Inventory shortage continues to influence market trends, industry players say
The Calgary market saw record-breaking sales activity in April amid a steady decline in available inventory, according to the Calgary Real Estate Board (CREB).
A total of 3,401 home sales transpired in the region last month, representing an annual increase of approximately 6%. The CREB said that this was a new high for April, although sales slowed compared to March levels.
“Despite some of the monthly pullback, it is important to note that sales remain exceptionally strong and are likely being limited due to supply choice in the market,” said Ann-Marie Lurie, chief economist at the CREB.
Read more: What buyer demographic is spurring Calgary market activity?
Supply continues to dwindle, with overall inventory hovering below two months since November. The number of new listings fell by 2.1% on a year over year basis. The overall supply of homes in Calgary has remained below two months since November, the CREB said.
“While further rate increases will likely start to dampen demand later this year, more pullbacks in new listings this month are ensuring the market continues to favour the seller, resulting in further price gains,” Lurie added.
Calgary’s benchmark home price grew by 2% monthly and 17% annually to reach $526,700 in March.
