Banner February for Calgary real estate as number of sales, prices jump
The Calgary Real Estate Board says prices and sales were up in Calgary in February. (file)
CALGARY -- The Calgary Real Estate Board (CREB) is celebrating the strongest February in Calgary real estate in years and says there's reason to believe the trend will continue.
CREB cites low mortgages rates, an increase in energy sector confidence and Alberta's vaccine rollout as contributing factors for the 1,836 sales in Calgary in February, the most for the month since 2014. The organization says gains were experienced in every price range.
"Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” said Ann-Marie Lurie, CREB chief economist.
"Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices."
According to CREB, inventory levels have remained relatively low creating a sellers' market with increased prices in every district of the city.
The February benchmark price for a detached home in Calgary was $502,500, the first time since 2018 that the price eclipsed the $500,000 mark and only five per cent lower than the record highs of 2014.