Calgary Home Sales Rise Despite Crisis

Calgary, AB, set a new record for April home sales as the market continued to rebound from lows triggered by the COVID-19 pandemic, says the Calgary Real Estate Board. During the month, 3,209 homes were sold compared with 571 during the same month last year, when economic shutdowns led to a massive sales decline. The recent surge in home sales came as the market entered the third wave of COVID-19, suggesting that optimism was building around housing and the economy's recovery even as the health crisis was worsening. Last month's sales are likely the result of potential buyers wanting to enter the market before any further changes occur in prices, interest rates, and lending policy. New listings soared by 227 per cent to reach 4,670 in April, up from 1,425 during the same period last year and the city's inventory amounted to 6,070 homes, an increase from 5,645 during the prior April. However, the number of available homes still amounted to less than two months of housing supply.