Calgary residential sales reach record high

Calgary residential sales reach record high

Thanks to a significant gain in apartment condominium sales, May residential sales in Calgary, AB, rose to 3,120 units, a new record high for the month, says the Calgary Real Estate Board (CREB). While the monthly gains have not outweighed earlier declines, this does reflect a shift from the declines reported at the start of the year. At the same time, there were fewer new listings on the market than last year, causing inventory levels to fall. With a sales-to-new-listings ratio of 85 per cent and months of supply of one month, conditions continue to favour the seller placing further upward pressure on home prices. As a result of the persistent tight market conditions, home prices increased in May. Thanks to a significant gain in apartment condominium sales, May residential sales in Calgary, AB, rose to 3,120 units, a new record high for the month, says the Calgary Real Estate Board (CREB). While the monthly gains have not outweighed earlier declines, this does reflect a shift from the declines reported at the start of the year. At the same time, there were fewer new listings on the market than last year, causing inventory levels to fall. With a sales-to-new-listings ratio of 85 per cent and months of supply of one month, conditions continue to favour the seller placing further upward pressure on home prices. As a result of the persistent tight market conditions, home prices increased in May.