CALGARY -- The Calgary Real Estate Board says 2021 kicked off with a flurry of sales in what would prove to be the busiest January in Calgary's housing market in seven years.

According to CREB, there was a total of 1.208 sales in the city last month.

Competition for homes was strong in January as demand exceeded supply.

Officials say the year began with an inventory of 4,035 units that was bolstered by the addition of 2,246 new listings throughout January, but the number of available homes is still far lower than the past six years.

CREB chief economist Ann-Marie Lurie credits the increase in sales to two main factors.

"Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market," explained Lurie in a statement released Monday. "New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers."

The bump in sales was experienced in all residential sectors of the market including detached, semi-detached, row and apartment condominiums.