The Calgary Real Estate Board (CRED) announced a record month for home sales in May 2021. The total number was up 177.3 percent over the previous year, representing 2,989 homes. There were 4,562 new listings, which was an increase of 88.6 percent from the same month last year.
“In Calgary, this is really more of a recovery story in terms of prices and, we are just starting to get there on a citywide basis,” CREB chief economist Ann-Marie Lurie said. “As these prices have been moving up and we have seller market conditions, that is really motivating some more people to potentially list their homes on the market right now.”
CRED stated that the unadjusted benchmark price increased in May by 11 percent compared to May 2020, and reached $455,200. Home sales represented 26 percent of all sales with the average reaching above $600,000. Detached homes reached $533,300, up 12.2 per cent, and apartments and condos gained 4.9 percent over the same period last year with an average price of $252,600.
In regards to apartments and condos, CREB stated, “Slightly higher supply levels compared to sales did impact the pace of monthly gains in the benchmark price. However, May prices remain nearly five per cent higher than last year’s levels. Price movements also varied depending on location, but no district has seen prices recover to previous highs.”
It should be noted that citywide apartments and condo prices in Calgary remain nearly 16 percent below 2014 levels.