Calgary market posts robust October activity

However, inventory issues persist

Calgary market posts robust October activity

The Calgary Real Estate Board (CREB) reported a strong October for the city, with the month’s 2,171 home sales representing a 17% annual increase and reaching among the highest levels ever for the month.

“Sales activity has been boosted mainly through gains in apartment condominium sales as consumers seek affordable housing options during this period of high-interest rates,” CREB said in its latest market report.

The region also saw gains in listings year-over-year, totalling 2,684 units. This was Calgary’s highest October inventory levels since 2015.

At the same time, “relatively strong sales prevented any significant shift in inventory levels, which remain over 40% than levels traditionally available in October,” CREB said.

Supply remains a challenge

CREB stressed that even with these promising numbers, Calgary is continuing to wrestle with the issue of active inventory.

“Despite some recent improvements in new listings, supply levels remain challenging in our market,” said Ann-Marie Lurie, chief economist at CREB. “It will take some time to see a shift toward more balanced conditions and ultimately more price stability.”

This trend is manifesting as a sustained upward pressure on home prices. CREB said that the region’s benchmark price reached $571,600 in October, which was nearly 10% higher on an annual basis.