CMHC Calls for Surtax on $1M+

Get your complementary P…

CREA, Rising Home Sales, 2022

: Despite headwinds, mos…

Calgary housing complex begins

Get your complementary P…

Gen Z Affordability Hurdle

Get your complementary P…

Misconceptions About Credit

Get your complementary P…

Bank of Canada, Omicron

Get your complementary&n…

Canadian Banks Bonuses

Get your complementary P…

StatCan: Racial Borrowing Disadv…

Get your complementary P…

Mortgage Debt vs. Borrowing Acti…

Get your complementary P…

Residential Mortgage Credit Risk

Get your complementary P…

«
»
Social Media
Visit Us On TwitterVisit Us On FacebookVisit Us On Instagram

Alberta Housing Market Improved

  • Written by:

Alberta Housing Market Registers Improved Conditions – Associations

Stronger demand and activity have compensated for pandemic-induced market doldrums

Alberta housing market registers improved conditions – associations

Despite pandemic pressures, major Albertan housing markets have been gradually moving towards more balanced conditions, according to the province’s real estate associations.

Calgary saw a total of 2,151 home sales in August, representing a 37% annual increase and a 25% gain over long-term trends.

While sales have decelerated from the red-hot pace earlier this year, the year-to-date level of 19,516 sales was higher than the city’s annual sales over the past six years, according to the Calgary Real Estate Board.

The benchmark home price in Calgary last month was $459,600, approximately 9% higher than August 2020 levels.

“Sales have far exceeded expectations throughout most of the pandemic, driven mostly by demand for detached homes. At the same time, supply could not keep pace and conditions shifted to favour the seller, something that has not happened in over six years,” said Ann-Marie Lurie, chief economist at CREB. “With more buyers than sellers, prices rose, providing opportunity for many of the move-up buyers in the market. Over the past several months we have seen some adjustments in supply relative to sales, helping move us toward more balanced conditions.”

Edmonton saw its total residential sales grow by 9.7% annually in August despite a 6.8% monthly drop, according to the Realtors’ Association of Edmonton. New residential listings grew by 12.9% year over year, but fell by 6% from July. Overall inventory saw drops of 1.9% from August 2020 4.1% from July.

“The Edmonton market in August saw a healthy increase in new residential listings as compared to August 2020,” said association chair Tom Shearer. “The year-over-year residential unit sales in the GEA were higher than August of last year, while we have started to see slight decreases in the month-to-month activity. The market is starting to balance out after a very busy 18 months with pricing increasing a nominal amount year over year.”

  • By Ephraim Vecina21 Sep 2021
  • https://www.mpamag.com/ca/mortgage-industry/market-updates/alberta-housing-market-registers-improved-conditions-associations/310665?utm_source=GA&utm_medium=20210921&utm_campaign=MBNW-Newsletter-20210921&utm_content=CAB225E9-A56E-4453-BA7A-30CBD695B619&tu=CAB225E9-A56E-4453-BA7A-30CBD695B619
cmplz_hide_cookiebanner:

Sections

Tools

About Us

Follow Us