Calgary’s housing market saw a significant increase in home sales during the month of September 2024, according to the latest data from the Calgary Real Estate Board (CREB).
The report, released on Monday, revealed that a total of 2,500 homes were sold in the city last month, marking a 15% increase compared to the same period last year.
The surge in home sales was driven by a combination of factors, including low mortgage rates, a growing population, and a strong economy. The CREB also noted that the average price of a home in Calgary rose by 10% to $500,000, compared to September 2023.
The increase in home sales was seen across all types of properties, with single-family homes, condominiums, and townhouses all experiencing a rise in demand. The CREB also reported that the number of new listings in September 2024 was 3,000, a 5% increase from the previous year.
CREB chief economist, Ann-Marie Lurie, attributed the rise in home sales to a combination of factors, including a strong job market and a growing population. She also noted that the pandemic had shifted people’s priorities, with many looking for larger homes with more outdoor space.
The increase in home sales is a positive sign for Calgary’s housing market, which has been struggling in recent years due to the economic downturn and low oil prices. The CREB predicts that the trend will continue in the coming months, with a steady increase in home sales and prices.
However, Lurie also cautioned that the market could face challenges in the future, such as rising interest rates and potential changes in government policies. She advised potential buyers to carefully consider their financial situation before making a purchase.
In conclusion, Calgary’s housing market saw a significant increase in home sales in September 2024, driven by low mortgage rates, a growing population, and a strong economy. While this is a positive sign for the city’s real estate market, experts warn of potential challenges in the future and advise buyers to carefully consider their financial situation before making a purchase.
