Calgary Market Continues To Favour Seller

There were 2,186 residential sales in Calgary, AB, in October, a record high for the month and over 35 per cent higher than longer-term averages, says the Calgary Real Estate Board (CREB). Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages. “Much of the persistent strength is likely related to improving confidence in future economic prospects, as well as a sense of urgency among consumers to take advantage of the low lending rate environment,” says Ann-Marie Lurie, CREB chief economist. New listings have improved relative to last year, but stronger sales caused further easing in inventory levels, which remain 16 per cent lower than last year and longer-term averages for the month. Supply levels have struggled to keep pace with demand, but much of the decline in the months of supply has been related to the strong sales levels. As of October, the months of supply dipped to just over two months.