slower sales are also typical,” the group said. “Instead, sales have remained at roughly the same levels seen since August.”
The benchmark price across all housing types went up to $461,000, representing an annual gain of nearly 9%.
Read more: Is COVID-19 pushing Canadians away from the big cities?
Edmonton
Total home sales in the Greater Edmonton Area increased by 30.9% annually despite a 2.1% decrease from October, according to the Realtors Association of Edmonton. New residential listings were up by 16.1% year over year, while overall inventory in the region dropped by 10.2% annually.
“The Edmonton market saw some strong activity in November, which is unusual for this time of year. We also saw an increase in new residential listings compared to November 2020,” said Tom Shearer, chair of the Realtors Association of Edmonton. “The year-over-year residential unit sales in the GEA were also significantly higher than November of last year, while we continue to see incremental decreases in month-to-month activity. The market continues to see activity heading into the winter months – a positive sign as we head into a new year.”
The average residential price in Edmonton grew by 1.8% monthly and by 2% annually to reach $384,319 in November.
