The Calgary Real Estate Market: A Year after the initial impact of COVID-19 on Calgary’s housing market.

Dated: April 2 2021

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As we look at the numbers for March, it is of little surprise that 2021 sales far surpassed 2020’s sales numbers, in fact we experienced 147.3% increase in the past year! The pandemic, and resulting lockdowns resulted in lifestyle changes. With the loss of many social activities such as eating out and attending events, people on average experienced an increase in savings. Working from home, home schooling, and even cooking more meals in, resulted in the examination of how current living conditions support this new lifestyle. Whether it is saving up enough money to buy a first home or to convert over to more functional living space, the low interest rates have helped to support the strong sales activity. Pandemic aside the 2,903 sales this month are the highest since 2007. March has seen a jump in new inventory so that aided in the strong sales this month. While Inventory levels have pushed above 5400 units, the inventory is still low as the city-wide supply is still below 2 months and therefore we are witnessing price gains. Benchmark prices have trended up 6.53% to $441,900 still at least 5% below the benchmark price in 2014. With lower inventory and the shift towards higher prices we most likely will see sellers capitalize on this market and should see further increase in listings hitting the market in the months to come. As more listings become available, we may very well return to more balanced conditions however it could take some time to see this shift occur.

Detached:

  • Citywide the benchmark price rose to nearly 8%
  • Inventory remains low with just over 1 month of supply
  • The strongest gains in detached sales occurred in the N and SE at nearly 11%
  • Sales slowed in properties under $400,000 due to limited inventory

Semi-Detached:

  • Highest sales levels in nearly 13 years!
  • Inventory fell below 2 months for the first time since 2014
  • The benchmark prices trended up 6% to $410,900
  • The largest year over year growth occurred in the North at nearly 10%.

Row / Townhouse:

  • Sales activity has increased in this segment.
  • The Benchmark Price is trending up and is sitting at 3% higher than last year at $288,800
  • The largest prices gains are in City Centre and West

Apartments:

  • Sales activity was stronger than last year for the third straight month in a row
  • Despite inventory increasing the sales have been the best they have been for the past 6 years with the months of supply at lowest levels since 2014
  • Tighter conditions did see some price gains however prices remain 17% below the 2014 highs

Other Factors:

  • Interest Rates remain low
  • Vaccine roll outs are underway so improved consumer confidence.
  • Recent gains in energy prices.
  • The number of Building Permits as well as the value of the permits issued by the City of Calgary continues to increase

If you would like to discuss any of the statistics and determine how this may affect you, please reach out!

Brenda Field

Royal LePage Benchmark

403.899.3177

www.brendafield.com

brenda@brendafield.com

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Brenda Field

BRENDA FIELD has built a reputation as a trusted partner who develops and grows business alongside its team of leaders. A dynamic and dedicated sales executive for twenty years, she has consistently ....

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