The Calgary Real Estate Board has released its first quarter report and the results are unlikely to surprise those struggling to find a home to buy in a seller’s market.
In the first three months of the year, Calgary saw record sales due in part to a slight increase in new listings, but not enough to create a significant supply of available homes.
“Record sales combined with low inventory levels caused months of supply to average just over a month in the first quarter,” said CREB Chief Economist Ann-Marie Lurie.
“Conditions haven’t been this tight since 2006, which was also the last time we saw price gains exceed 15 percent.”
According to CREB, the benchmark price for a residential home in Calgary in the first quarter of this year was $496,767, an increase of about 8% from the benchmark price in the fourth quarter of 2021 and an increase of 15 % compared to the first quarter of 2021.
“Expectations for rising rates and further price gains are likely driving consumers into the market as soon as possible,” Lurie said. “However, the lack of choice in recent quarters has created an increase in demand that can only be met as supply levels improve.”
CREB says the pace of sales in Calgary is expected to slow further later in the year as “more balanced conditions” will ease upward pressure on prices.
The full report is available on CREB Q1 2022 Calgary & Region Quarterly Update.