Breaking News: Canada’s Calgary Home Sales Soar to New Heights - Is It Time to Invest?



The Calgary real estate market has experienced a surge in sales, with the latest report from the Calgary Real Estate Board (CREB) revealing record-high sales in August.

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The Calgary real estate market has experienced a surge in sales, with the latest report from the Calgary Real Estate Board (CREB) revealing record-high sales in August. This remarkable increase in sales can be primarily attributed to the condo market, which has witnessed a significant rise in demand.


Breaking News: Canada’s Calgary Home Sales Soar to New Heights - Is It Time to Invest?

According to the data provided by the CREB, a whopping 2,729 properties were sold in the month of August alone, showcasing a substantial year-over-year increase of 27.9%. This surge in sales is even more impressive considering that inventory levels dropped to a record low, indicating a dearth of available properties on the market. In fact, inventory levels were approximately half of what is historically expected in August.

The housing market frenzy was particularly evident in the condo sector, where sales experienced a robust increase of 22% compared to the previous year. This surge in condo sales further illustrates the ongoing trend of homebuyers gravitating towards more affordable housing options in light of rising borrowing costs.

CREB's Chief Economist, Ann-Marie Lurie, highlighted the influence of higher borrowing costs on homebuyers' decision-making processes. With the increase in mortgage rates, many potential buyers have been forced to either postpone their property purchases or shift their focus towards more affordable housing options that are currently available in the market.

Despite the astonishing sales levels witnessed over the past few months, the Calgary Real Estate Board emphasizes that year-to-date sales remain lower by 15% compared to the previous year. This statistic underscores the challenges faced by the local real estate market, indicating the impact of external factors on the overall industry performance.

The positive sales trend in the city has also had a notable effect on property prices, with prices increasing across all property types. The unadjusted benchmark price has reached $570,700, demonstrating a remarkable year-over-year increase of 7.9%. This marks the eighth consecutive month of substantial gains in property prices, showcasing the resilience of the Calgary real estate market.

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For individuals interested in Calgary's real estate market, it is essential to stay informed about the latest trends and developments. Keeping an eye on these market shifts, particularly the rise in condo sales, can help potential buyers make informed decisions.

In conclusion, the Calgary real estate market has witnessed record-high sales, predominantly driven by the condo market. The surge in sales has been accompanied by a decrease in inventory levels, indicative of the scarcity of available properties. The rise in property prices across all types further emphasizes the robustness of the Calgary real estate sector. However, it is important to note that despite the recent surge in sales, year-to-date figures remain lower compared to the previous year.

Breaking News: Canada’s Calgary Home Sales Soar to New Heights - Is It Time to Invest?

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