The Calgary Actual Property Board has launched its first quarter report and the findings will doubtless come as little shock for these struggling to discover a house to purchase in a sellers’ market.
Throughout the first three months of the yr, Calgary skilled report excessive gross sales due, partially, to a slight bump in new listings however not sufficient to create a major provide of accessible properties.
“Report gross sales mixed with low stock ranges brought on the months of provide to common simply over one month within the first quarter,” mentioned CREB chief economist Ann-Marie Lurie.
“Situations haven’t been this tight since 2006, which was additionally the final time that we noticed value beneficial properties push above 15 per cent.”
In keeping with CREB, the benchmark value for a residential house in Calgary within the first quarter this yr was $496,767 — roughly an eight per cent improve over the 2021 fourth quarter benchmark value and a 15 per cent improve over the primary quarter of 2021.
“Expectations on rising charges and additional value beneficial properties is probably going pushing shoppers to enter the market as quickly as potential,” mentioned Lurie. “Nevertheless, lack of selection over the previous a number of quarters has created a construct up of demand that may solely be crammed as provide ranges enhance.”
CREB says the tempo of gross sales in Calgary continues to be anticipated to chill later within the yr, as “extra balanced situations” will sluggish the upward strain on costs.
The total report is out there at CREB Q1 2022 Calgary & Region Quarterly Update.