December 2021 Calgary Real Estate Market in Review
Calgary Real Estate Market Record Year of Sales in 2021
Despite the December chilly weather, the Calgary real estate market remained hot with a record-setting amount of sales for December. Calgary reached 27,686 sales this year up nearly 72% higher than 2020 and 44% higher than the last decade.
Supply has not been able to meet buyer demand and which has resulted in price growth. The overall benchmark price has increased by just over 8% in 2021.
Tight conditions in the market are continuing into January - at the time of this blog there are currently a total of 2025 active MLS® listings for the entire Calgary area:
- 588 Detached homes (427 of these listings are under $1M and only 117 are under $500,000)
- 949 Apartments
- 11 Duplexes
- 179 Semi Attached
- 312 Row Townhomes
Based on these inventory levels you can see which sectors of the market are the tightest with the lowest supply.
Detached Calgary Real Estate
Gomes sales did not break records in the detached sector but the activity levels were still 40% higher than long-term averages. New listings rose, but it was not enough to keep up with buyer demand. Entering in 2022 with the lowest inventory levels ever seen on record. The detached sector saw the highest benchmark price gain at nearly 10%, beating the previous high in 2015 by over 3%.
Semi-Detached Calgary Real Estate
Semi-detached sales were up 55%. Affordability and low detached inventory are the main contributors to the increased level of sales. Buyer demand particularly in the last months of 2021 outpaced listing inventory like other sectors in the Calgary real estate market saw price growth but not in all districts. City Centre, NE, and South have not seen full price recovery.
Row or Townhouse Calgary Real Estate
Over the last quarter, we have seen stronger sales growth which has tightened up the market and shown some improvement. We ended the year with a 6% price increase which is still 9% lower than the previous high. While we saw some price recovery, it was not as significant as other sectors due to the high inventory levels earlier in the year.
Apartment Calgary Real Estate Market
The apartment market did she some sales records in December but unlike other market sectors, we have a large supply of inventory levels. The sales growth was enough to shift the market out of a buyer's market to a more balanced market. All districts saw some price improvement this year, the city center saw 1% while the west saw 6% but the average was just 2%. Despite price gains, the apartment market is still in recovery and is still 14% lower than previous highs in 2014.
Airdrie Real Estate
Record sales (2,299) and the lowest inventory levels continue to drive the Airdrie market. Buyers are driven by more affordable housing options as employers allow hybrid work options. In 2021 Airdrie saw a price increase of their benchmark price by nearly 12%
Cochrane Real Estate
Similar to Airdrie, Cochrane sales broke record levels in 2021. The exceptionally tight market in Cochrane has nearly seen a 10% increase in December and a 7% increase for the year which reflects a new record high for Cochrane.
Okotoks Real Estate
Okotoks has followed the same trend as Cochrane and Airdrie with low supply and high buyer demand. Despite extremely low supply levels Okotoks still saw record sales volume in 2021. High buyer demand pushed up the benchmark price by almost 9%, setting a new record.