'A sense of urgency among purchasers' keeps Calgary property sales strong: CREB

A stock photo showing a Calgary neighbourhood taken from an aerial perspective. (Getty Images)

The Calgary Real Estate Board (CREB) says property sales in November were just shy of the record high for the month back set in 2005.

According to CREB, Calgary saw 2,110 sales in November, driven by demand for all property types.

“Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise,” CREB Chief Economist Ann-Marie Lurie said in a news release.

“At the same time, supply levels have struggled to keep pace, causing tight conditions and additional price gains."

CREB says sales have remained at roughly the same levels seen since August, which is unusual, as normally new listings and inventories trend down at this time of year.

The benchmark price for a detached home in Calgary rose to $542,600 in November, a new monthly record and nearly 11 per cent higher than last year's levels, CREB said.

The benchmark price for a semi-detached home rose to $429,800, which is nearly nine per cent higher than it was last year.

The benchmark price for a row home in November sat at $299,100 while the benchmark price for an apartment sat at $251,700.