Calgary real estate booming as demand greatly exceeds supply: CREB

A Calgary realtor outside a listing in the southwest Calgary community of Lakeview,

The Calgary Real Estate Board has released its first quarter report and the findings will likely come as little surprise for those struggling to find a home to buy in a sellers' market.

During the first three months of the year, Calgary experienced record high sales due, in part, to a slight bump in new listings but not enough to create a significant supply of available homes.

"Record sales combined with low inventory levels caused the months of supply to average just over one month in the first quarter," said CREB chief economist Ann-Marie Lurie.

"Conditions have not been this tight since 2006, which was also the last time that we saw price gains push above 15 per cent."

According to CREB, the benchmark price for a residential home in Calgary in the first quarter this year was $496,767 — roughly an eight per cent increase over the 2021 fourth quarter benchmark price and a 15 per cent increase over the first quarter of 2021.

"Expectations on rising rates and further price gains is likely pushing consumers to enter the market as soon as possible," said Lurie. "However, lack of choice over the past several quarters has created a build up of demand that can only be filled as supply levels improve."

CREB says the pace of sales in Calgary is still expected to cool later in the year, as "more balanced conditions" will slow the upward pressure on prices.

The full report is available at CREB Q1 2022 Calgary & Region Quarterly Update.

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