A mix of vibrant single-family home sales and declining inventory is creating a potent brew in the local resale market, says the Calgary Real Estate Board.
“New listings coming onto the market at a good price are generating a lot of activity, but year-over-year index price growth for the typical home in Calgary in March was 2.9 per cent — which is considered a normal range,” says board president Bob Jablonski.
The tightened supply has created some discussion about what effect multiple offers are having on the market, he says, adding it is important to recognize that multiple offers can happen during any market with a well-priced listing or a unique property.
Sales of single-family resale homes grew 10.3 per cent in March compared to the same month last year — with listings declining 8.3 per cent from January to March compared to the same period last year, resulting in a restricted supply.
There were 2,167 total housing sales in Calgary in March, an increase of 12.6 per cent compared to the same month last year.
“The rise in activity is related to the continued improvement of our economy and consumer confidence as some concerns regarding the global economy have eased,” says Ann-Marie Lurie, chief economist for the Calgary Real Estate Board.
The benchmark price of a single-family home reached $433,500.