Record-high home sales and another inventory drop for Calgary last month

Calgary saw record-high home sales in August but low inventory remains an issue, according to a new report.

Data from the Calgary Real Estate Board (CREB) show 2,729 properties were sold in the month, an increase of 27.9 per cent year-over-year.

A lot of that was thanks to a surge in the condominium market.

But while sales are booming, there is an issue on the other side of the transaction.

Inventory dropped once again in August, this time to a record low of about half of what's historically been available.

CREB's chief economist says new listings that did come online were quickly snatched up.

"So that really does reflect why we're seeing the conditions we are, especially the pressure on prices," Ann-Marie Lurie said.

"We continue to see price growth because demand has stayed strong relative to the supply in the market.

"It just can't keep up."

Seller-favourable conditions have pushed Calgary prices about 10 per cent higher than they were last year.

CREB says that's pushing people toward more affordable options like condos and townhomes.

It's all good news for Karen Fawcett.

"Almost everything right now is a bidding war," the real estate agent told CTV News.

"I just had one last weekend -- a $400,000 condo, 38 showings in three days, eight offers, $40,000 over the asking price."

Fawcett says she's on track for her best year ever.

That's all despite interest rate hikes.

"It doesn't seem to be having much of an impact on our market," Lurie said.

Canadian migration to Calgary is one of the reasons for the hot market.

The population is growing at a record level, and there isn't enough building to keep up.

"People want to be here," Lurie said.