May was a record-breaking month for real estate in Calgary, as sales increased 16% from last year, the highest ever in our city. CREB reported this week that 2,949 real estate sales were recorded during last month; 4,327 new listings went up, which is a 16.5% increase from last year.
“Strong sales activity is a reflection of improving fundamental conditions such as a growing population, favourable lending rates and rising wages,” said Ann-Marie Lurie, CREB’s chief economist. “Leading up to May, resale market sales were somewhat restricted by a lack of choice. However, recent price gains have encouraged growth in new listings, helping meet some of the housing demand.” — CREB Now
Market conditions remain in seller’s territory, but the supply of listings has improved, which is releasing some of the ‘tightness’ in the marketplace. Condos continue to be an affordable option and a great investment.
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. — CREB Now
If you have questions about the current real estate market conditions, feel free to contact us, or tweet us.
