An aerial view of housing is shown in Calgary on June 22, 2013. THE CANADIAN PRESS/Jonathan Hayward

Calgary home sales up 462 per cent, reach hit record high in April: CREB

Calgary home sales up 462 per cent, reach hit record high in April: CREB

Calgary set a new record for April home sales as the market continued to rebound from lows triggered by the COVID-19 pandemic, the city’s real estate board said Monday.

The Calgary Real Estate Board said 3,209 homes were sold in the city in April compared with 571 during the same month last year, when economic shutdowns led to a massive sales decline.

It said the recent surge in home sales came as the market entered the third wave of COVID-19, suggesting that optimism was building around housing and the economy’s recovery even as the health crisis was worsening.

Last month’s surge is likely the result of potential buyers “wanting to enter the market before any further changes occur in prices, interest rates and lending policy,” said CREB chief economist Ann-Marie Lurie in a release.

“This could erode some of their purchasing power.”

For now, buyers have more properties to choose from than they did at the onset of the pandemic.

CREB’s latest figures show new listings soared by 227 per cent to reach 4,670 in April, up from 1,425 during the same period last year.

The city’s inventory amounted to 6,070 homes, an increase from 5,645 during the prior April.

However, the number of available homes still amounted to less than two months of housing supply and CREB said demand was strong enough to absorb it, “ensuring the market continues to favour the seller.”

Those sellers were able to ask more for their homes as prices rose during the month.

The benchmark housing price climbed to $451,400 in April, up from $413,200 at the same time last year, CREB said.

The average price was up by more than 20 per cent, rising to $509,294 from $423,338 last April.

Detached homes hit a new record high for the month with 2,046 sales in April and their benchmark price rose to $529,100 — nearly 11 per cent higher than last year and more than $30,000 higher than levels recorded at the start of 2021.

The condominium and apartment market also appeared to be strong in April.

The category saw 1,280 sold so far this year, making it the strongest sales level seen over the past six years.

New listings also remained high compared to historic levels, while inventory levels kept rising and prices trended upward.

The benchmark condo and apartment price was $251,900 in April, a more than three-per-cent jump from last year.

This report by The Canadian Press was first published May 3, 2021.

The Canadian Press

home

Just Posted

Ella Stoner, five, is ready to cut off her hair and donate it to A Child’s Voice Foundation. (Photo by Lauren Stoner Photography)
Central Alberta girl to donate her ‘princess hair’ to A Child’s Voice Foundation

A five-year-old girl from Rimbey has never had a haircut before. Now,… Continue reading

Asymptomatic testing will now be available for "priority groups" who are most likely to spread the COVID-19 virus to vulnerable or at-risk populations. File photo by THE CANADIAN PRESS
Alberta adds 1,195 new COVID-19 cases Saturday

Red Deer has dropped to 760 active cases

Lacombe-Ponoka MLA Ron Orr
Central Alberta MLAs comment on UCP members kicked out of caucus

A pair of central Alberta MLAs have commented on the two United… Continue reading

Contributed photo
Johanna Hannaford: Central Alberta designer offers inclusive clothing

By Stephanie Rhodes Local designer Johanna Hannaford’s inclusive clothing creations are smashing… Continue reading

Red life-ring with splash
Started from the bottom: How a family business started and grew in central Alberta

By Carina Moran We started our business in the basement of our… Continue reading

Vancouver Canucks' Zack MacEwen (71), Travis Boyd (72) and Jimmy Vesey (24) celebrate a goal against the Edmonton Oilers during third period NHL action in Edmonton on Saturday, May 15, 2021.THE CANADIAN PRESS/Jason Franson
Big third period lifts Vancouver Canucks to 4-1 victory over Edmonton Oilers

Canucks 4 Oilers 1 EDMONTON — Matthew Highmore scored twice in the… Continue reading

A vial of the Medicago vaccine sits on a surface. CARe Clinic, located in Red Deer, has been selected to participate in the third phase of vaccine study. (Photo courtesy www.medicago.com)
Canada’s vaccine rollout operation won’t miss a beat with new military leader: expert

DARTMOUTH — The sudden departure of the senior military officer in charge… Continue reading

Quebec Premier Francois Legault speaks during a news conference on the COVID-19 pandemic, Tuesday, September 29, 2020 at the legislature in Quebec City. THE CANADIAN PRESS/Jacques Boissinot
Quebec premier argues province has power to amend constitution in letter to Trudeau

MONTREAL — Quebec Premier François Legault has written a letter to Prime… Continue reading

A demonstrator stands in front of riot police officers during a banned protest in support of Palestinians in the Gaza Strip, in Paris, Saturday, May, 15, 2021. Marches in support of Palestinians in the Gaza Strip were being held Saturday in a dozen French cities, but the focus was on Paris where riot police countered organizers who said they would defy a ban on the protest, ordered on the grounds that it risked turning violent. (AP Photo/Rafael Yaghobzadeh)
Police fire tear gas on banned Palestinian march in Paris

PARIS (AP) — French riot police fired tear gas and used water… Continue reading

Photo by The Associated Press
NYC Pride parade bans police; Gay officers ‘disheartened’

NEW YORK (AP) — Organizers of New York City’s Pride events said… Continue reading

Welcoming cowboy boots at the historic and colourful Last Chance Saloon in the ghost town of Wayne near Drumheller, Alta., on Thursday, Sept. 19, 2019. The bar and hotel are up for sale. THE CANADIAN PRESS/Jeff McIntosh
‘It was a going concern’: Remaining bar and hotel in Alberta coal ghost town for sale

WAYNE, Alta. — Built during the First World War, it survived the… Continue reading

A letter from a bottle that washed up in New Brunswick in 2017 is shown in an undated handout photo. A team of researchers from Université du Québec à Rimouski are trying to solve the mystery of whether a letter in a bottle that washed up in New Brunswick in 2017 was indeed from a young victim of Titanic shipwreck or simply a hoax. THE CANADIAN PRESS/HO, N. Beaudry, UQAR *MANDATORY CREDIT*
Real or hoax? Quebec scholars probe mystery letter allegedly from Titanic passenger

MONTREAL — Researchers from Université du Québec à Rimouski are trying to… Continue reading

Minister of Transport Marc Garneau takes part in a press conference on Parliament Hill in Ottawa on Tuesday, Nov. 26, 2019. Advocates, experts and opposition MPs say correspondence showing close communication between the federal Transport Department and the Canadian Transportation Agency regarding passenger refunds throws into question the independence of the CTA, an arm’s-length body. THE CANADIAN PRESS/Sean Kilpatrick
Emails reveal close communication between government, transport regulator on refunds

OTTAWA — Advocates, experts and opposition MPs say correspondence showing close communication… Continue reading

Most Read