In April, Calgary's real estate market saw a notable surge in home sales, marking a 7.3% increase compared to the previous year. The driving force behind this uptick was the heightened activity in the market for more budget-friendly, higher-density properties.
According to data released by the Calgary Real Estate Board (CREB), a total of 2,881 units changed hands last month. Concurrently, the benchmark price for all types of homes stood at $603,700 for April, reflecting a robust 9.9% rise from the same period last year and a modest 1% uptick from March.
The surge in sales was accompanied by a notable uptick in new listings, which climbed by 11.5% year-over-year to reach 3,491. Despite this influx, the inventory levels remained tight, with only 2,711 units available for sale. This figure marks a significant 16.2% drop from the previous year and is just half the usual levels observed for April.
Ann-Marie Lurie, the chief economist at CREB, attributed this trend to the enduringly high-interest rates prevailing in the market. These rates have steered the demand towards more affordable properties while also fostering an expansion in listings for higher-priced homes.
A closer look at the market dynamics reveals a notable shift in supply trends. Homes priced below $500,000 experienced a stark 29% decline in supply, juxtaposed against a growth in listings for properties valued above $700,000.
Properties in Calgary spent an average of 20 days on the market before being sold in April, indicating a notable 14.4% reduction from the previous year. This shortened duration underscores the brisk pace at which transactions are occurring within the current market landscape.
