Calgary Real Estate Statistics for October 2020
Calgary sales growth in October driven by detached home sales
October sales in the city reached 1,764 units, with substantial gains in the detached sector. Well above longer-term averages and a 23 percent increase over last year.
The gain in citywide residential sales outpaced the growth in new listings, supporting tighter market conditions and improving prices.
"Over the past several years, higher lending rates and the stress test pushed many out of the detached housing market. However, recent declines in rates, combined with prices that are lower than several years ago, have brought back some of that demand," said CREB® chief economist Ann-Marie Lurie.
"This is helping support more balanced conditions and price improvements in the market. However, price improvements are not occurring across all product type and price ranges and downside risk still hangs over future conditions."
Improving sales over the past four months was not...