Calgary real estate market remains warm despite signs of cooling

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Calgary’s hot housing market continued to moderate somewhat in August, while sales remained well above last year.

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Sales across all sectors topped 2,151 units, up 37% from a year ago, while prices also continued to climb, according to monthly data from the Calgary Real Estate Board.

The sale price for a typical Calgary home in August was $ 459,600, down slightly from July, but still nine percent better than in August 2020, with single-detached homes posting the biggest gains.

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“Sales have far exceeded expectations during most of the pandemic, mainly due to demand for single-family homes. At the same time, the offer could not keep pace and conditions changed in favor of the seller, which has not happened for more than six years, ”said CREB chief economist. , Ann-Marie Lurie, in a press release.

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According to the CREB, sales of single-family homes (1,300 units) in August remained well above long-term averages and 31% higher than a year earlier.

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“After several months of strong price increases, August prices remained relatively stable compared to July figures, but were more than 10% above levels recorded last year,” the statement said.

August sales of apartments and condos were the best in six years, although listings remain above average.

“Although conditions are much better than last year, the condominium sector has not experienced the same type of market conditions from sellers present in other types of properties, limiting price growth,” indicates the CREB press release.

The benchmark price for the sector is only 2% higher than last year, but still 16% lower than previous highs.

Home sales in surrounding communities remained strong in August, with benchmark selling prices in Airdrie (up 14% from a year ago at $ 389,500), Cochrane (+ 12% to 452 $ 400) and Okotoks (+ 11%, $ 490,500) showing double-digit wins.


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