Calgary home sales soared 80.5 per cent in February

March 8, 2022



Calgary’s economy is beginning to look at lot brighter as the global price of oil tips over US$115 and spills into a suddenly red-hot housing market.
The Calgary Real Estate Board (CREB) said February 2022 sales set a new record with the number of homes changing hands surging by 80 per cent since and new listings climbing by 63 per cent since February 2021.
The year-over-year sales increase was the largest of any real estate board in Canada.
February’s record sales totalled 3,305 in Calgary—up from 1,831 last year—according to CREB.
New listings soared to 4,652 from 2,850 a year earlier, but realtors said that still only gives the market one month of supply.
CREB added the market continues to favour sellers where the average Calgary home price is $547,720—up almost 13 per cent from $486,490 in February 2021.
“While sellers did respond with a record level of new listings this month, the demand has been so strong that the housing market continues to remain undersupplied causing further price gains,” said CREB chief economist Ann-Marie Lurie.
This is the fourth consecutive month that the market has dealt with conditions that are far tighter than what the city experienced last spring, Lurie noted.
It is believed that some Calgary homebuyers may have jumped into the market this n February to avoid an expected increase in mortgage rates. Indeed, by early March, the Bank of Canada had increased the lending rate.
Nathan Gettel, president of The Network, an Alberta real estate research firm, said Calgary is also seeing increased investment in the multi-family market. “We are attracting investors from Vancouver, Toronto and the U.S.,” he said.