CALGARY — The Calgary Real Estate Board says that home sales in March increased by 9.9 per cent compared to last year due to people moving from other provinces to Alberta , which has led to limited market conditions.
The board reported that 2,664 units were sold last month, with the benchmark price for all home types being $597,600 for March — a 10.9 per cent rise from the previous year and a two per cent increase from February.
More affordable housing options like row and apartment-style homes showed the largest price increases compared to last year.
New listings decreased by 4.3 per cent to 3,172, and there were 2,532 units in inventory, which is 22 per cent lower than last year and half the usual levels for March. The board mentioned that the inventory levels dropped the most for homes priced below $500,000.
Ann-Marie Lurie, the chief economist at CREB, stated that the conditions in March have not been this tight since 2006, which was also the last time Calgary experienced high levels of interprovincial migration.
- Canada is constructing more housing than ever, but it's still insufficient
- Reverse mortgage card presents a plastic variation of accessing home equity
- Increase in apartment construction counterbalances the decline in single-detached home construction
Properties were on the market for an average of 20 days before selling in March, which is a 24.3 per cent decrease from last year.
