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Calgary home sales up almost 23 per cent in February, prices rising

Calgary experienced a significant surge in home sales during February, marking a noteworthy increase of nearly 23 percent compared to the same period last year, according to data released by the Calgary Real Estate Board (CREB). This surge in real estate activity reflects a robust market, characterized by a considerable uptick in new listings.

In the span of February, a total of 2,135 residential units changed hands, representing a substantial rise in sales volume. The total dollar value of these transactions reached an impressive $1.25 billion, indicating a notable surge of 41.3 percent from the previous year. This surge in sales and dollar volume signifies the resilience and vitality of Calgary's real estate sector.

New listings also experienced a significant boost, ascending by 13.6 percent to reach a total of 2,711. However, despite the increase in new listings, the overall inventory of available homes witnessed a decrease of just over 14 percent compared to the previous year. This reduction in inventory suggests that the demand for homes is outpacing the available supply, creating a competitive market environment.

Ann-Marie Lurie, the chief economist at CREB, attributed the soaring prices in the city to the persistent dynamic of strong demand coupled with a limited housing supply. This economic principle of supply and demand continues to be a driving force behind the escalating property values in Calgary.

During February, the benchmark price for homes across all types reached $585,000, marking a substantial increase of more than 10 percent compared to the same month in the previous year. This upward trajectory in benchmark prices further underscores the current market conditions favoring sellers.

Properties in Calgary spent an average of 24 days on the market before being sold in February, demonstrating a significant decrease of almost 27 percent from the previous year. This accelerated pace of sales suggests a heightened demand for properties, potentially fueled by favorable economic conditions and low-interest rates.

The positive trends observed in Calgary's real estate market during February are indicative of a robust and dynamic housing sector. The substantial increase in home sales, rising benchmark prices, and decreased time on the market collectively highlight the city's resilience and attractiveness to prospective homebuyers and investors alike. As the demand continues to outpace the available supply, the Calgary real estate market appears poised for continued growth and stability in the months to come.



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