Calgary’s real estate market saw a significant increase in home sales during the month of July, according to the latest data from the Calgary Real Estate Board (CREB).
The data shows that a total of 2,319 homes were sold in July, marking a 23.7% increase compared to the same month last year. This is also the highest number of sales recorded for the month of July since 2014.
The surge in home sales can be attributed to a combination of factors, including low mortgage rates, pent-up demand from the COVID-19 lockdown, and a strong desire for more space as people continue to work from home.
CREB chief economist Ann-Marie Lurie noted that the increase in sales was seen across all property types, with the most significant gains in the detached and semi-detached sectors.
The average price of a home in Calgary also saw a slight increase of 0.7% compared to July 2020, reaching $441,648. However, the median price decreased by 1.3% to $400,000.
Lurie explained that the slight increase in prices can be attributed to the limited inventory of homes for sale, which has been a trend in Calgary’s market for the past few months.
Despite the increase in sales, the number of new listings in July remained relatively stable, with only a 0.6% decrease compared to the same month last year.
Lurie also noted that the market is still facing challenges, such as high unemployment rates and uncertainty surrounding the pandemic. However, she remains cautiously optimistic about the future of Calgary’s real estate market.
In conclusion, the latest data from CREB shows a significant increase in home sales in Calgary during the month of July. This can be attributed to various factors, and while the market still faces challenges, there is hope for a continued recovery in the coming months.
