Calgary sees record home sales in 2021, demand is driving up prices: CREB

Snow falls in front of a residential home. (Getty Images)

The Calgary Real Estate Board (CREB) says 2021 marked a record year for home sales in the city.

Calgary closed out the year with sales reaching 27,686 units, nearly 72 per cent higher than last year and more than 44 per cent higher than Calgary's ten-year average.

"Concerns over inflation and rising lending rates likely created more urgency with buyers over the past few months," CREB chief economist Ann-Marie Lurie said in a news release.

"However, as is the case in many other cities, the supply has not kept pace with the demand, causing strong price growth."

In 2021, the benchmark price for a home in Calgary rose by just over eight per cent compared to the year before, sitting at of $451,567. CREBsaid that number is just shy of the annual record high set back in 2015.

"We are entering 2022 with some of the tightest conditions seen in over a decade," a Tuesday news release from CREB said.

"As of December, inventory levels are nearly 25 per cent lower than long term averages for the month. This will have an impact on our housing market as we move through 2022."

More details on the housing market forecast for 2022 will be released by CREB on Jan. 25.

In December, Calgary's benchmark price for a detached home was $547,300, the benchmark price for a semi-attached home was $432,400, the benchmark price for a row home was $300,100 and the benchmark price for an apartment was $252,000.