Sales improve as consumers have more choice

Click Here for the full .pdf of the CALGARY REGIONAL HOUSING MARKET STATISTICS.

Residential sales in the city of Calgary totaled 2,948 units in May, a 16 per cent increase over the previous year.
Sales last month were well above long-term trends and are the highest May activity on record.
“Strong sales activity is a reflection of improving fundamental conditions such as a growing population, favourable lending rates and rising wages,” says CREB® chief economist Ann-Marie Lurie. “Leading up to May, resale market sales were somewhat restricted by lack of choice.
However, recent price gains have encouraged growth in new listings, helping meet some of the housing demand.”
In May, new listings totaled 4,327, a 16.5 per cent rise over figures reported during the same time last year with gains in new listings nearly matching sales growth. While inventories remain nearly five per cent below levels recorded last year, this is the first time in over two years that year-over-year declines were not in the double digits.
While market conditions continue to favour the seller, improving supply has helped ease some of the tightness in the market.
“Market conditions vary depending on the product type,” says CREB® president Bill Kirk.
“Both condominium apartment and townhouse style products have recorded inventory growth relative to last year.
This is good news for consumers looking for more choice in condominiums priced between $200,000 and $400,000.” Year-to-date condominium apartment sales have totaled 2,020 units, a 21 per cent increase over the first five months of 2013.
Meanwhile, the recent boost in new listings caused inventory levels to rise to 1,051 units, a 13.1 per cent increase compared to last year, representing 23.3 per cent of all city-wide inventories.
Click Here for the full .pdf of the CALGARY REGIONAL HOUSING MARKET STATISTICS.