Calgary Home Sales Update March 2021

Sellers' market in February leads to rising prices

City of Calgary, March 1, 2021 –

With gains in every price range, residential sales activity in February totalled 1,836.

This reflects the best February since 2014.

“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 CREB® chief economist Ann-Marie Lurie.

“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.”

New listings also improved in February, but the gap between new listings and sales narrowed. This is causing the sales-to-new-listings ratio to rise to 65 per cent, keeping the months of supply well below three months.

Conditions are far tighter in the detached sector of the market, especially for product priced below $600,000, where strong sellers’ market conditions are present with less than two months of supply.

The market has faced relatively low inventory levels compared to sales for the past several months and prices continue to trend up. In February, the residential benchmark price rose over the previous month and currently sits four per cent above last years’ levels. 

Detached product has the lowest months of supply and is also exhibiting the most significant gains in prices. On the opposite end of the spectrum, the apartment condominium segment still has a relatively high level of inventory compared to sales, which is impacting price recovery for this property type.

  No. of New Sales No. of New Listings Sale Price  to List Price Ratio Median Price Average Price Avg. Days on Market
Feb-21 1830 2858 98% $440,000 $483,385 45
Jan-21 1207 2253 97% $418,000 $471,049 57
Dec-20 1200 1173 97% $403,250 $447,533 59
Nov-20 1438 1733 97% $415,000 $455,897 55
Oct-20 1764 2470 97% $420,000 $473,917 53
Sep-20 1718 2750 97% $417,575 $466,549 54
Aug-20 1582 2599 97% $415,150 $468,527 52
Jul-20 1833 3038 97% $420,000 $466,155 53
Jun-20 1763 3347 97% $410,000 $460,099 55
May-20 1077 2422 96% $401,000 $439,470 60
Apr-20 570 1425 96% $393,750 $423,506 55
Mar-20 1174 2420 97% $410,000 $448,130 52

HOUSING MARKET FACTS

Detached

Detached sales improved across every price range this month, but the lack of choice in the lower price ranges likely placed limits on the gains in sales.

New listings did rise, but it was not enough to prevent further tightening in the market, as the sales-to-new-listings ratio rose to 71 per cent and the months of supply fell to under two months. This is the lowest months of supply recorded in February since 2007.

Tighter market conditions occurred across all price ranges, but properties priced below $600,000 saw the months of supply fall to just above one month. These conditions are supporting significant price gains in the detached sector, which recorded a February benchmark price of $502,500. This is nearly two per cent higher than last month and five per cent higher than last year. It is also the first time since 2018 detached prices have risen above $500,000, and currently sits under five per cent below previous highs recorded in 2014.

Prices increased compared to last month and last year in every district of the city. However, the magnitude of those increases varied, with the largest year-over-year gains occurring in the South East district at nine per cent, and the lowest gains occurring in the City Centre at under two per cent. 

 
No. of New Sales
No. of New Listings
Sale Price  to List Price Ratio
Median Price
Average Price
Avg. Days on Market
Feb-21
1115
1573
99%
$511,000
$569,747
37
Jan-21
729
1114
97%
$482,000
$559,792
53
Dec-20
716
600
97%
$458,700
$532,881
54
Nov-20
881
893
97%
$476,500
$536,878
51
Oct-20
1134
1325
97%
$478,250
$552,776
47
Sep-20
1050
1479
97%
$477,750
$546,429
50
Aug-20
989
1480
97%
$474,500
$549,815
46
Jul-20
1171
1665
97%
$480,000
$543,999
49
Jun-20
1106
1901
97%
$472,124
$538,569
51
May-20
675
1364
96%
$460,000
$513,289
54
Apr-20
339
784
96%
$450,000
$499,026
49
Mar-20
693
1348
97%
$470,000
$534,141
47

Semi-Detached

Semi-detached sales in February recorded significant gains, pushing sales activity to the highest February levels seen in nearly 13 years. However, like the detached sector, the improvements in new listings were not enough to offset sales, ensuring this sector continues to favour the seller.

With lower levels of supply relative to sales, benchmark prices improved over both last year and last month. However, this was not consistent across all districts. The West district continues to see prices that remain over two per cent lower than last year’s levels. The strongest year-over-year price gains were reported in the South East and North districts.

 
No. of New Sales
No. of New Listings
Sale Price  to List Price Ratio
Median Price
Average Price
Avg. Days on Market
Feb-21
180
253
98%
$462,500
$522,070
41
Jan-21
141
212
97%
$387,500
$477,497
59
Dec-20
127
118
97%
$370,000
$454,596
61
Nov-20
153
165
97%
$390,000
$468,346
61
Oct-20
174
237
97%
$373,938
$459,896
56
Sep-20
153
279
97%
$401,500
$477,593
53
Aug-20
142
241
97%
$416,750
$495,667
65
Jul-20
201
288
97%
$365,086
$438,631
61
Jun-20
185
300
97%
$365,000
$433,494
60
May-20
127
249
96%
$349,900
$426,824
71
Apr-20
60
167
96%
$354,950
$435,818
59
Mar-20
115
248
96%
$408,000
$466,904
64

Row

Despite a significant increase in new listings, improving sales offset the gains and the months of supply fell to three months.

Conditions for row properties are not as tight as what we have seen in both the detached and semi-detached sectors. However, they do reflect an improvement relative to the oversupplied conditions recorded last year. However, when considering activity by price range, pockets of oversupply persist in this market.

Citywide reductions in inventory relative to sales supported some price improvements in this segment. The benchmark price trended up from last month and currently sits just over one per cent higher than last year’s levels. Year-over-year gains did not occur across all districts, as prices remain lower than last year’s levels in the North, North West, South and South East districts.

 
No. of New Sales
No. of New Listings
Sale Price  to List Price Ratio
Median Price
Average Price
Avg. Days on Market
Feb-21
258
452
97%
$300,000
$326,171
54
Jan-21
150
373
97%
$290,000
$302,394
67
Dec-20
169
167
96%
$268,000
$301,614
67
Nov-20
191
262
97%
$287,500
$312,655
60
Oct-20
216
339
97%
$283,500
$316,214
64
Sep-20
256
399
97%
$290,000
$329,129
61
Aug-20
217
370
97%
$288,500
$307,542
60
Jul-20
201
429
96%
$290,000
$305,885
49
Jun-20
243
476
96%
$282,000
$305,710
58
May-20
144
360
96%
$273,000
$283,752
70
Apr-20
78
218
95%
$284,500
$301,417
67
Mar-20
153
353
96%
$295,000
$307,924
56

Apartment Condominium

Driven by product priced mostly under $300,000, apartment condominium sales improved to best February levels recorded over the past six years.

However, the gain in sales was not enough to cause any significant changes in inventory levels. February inventory remained elevated compared to levels we typically see at this time of year.

While the months of supply has trended down in this sector, it remains above five months. This is preventing the same type of price recovery seen in other sectors. On a year-to-date basis, the benchmark price remains similar to levels recorded last year.

 
No. of New Sales
No. of New Listings
Sale Price  to List Price Ratio
Median Price
Average Price
Avg. Days on Market
Feb-21
272
573
96%
$238,000
$252,638
70
Jan-21
187
552
96%
$220,000
$268,423
65
Dec-20
185
288
95%
$212,500
$245,449
73
Nov-20
210
409
95%
$215,000
$235,219
66
Oct-20
233
562
95%
$224,210
$241,970
67
Sep-20
242
586
95%
$229,000
$258,779
67
Aug-20
223
497
96%
$228,000
$251,339
62
Jul-20
263
650
95%
$238,600
$261,609
70
Jun-20
232
672
95%
$219,250
$264,352
73
May-20
135
450
94%
$213,000
$237,921
67
Apr-20
95
258
95%
$228,000
$245,013
64
Mar-20
218
476
96%
$230,000
$258,286
58

REGIONAL MARKET FACTS

Airdrie

February sales reached new record highs for the month.

The largest gain in sales occurred in the $400,000 - $500,000 price range. New listings also increased, but the sales-to-new listings ratio remained elevated at 71 per cent and the months of supply dropped to under two months in February. This is the tightest level seen since 2014.

Persistent sellers’ market conditions have resulted in further price gains in the market. The benchmark price has trended up for the past eight months and, as of February, it is over seven per cent higher than last year’s levels. Most of the price growth has been driven by the detached sector.

Cochrane

Cochrane sales more than doubled compared to last February. This represents the strongest February ever recorded for the town.

New listings also rose for the month, but it was not enough to cause any substantial change in inventory levels and the months of supply fell to below two months. This is the lowest months of supply for February seen since the record low in 2006.

Tight conditions supported price growth in February, as the benchmark price rose to $413,700, a four per cent increase from last year’s levels.

Okotoks

New listings have been trending up from the lows seen at the end of 2020, helping to support a significant improvement in sales in February. February sales reach levels not seen for the month since the record high in 2007. 

Inventory levels remain exceptionally low relative to sales and the months of supply dropped below two months. Like other towns around Calgary, the sellers’ market conditions caused prices to trend up. In February, the benchmark price reached $442,600, nearly five per cent higher than levels recorded last year.

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