A hot February led to an even hotter march with gains occurring across all segments of the market. While new listings did increase, inventory remained low due to all the buyers out there looking for homes, and for the most part, new listings simply did not last long and got scooped up therefore the market continues to favour the seller. Tight market conditions put significant upward pressure on prices so we’re continuing to see them creep up month over month and we saw the benchmark price rise by nearly 55K since December, this is 18% higher than what we saw last year. 2022 has been a force so far but things are expected to cool slightly with lending rates expected to increase, this will undoubtedly have an impact on the demand.
Can’t stop, won’t stop! Calgary sales hit another record!
- A boost in new listings led to record high sales in March
- Supply remains at less than a month and has been this way since December
- The benchmark price rose to 625,500, 73K more than December, 20% higher than last year
- There are more and more homes crossing the 600K threshold with 57% of inventory falling into this category.
- Another record month for this segment of the market
- We saw more listings in March but the demand was so high that little changed on the inventory front.
- Inventory levels are 70% lower than long term trends for this time of year.
- Prices for this segment are trending up, 16% higher than last March
- Row sales reached an all-time record high this month
- Year-to-date sales - 1,550 units! This is a 96% increase over last year
- More listings helped support the strong sales but inventory remains very low, with less than a month's supply
- Tight conditions put upward pressure on prices with the benchmark price sitting at $335,400, 17% higher than last year
- While there have been strong gains across all districts, some have still not yet recovered from previous highs
- Condo sales are still surging
- Low supply in other segments are pushing consumers to consider condos causing a slight shift in demand
- Inventory has dropped significantly, a number not seen since 2007
- Tight conditions in this segment are also putting pressure on prices, 3% higher than last month and 6% higher than last year
- Despite the gains, the prices are still 11% off of their previous highs
- New listings reach a record high for the second month in a row, improving inventory levels and giving buyers a bit more to choose from
- Inventory still remains low at less than a month of inventory and has been this way since last November
- Tight conditions keep pushing prices up, they’re 10% higher than they were last month and 30% higher than last year
- Sales have reached new record highs and are more than double what we normally would see in March
- The demand is high and the supply is low, there’s been less than a month of inventory for the last 5 months
- There is an impact on prices, they are sitting at a Benchmark price that’s 6% higher than last month and 23% more than March of last year
- All-time record-high sales, more listings meant more sales
- Conditions are exceptionally tight
- The benchmark price is $534,200 nearly 13% higher than last year
Takeaway: The market is still hot but remains affordable if you compare it to other hot markets within Canada. Rising rates will have an impact on the numbers in the coming months so that's something to keep in mind. If you're looking to buy, there may be a bit more inventory than in the last few months and if you're looking to sell, your pricing strategy may be slightly different than it would've been a few months ago.
All statistics provided by CREB, The Calgary Real Estate Board