February 23rd, 2024

Calgary sees bump in home sales but inventory remains low in tight market

By The Canadian Press on February 1, 2024.

A Calgary neighbourhood is shown on Saturday, Jan. 13, 2024. The Calgary Real Estate Board says there were 1,650 home sales in January, marking a 37.7 per cent year-over increase as the city saw a 15.4 per cent bump in newly listed homes. THE CANADIAN PRESS/Jeff McIntosh

CALGARY – The Calgary Real Estate Board says there were 1,650 home sales in January, marking a 37.7 per cent year-over-year increase as the city saw a 15.4 per cent bump in newly listed homes.

The unadjusted residential benchmark price rose to $572,300, which was 10 per cent higher than January 2023.

The board says despite the rise in new listings, Calgary’s low inventory situation persisted with 2,150 units on the market – close to the January record low set in 2006 and nearly 49 per cent below the long-term average for the month.

But CREB chief economist Ann-Marie Lurie says the January increase in new listings did help provide options to potential buyers, even though conditions remained relatively tight and drove further price growth.

Apartment-style properties saw the most significant gains in sales, with 488 properties changing hands – a 54 per cent increase from January 2023.

The board says new listings rose for all detached homes priced above $500,000, but the largest gains occurred in the category priced over $700,000.

This report by The Canadian Press was first published Feb. 1, 2024.

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