The region saw sales activity surge in June
New data from the Calgary Real Estate Board showed that June home sales rose by 10.9% on an annual basis as the market saw a surge in apartment and condos transactions during that month.
This dynamism pushed market activity to another new high, with a record-setting 3,146 residential sales in June.
“Although year-to-date sales are currently 23% lower than last year, they remain significantly higher than pre-pandemic levels,” CREB said. “Notably, there has been a positive trend in new listings, providing relief and a monthly increase in inventory levels.”
The region’s inventory stood at 3,458 units in June, although this was 36% lower from the same month last year. This represented just a little over one month of supply, CREB said.
“The demand for housing remains robust, bolstered by a healthy labour market and increased migration levels, which helps offset the impact of higher lending rates,” said Ann-Marie Lurie, chief economist at CREB.
However, “although we have seen some recent improvements in new listings, particularly for apartment condominiums, it is not enough to cause any substantial change from the low inventory situation in our city,” she added. “While new home starts are on the rise, it will take time to observe their impact on supply.”
Lurie said that current market conditions continue to favour sellers, in turn placing upward pressure on home prices. The region’s residential benchmark price went up by 1% monthly and by 4% annually to reach $564,700.
