May 29th, 2024

Calgary home sales jump in April being driven by lower-priced houses: board

By The Canadian Press on May 1, 2024.

Houses for sale are shown in a new subdivision in Airdrie, Alta., Friday, Jan. 28, 2022. THE CANADIAN PRESS/Jeff McIntosh

CALGARY – The Calgary Real Estate Board says April home sales were up 7.3 per cent from last year, driven by growth in the number of relatively more affordable, higher-density properties changing hands.

The board says 2,881 units were sold last month, while the benchmark price across all home types was $603,700 for April – up 9.9 per cent from a year earlier and one per cent from March.

New listings rose 11.5 per cent year-over-year to 3,491 and there were 2,711 units in inventory, 16.2 per cent lower than last year and half the levels traditionally seen in April.

Ann-Marie Lurie, chief economist at CREB, says “persistently high-interest rates” have driven demand toward more affordable properties in the market while contributing to growth of listings for higher-priced properties.

She says supply of homes priced below $500,000 have reported a 29 per cent decline, amid supply growth in homes priced above $700,000.

Properties were on the market for an average of 20 days before selling in April, down 14.4 per cent from last year.

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

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