Calgary Housing Market Sees Best Sales Since 2007: March 2021
- April 2, 2021
- By Cody Battershill
A year after the COVID-19 pandemic hit Canada, it’s no surprise that March Sales in 2021 were much higher than in 2020. However, with a total of 2,093 sales, it is important to note that this was the highest sales activity seen for the month since 2007.
“Low lending rates and improved savings have supported sales activity,” said CREB® chief economist Ann-Marie Lurie. “However, sales have been somewhat restricted by the lack of listings. This month there was a jump in new listings, contributing to the strong monthly sales.”
While inventory levels moved slightly higher versus February, citywide months of supply fell below two months. This reflects the lowest months of supply for March since benchmark price records were seen back in 2014 and these tight conditions have made significant contributions to current price gains.
Speaking of prices, the citywide benchmark trended upward versus last month to $441,900, which is also over 6 per cent higher than levels seen last year.
“Improving prices will likely support further gains in new listings, as sellers try to capitalize on the recent shift toward rising prices. Eventually, this will help support more balanced conditions, but it could take time before we see this shift in the market,” said Lurie.
Calgary Detached Real Estate Market Facts: March 2021
- Sales activity improved across most price ranges in all districts of the city
- New listings improved, but inventory levels remained low at 2,409 units and months of supply dropping to just over 1 month
- Year-over-year gains ranged from a low of about 3 per cent to a high of 11 per cent in the North and South East districts
- Product priced under the $400k range saw the lowest amount of sales growth with limited inventory and options
Calgary Semi-Detached Real Estate Market Facts: March 2021
- Persistent gains in sales has caused the first quarter sales for semi-detached properties to reach near record highs
- Increased new listings were not enough to offset sales, pushing months of supply to below two months for the first time since 2014
- Average benchmark price increased by six per cent in March on a year-over-year basis
- Benchmark prices trended up across all districts and prices remained higher than last year’s levels across most districts
- The North District saw the largest price gains on a year-over-year basis, with an increase of nearly 10 per cent
Calgary Townhouse Market Facts: March 2021
- Sales activity for row / townhouses has increased far above the long-term averages in March 2021
- March was the first time since 2014 that months of supply fell below 3 months
- Townhouse average benchmark price rose to $288,800, almost 3 per cent higher year-over-year
- The largest price gains were seen in the City Centre and West Districts
- Despite recent benchmark price gains, prices remain well below previous highs
Calgary Apartment Market Facts: March 2021
- For the third consecutive month, sales activity was stronger on a year-over-year basis in the apartment sector
- New condo listings also rose and is causing inventory gains
- Despite the inventory gains, sales have been much better than levels seen over the past six years
- Months of supply of condo apartments trended downward to the lowest March levels seen since 2014
- Tightening conditions did support some year-over-year price gains
- Average condo prices remain roughly 17 per cent below highs seen in 2014
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