Calgary real estate sets another sales record as tight conditions persist
Low inventory levels remain a problem
The Calgary real estate market set another record for sales in June and benchmark prices ticked up for the sixth consecutive month as persistently low inventory levels kept conditions tight by historical standards.
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The total number of units sold in June was 3,146, slightly surpassing the previous month’s figure of 3,121, the Calgary Real Estate Board (CREB) reported on July 4. The rise in sales was primarily driven by apartment condominiums, which jumped to 857 units, a 48 per cent increase compared to the previous year.
While new listings rose compared to the previous month, they remained 36 per cent below last year, the lowest point for June in almost two decades.
Although average prices experienced a slight decline, both median and benchmark prices grew slightly, rising by 0.59 per cent and 1.38 per cent, respectively.
“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,” CREB’s chief economist Ann-Marie Lurie said in the report. “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. While new home starts are on the rise, it will take time to observe their impact on supply.”
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