The Calgary housing market continues to blow expectations out of the water. While some believed it would take years for us to recover from the coronavirus pandemic, after wave two we say the market skyrocket. This April was no exception: Calgary recorded it's highest sales for April in a very, very long time. Here are some of the highlights from the Calgary Real Estate Board's report:
- "There were 3,209 sales in April"
- "Recent price gains and tight market conditions have encouraged many sellers to list their home this month."
- "Demand was strong enough to absorb the additional supply, ensuring the market continues to favour the seller."
- "4,670 new listings coming onto the market in April, inventory levels trended up relative to last month and last year. With the elevated sales, the months of supply remains below two months."
- "Persistently tight market conditions are causing significant upward pressure on prices. For the second consecutive month, the unadjusted benchmark price rose."
- "While sales improved across most price ranges, product priced above $600,000 represented 25 per cent of the sales that occurred this month. This is a significant increase from last year when they only represented 12 per cent of sales."
- Calgary Real Estate Board chief economist Ann-Marie Lurie notes, "Despite entering the third wave of COVID-19, there is more optimism of economic recovery when the economy re-opens. However, the recent surge in home sales could be a result of potential buyers wanting to enter the market before any further changes occur in prices, interest rates and lending policy. This could erode some of their purchasing power.”
You can read the Calgary Real Estate Board's full report by clicking here.
Are you ready to buy, sell or invest? Contact Ken Richter directly at 403-630-6363 to begin strategizing as we head into a very hot spring and summer market!
(Image Created With Canva)