Alberta housing markets recovering at a steady pace

The environment is especially favourable to sellers, local brokers' groups say

Alberta housing markets recovering at a steady pace

Major Albertan housing markets have exhibited sustained recovery from the chilling impact of the pandemic, particularly on an annual basis.

Calgary

The market remained favourable to sellers with a new record high of 2,186 transactions in October, which was more than 35% above the long-term average for that month, according to the Calgary Real Estate Board.

A similar trend was seen in year-to-date sales, which stood at 61% higher than the average for the January-October period over the past five years, and 42% higher than 10-year averages. Concurrently, the number of new listings was 16% below both 2020 and the market’s longer-term average, the CREB said.

“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said Ann-Marie Lurie, chief economist at the CREB. “Much of the persistent strength is likely related to improving confidence in future economic prospects, as well as a sense of urgency among consumers to take advantage of the low-lending-rate environment.”

These trends pushed up the benchmark price by nearly 9% annually in October to reach $460,100, the CREB said.

Read more: Most Canadians feel house prices will continue to surge – survey

Edmonton

Total residential sales in the Greater Edmonton Area last month grew by 11.7% annually despite a slight 0.6% downturn from September, according to Tom Shearer, chair of the Realtors Association of Edmonton.

The number of single-family property deals grew by 0.9% from last year and fell by 2.3% from September. Condo unit sales surged by 33.8% from October 2020 and ticked down by 0.6% from September, while duplex/rowhouse transactions increased by 31.3% year over year and grew by 12.4% month over month, Shearer said.

New listings decreased by 11.7% from September. Overall inventory fell by 5.8% annually and decreased 7.5% from September, Shearer said.

“The Edmonton market in October saw only a nominal increase in new residential listings as compared to October 2020,” Shearer said. “The year-over-year residential unit sales in the GEA were higher than October of last year, while we have continued to see small decreases in the month-to-month activity. The market continues to see a normalization as we head into the winter months.”

Edmonton’s average residential prices stood at $377,848, down by 1.1% from October last year and remaining static from September, Shearer said.

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