Calgary home sales hit another record

May 11, 2022

Following an all-time record high month for sales in March 2022, Calgary housing sales have set a record high for April, reports the Calgary Real Estate Board (CREB).
“Sales remain exceptionally strong and are likely being limited due to supply choice in the market,” said CREB chief economist Ann-Marie Lurie.
New listings trended down relative to last month and levels recorded last year. With the sales-to-new listings ratio remaining above 74 per cent, there was not much of a shift in overall inventory levels.
With 4,850 units, inventory levels are far lower than what was recorded in the month of April since 2014. What has changed in the market is the composition of inventory levels. Detached houses comprise a smaller share of the inventory, especially for properties priced below $500,000.
Overall, the Calgary market has seen the months of supply remain below two months since November 2021—placing significant upward pressure on prices. The benchmark price in April 2022 reached $526,700, which is nearly 2 per cent higher than March 2022 and 17 per cent higher than April 2021. 
For the first time since spring 2020, year-over-year detached sales slowed to 1,815 sales. A decline in sales occurred for homes priced under $600,000. This pullback in sales for lower priced homes was likely related to supply declines.
Inventories in the detached sector have not been this low for the month of April in nearly 15 years and this continues to place upward pressure on prices. The detached-house benchmark price rose to $628,900 in April 2022, 19 per cent higher than last year. 
Condo sales eased relative to April’s record highs. But, with 642 sales this month , activity improved by over 46 per cent compared to 2021—a record high.