CREB®’s Q1 2021 Housing Report Released

Table of Contents:

City of Calgary, April 20, 2021 – The economic challenges associated with COVID-19 brought about a dramatic rate cut from the Bank of Canada and an even more significant drop in the discount rates for mortgages.

The low-interest-rate environment, combined with pent-up demand and increased savings among those who remained employed throughout the pandemic, is supporting stronger-than-expected gains in resale sales activity.

By the end of the first quarter, there were 5,945 sales in Calgary, 43 per cent higher than the 10-year average and the best start to the year since 2007.

“Sales activity is currently exceeding expectations. However, rising prices are expected to support new listings growth and also impact the pace of sales growth especially if discount rates continue to rise. This will help eventually support more balanced conditions,” said CREB® chief economist Ann-Marie Lurie.

New listings rose to the highest first-quarter levels seen in over a decade, but it did little to move overall inventory levels, which averaged 4,687 units in the first quarter. This kept market conditions exceptionally tight, with citywide months of supply of just over two months.

The tightening conditions that started halfway through last year have caused prices to trend up, with the pace of growth rising in the first quarter of this year. This price growth was enough to push quarterly prices four per cent higher than the first quarter of last year.

“This price growth has been counterintuitive to many, considering the job loss and economic challenges that face this province and city. However, we also need to keep in mind that this is still a story of recovery for prices, which currently remain well below the highs recorded in 2014.”

CITY OF CALGARY HOUSING SUMMARY

Prior to COVID-19, the economic challenges in our city created an environment of weak resale housing demand. When adjusting sales relative to the population from 2018-19, it was the slowest sales per capita on record. Over this same period, the housing market was struggling with excess supply and declining prices.

The economic challenges associated with COVID-19 brought about a dramatic rate cut from the Bank of Canada and an even more significant drop in the discount rates for mortgages. The low-interest-rate environment is supporting stronger-than-expected gains in resale sales activity. By the end of the first quarter, there were 5,945 sales in Calgary, 43 per cent higher than the 10-year average and the best start to the year since 2007.

New listings also rose in the first quarter to the highest first-quarter levels seen in over a decade, but it did little to move overall inventory levels, which averaged 4,687 units in the first quarter. This kept market conditions exceptionally tight, with citywide months of supply of just over two months.

The tightening conditions that started halfway through last year have caused prices to trend up, with the pace of growth rising in the first quarter of this year. This price growth has been counterintuitive to many, considering the job loss and economic challenges that face this province and city. However, in comparison to many parts of the country, this is still a story of price recovery and not record highs. Even with the recent gains, quarterly benchmark prices remain over seven per cent lower than the highs recorded in 2014.

The recent gains in prices are expected to continue to boost new listings, supporting some supply growth into the next quarter. This should help shift the market back toward balanced conditions by the end of the year. 

While the Bank of Canada is not expected to increase rates, there have been some recent gains in discounted mortgage rates. Additionally, there is some indication by the Office of the Superintendent of Financial Institutions (OSFI) they will be increasing the qualification rate for uninsured mortgages. If these conditions occur, we could see an impact on sales later in the year. Nonetheless, sales activity is expected to remain relatively strong on an annual basis.

ECONOMIC UPDATE

Unsurprisingly, COVID-19 continued to weigh on economic activity in the first quarter. Despite some changes in restrictions throughout the quarter, Alberta largely maintained strict gathering, travel and business occupancy restrictions.

This is weighing on economic activity and migration, but higher-than-expected energy prices are supporting some improvements in the energy sector. For the job market, this has produced mixed results.

Improvements in the energy sector have translated into job growth in both the primary and utilities sector and the professional, scientific and technical services. Those two industries combined saw 9,000 more jobs this quarter than what we had in the last quarter of 2020. There were also significant gains in the educational services sector, which recorded over 14,000 new jobs in the first quarter compared to the last quarter of 2020.

Some sectors continue to struggle. Quarterly job loss was recorded in sectors impacted by restrictions, including entertainment, food, transportation, wholesale trade and other services. There was also significant job loss in public administration positions and manufacturing. Job losses in these sectors offset the gains and Calgary saw nearly 8,000 jobs lost overall compared to the fourth quarter of 2020.

Vaccinations are rising, but the recent spike in COVID-19 variant cases will likely result in restrictions persisting throughout most of the second quarter. This is also causing some shifts in the employment forecast, with job improvements now being delayed into the third and fourth quarters of this year. Despite these shifts, a stronger-than-expected energy sector has sped up the predicted pace of full post-pandemic job recovery from 2023 to next year.

HOUSING MARKET DETACHED

Detached homes sales rose to record their best first quarter since 2014.

Improving sales started last year in this market, but much of the gains were driven by lower-priced homes. Moving into the first quarter, sales activity not only improved in the lower price ranges, but in the upper price ranges as well. Low lending rates and the desire for more space have driven up demand for detached homes, which had struggled prior to COVID-19.

The rise in new listings in the first quarter helped support some of the sales growth. The gap between sales and new listings widened in the first quarter, especially compared to last quarter, but inventories still trended down on a quarterly basis and were well below levels traditionally seen at this time of year.

The months of supply for the first quarter averaged less than two months. This reflects some of the strongest sellers’ market conditions seen in the detached sector and is well below balanced levels. The tight market conditions have supported some of the highest price gains relative to other product types, as citywide prices trended up by nearly three per cent relative to last quarter and were over five per cent higher than prices recorded in the first quarter of last year.

Sellers’ market conditions were fairly prevalent across most districts of the city, with the months of supply below two months for all districts except the City Centre. Most districts also recorded yearover-year price gains of more than three per cent, with the strongest first-quarter gains occurring in both the North and South East districts at over eight per cent.

The City Centre has lagged behind some of the other districts due to oversupply that was the highest relative to the rest of the city prior to the pandemic. However, recent declines in inventories and improvements in sales have supported some modest price gains in the district this quarter.

HOUSING MARKET SEMI-DETACHED

Thanks to growth across all districts in the city, sales activity for semi-detached homes reached record levels in the first quarter. Less choice in the lower-priced detached market has likely caused many to turn to the semi-detached sector.

However, increasing new listings in the first quarter were not enough to offset the growth in sales and inventory levels eased relative to the previous quarter and the same period last year.

Inventory reduction and recordhigh first-quarter sales caused the months of supply to drop below two months in the first quarter. This is significantly lower than the five months recorded last year, as well as the typical levels recorded in the first quarter, which is closer to four months of supply.

With the conditions shifting to favour the seller, prices have trended up for three consecutive quarters. The benchmark price in the first quarter of this year rose above $400,000, over three per cent higher than this time last year.

The areas with the tightest market conditions generally recorded the largest yearover-year price gains. However, the North district recorded the largest year-overyear gain at over seven per cent and is the only district to reach a record-high quarterly price at $342,700. Prices continued to ease in the West district, with a year-over-year decline of over two per cent.

HOUSING MARKET ROW

Sales in the first quarter totalled just under 800 units, making it the strongest first quarter for sales since 2007.

However, new listings also rose to relatively high levels. The pace of sales growth outpaced the growth in new listings, slowing the typical quarterly gains in inventories and causing inventories to ease relative to last year. Despite the year-over-year declines, inventories remain elevated relative to the levels recorded prior to the economic downturn caused by the energy sector back in 2014.

Strong sales growth and easing inventory levels caused the months of supply to trend down to three months, the lowest level seen in over five years. The months of supply for this sector has been trending down over the past several quarters, but it was only in the past two quarters that levels were either consistent with or below longer-term trends.

As this segment of the market is generally more balanced relative to the detached sector, price gains have stayed at moderate levels. Prices have been trending up over the past three quarters and now sit over one per cent higher than prices from the first quarter of 2020.

However, price movements have varied across each district. The most significant year-over-year gain occurred in the City Centre at over six per cent, pushing this district much closer to price recovery.

Prices remained lower than last year’s levels in the North, North West and South East districts. This could be related to competition from new builds in those areas, placing some limits on resale prices.

HOUSING MARKET APARTMENT

This product type remains far from record highs, but apartment condominium sales improved in the first quarter and are at the highest levels seen since 2014.

The rise in sales was met with a gain in new listings. However, unlike other sectors, the gain in new listings was enough to keep the sales-to-new-listings ratio relatively low in the 40 per cent range. Inventories also trended up slightly compared to last quarter and remained higher than last year’s levels.

Despite the inventory gain, this market did see a reduction in the months of supply. When considering a quarterly average, the months of supply eased to just over five months in the first quarter, an improvement relative to the previous quarter and to the first quarter of last year, when it was above seven months.

As the months of supply is trending down, we are starting to see some signs of improvement in prices. At a benchmark price of $247,167, apartment condominium prices are similar to levels recorded last quarter and are one per cent higher than last year’s levels.

Despite the recent shifts, prices remain nearly 18 per cent below previous highs from 2014. There is also variation in pricing activity based on location. Yearover-year price gains were the highest in the North East district at nearly eight per cent, followed by the South district at four per cent.

Meanwhile, prices were relatively stable for both the City Centre and North West districts. The only district to record further price declines was the South East.

For more information on stats, view the Q1 2021 Report PDF: Q12021Report.pdf


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$370,000
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2
Beds
2
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918
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2014
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1
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A2149007
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Neighbourhood: Legacy
3
Beds
2F11/2
Baths
2,158
Sq.Ft.
2017
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1
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A2141329
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$570,000
Neighbourhood: Whitehorn
5
Beds
2
Baths
944
Sq.Ft.
1982
Year Built
1
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A2148981
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2
Beds
2F11/2
Baths
1,001
Sq.Ft.
2004
Year Built
1
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A2148404
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$765,000
Neighbourhood: Tuscany
4
Beds
3F11/2
Baths
1,637
Sq.Ft.
2002
Year Built
1
Day on Site
A2148829
MLS®
$419,900
Neighbourhood: Bankview
2
Beds
2F11/2
Baths
1,100
Sq.Ft.
1993
Year Built
1
Day on Site
A2148276
MLS®
$799,900
Neighbourhood: Parkhill
4
Beds
2
Baths
1,313
Sq.Ft.
1968
Year Built
1
Day on Site
A2148540
MLS®
Open 7/13
4019 16A St SW Calgary,  AB T2T 4H5
$2,199,900
Neighbourhood: Altadore
4
Beds
3F11/2
Baths
2,584
Sq.Ft.
2016
Year Built
1
Day on Site
A2132254
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2
Beds
2F11/2
Baths
1,532
Sq.Ft.
2014
Year Built
1
Day on Site
A2148604
MLS®
$299,900
Neighbourhood: Varsity
2
Beds
1F11/2
Baths
1,069
Sq.Ft.
1978
Year Built
1
Day on Site
A2147468
MLS®
Open 7/13
1072 Country Hills Circle NW Calgary,  AB T3K 4X1
$650,000
Neighbourhood: Country Hills
5
Beds
2
Baths
1,000
Sq.Ft.
1998
Year Built
1
Day on Site
A2147915
MLS®

AIRDRIE

For the third quarter in a row, sales reached new record highs . Most of the gains in the first quarter were driven by exceptionally strong detached home sales.

While low interest rates have been driving much of the growth in housing demand, Airdrie also benefits from its relative affordability compared to Calgary. This relative affordability and the growing services and businesses within the city are contributing to significant growth in population.

Over the 2019-20 measurement period, Airdrie’s population topped 75,000 people, a four per cent improvement over the previous year . A potential shift towards more permanent flexible work arrangements could support housing demand growth in the city .The exceptionally strong sales that started in the second half of last year have outpaced any growth in new listings, as inventory levels are well below levels recorded over the past six years . COVID-19 also impacted the new-home construction sector last year, limiting potential supply pressure coming from that segment of the market.

Strong demand and lower inventory levels have contributed to a steady decline in the months of supply .In the first quarter, the months of supply averaged less than two months, which is tighter than anything seen last year . This is well below historical averages and nearly as tight as levels seen in 2014.

Persistent sellers’ market conditions are contributing to gains in home prices . Total residential prices have risen over the past three quarters, with the strongest quarterly gain occurring in the first quarter of this year.

This has caused the first-quarter benchmark price to rise above $350,000, nearly seven per cent higher than last year. The gains were even stronger in the detached sector, which improved by over eight per cent compared to last year for a quarterly price of $391,733.

The recent gains in prices have narrowed the gap between the previous record-high prices, as detached home prices in the first quarter were only one per cent lower than the high levels reported in 2014.


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266 Properties
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4
Beds
3
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2,278
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A2148588
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$1,100,000
Neighbourhood: Bayside
5
Beds
3F11/2
Baths
2,577
Sq.Ft.
2011
Year Built
1
Day on Site
A2129665
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Open 7/13
127 Baywater Rise SW Airdrie,  AB T4B 3V4
$939,900
Neighbourhood: Bayside
4
Beds
3
Baths
1,436
Sq.Ft.
2015
Year Built
1
Day on Site
A2147273
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Open 7/13
705 Woodside Bay NW Airdrie,  AB T4B 2W2
$850,000
Neighbourhood: Woodside
4
Beds
3
Baths
1,818
Sq.Ft.
2002
Year Built
1
Day on Site
A2148936
MLS®
$359,900
Neighbourhood: Big Springs
3
Beds
2
Baths
1,541
Sq.Ft.
1995
Year Built
1
Day on Site
A2148927
MLS®
Open 7/13
907 Langholm Dr SE Airdrie,  AB T4A 3P7
$838,800
Neighbourhood: Lanark
4
Beds
2F11/2
Baths
2,353
Sq.Ft.
2024
Year Built
1
Day on Site
A2147920
MLS®
$814,900
Neighbourhood: Bayview
3
Beds
2F11/2
Baths
1,945
Sq.Ft.
2024
Year Built
1
Day on Site
A2147918
MLS®
Open 7/13
300 Edwards Way NW #102 Airdrie,  AB T4B3B4
$312,500
Neighbourhood: Willowbrook
2
Beds
2
Baths
899
Sq.Ft.
2003
Year Built
1
Day on Site
A2146917
MLS®
$340,000
Neighbourhood: Baysprings
2
Beds
2
Baths
874
Sq.Ft.
2016
Year Built
1
Day on Site
A2147140
MLS®
$614,900
Neighbourhood: Fairways
5
Beds
3F11/2
Baths
1,917
Sq.Ft.
2004
Year Built
1
Day on Site
A2148453
MLS®
$421,900
Neighbourhood: Woodside
2
Beds
2
Baths
1,078
Sq.Ft.
1998
Year Built
1
Day on Site
A2148930
MLS®
Open 7/13
403 Mackenzie Way SW #9216 Airdrie,  AB T4B 3V7
$300,000
Neighbourhood: Downtown
2
Beds
2
Baths
884
Sq.Ft.
2015
Year Built
2
Days on Site
A2143284
MLS®

Cochrane

Cochrane sales have been exceptional strong since the second half of 2020 and this trend has continued in 2021, with first-quarter sales reaching a record high for any quarter.

Growth in sales at the end of last year was limited by the lack of new listings coming into the market, as the sales-to-new-listings ratio averaged above 90 per cent over the previous two quarters. In the first quarter there were nearly 400 new listings, helping support stronger sales. However, this was not enough to offset the exceptionally strong sales and inventories trended down for the third quarter in a row to the lowest first-quarter level since 2014.

Like other centres, supply levels could not keep pace with demand and the months of supply averaged less than two months in the first quarter. For Cochrane, this is the lowest months of supply recorded since before the financial crisis back in 2006.

New-home starts did rise at the end of last year, but given the current pace of demand it will take further supply gains from both the resale and new-home markets to help bring this market out of conditions that favour sellers . While months of supply trended down for all property types, the tightest conditions exist for detached homes.

Tight market conditions have supported rising prices in the market. Quarterly growth stabilized over the fourth quarter of last year due to some weaker pricing in January and February, but benchmark prices remain over four per cent higher than last year’s levels.


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165 Properties
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846
Sq.Ft.
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1
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A2148758
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$699,900
Neighbourhood: Gleneagles
3
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1,791
Sq.Ft.
2006
Year Built
2
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A2148278
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Open 7/13
45 Sundown Ave Cochrane,  AB T4C 2T3
$719,000
Neighbourhood: Sunset Ridge
4
Beds
3F11/2
Baths
1,786
Sq.Ft.
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2
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$499,900
Neighbourhood: East End
3
Beds
2
Baths
1,265
Sq.Ft.
1947
Year Built
2
Days on Site
A2148426
MLS®
Open 7/14
128 Sunterra Heights Cochrane,  AB T4C 1W7
$725,000
Neighbourhood: Sunterra Ridge
4
Beds
3F11/2
Baths
1,681
Sq.Ft.
2001
Year Built
2
Days on Site
A2148138
MLS®
Open 7/13
160 Sundown View Cochrane,  AB T4C2N9
$709,900
Neighbourhood: Sunset Ridge
3
Beds
2F11/2
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2,064
Sq.Ft.
2017
Year Built
2
Days on Site
A2148502
MLS®
Open 7/14
48 Sundown Way Cochrane,  AB T4C 2M4
$718,000
Neighbourhood: Sunset Ridge
3
Beds
2F11/2
Baths
2,240
Sq.Ft.
2015
Year Built
2
Days on Site
A2146965
MLS®
$475,000
Neighbourhood: Bow Ridge
2
Beds
2
Baths
1,233
Sq.Ft.
2002
Year Built
2
Days on Site
A2148796
MLS®
$348,000
Neighbourhood: Downtown
2
Beds
2
Baths
1,061
Sq.Ft.
2006
Year Built
2
Days on Site
A2148519
MLS®
$519,900
Neighbourhood: Glenbow
3
Beds
2
Baths
956
Sq.Ft.
1979
Year Built
2
Days on Site
A2148814
MLS®
$750,000
Neighbourhood: Gleneagles
3
Beds
2F11/2
Baths
1,408
Sq.Ft.
2000
Year Built
3
Days on Site
A2147773
MLS®
$525,000
Neighbourhood: Sunset Ridge
3
Beds
2F11/2
Baths
1,728
Sq.Ft.
2017
Year Built
3
Days on Site
A2147749
MLS®

Okotoks

Thanks to a recent bump in new listings, Okotoks sales activity in the first quarter rose to the best levels recorded in over a decade.

Over the past several quarters, demand was somewhat restricted by the lack of new listings coming onto the market. New listings did rise this quarter, but the strong sales response did little to change the persistent sellers’ market conditions.

Inventory levels have been exceptionally low for the town, remaining over 40 per cent lower than levels typically seen in the first quarter. Low inventory levels and strong sales caused the months of supply to average less than two months. This is significantly lower than longer-term trends that have seen an average of just over five months.

Tight market conditions have persisted for the past three quarters . Sellers’ market conditions have placed significant upward pressure on benchmark prices, which climbed from $414,000 in the second quarter of 2020 to over $442,000 in the first quarter of this year.

Prices currently sit over five per cent higher than last year’s levels and are comparable to previous highs . However, there are differences depending on product type, with most of the gains coming from the detached sector of the market.

There have been some improvements in the prices for higher-density product, but those sectors still have prices that remain well below previous highs.

84 Properties
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$559,900
Neighbourhood: Cimarron Meadows
2
Beds
3
Baths
896
Sq.Ft.
1998
Year Built
1
Day on Site
A2148914
MLS®
$1,199,900
Neighbourhood: Drake Landing
4
Beds
3F11/2
Baths
2,501
Sq.Ft.
2008
Year Built
1
Day on Site
A2148444
MLS®
Open 7/13
9 Crystal Shores Hill Okotoks,  AB T1S 2H7
$575,000
Neighbourhood: Crystal Shores
4
Beds
3F11/2
Baths
1,229
Sq.Ft.
2004
Year Built
1
Day on Site
A2148674
MLS®
$524,900
Neighbourhood: Tower Hill
4
Beds
2F11/2
Baths
1,298
Sq.Ft.
1981
Year Built
1
Day on Site
A2148915
MLS®
Open 7/13
111 Cimarron Vista Crescent Okotoks,  AB T1S0K2
$640,000
Neighbourhood: Cimarron Vista
4
Beds
3F11/2
Baths
1,779
Sq.Ft.
2010
Year Built
1
Day on Site
A2149110
MLS®
$239,900
Neighbourhood: Heritage Okotoks
2
Beds
1
Baths
1,180
Sq.Ft.
2002
Year Built
1
Day on Site
A2148375
MLS®
$899,000
Neighbourhood: Air Ranch
4
Beds
3F11/2
Baths
2,737
Sq.Ft.
2008
Year Built
1
Day on Site
A2148484
MLS®
$579,999
Neighbourhood: Cimarron Meadows
4
Beds
2F11/2
Baths
1,486
Sq.Ft.
2005
Year Built
1
Day on Site
A2148738
MLS®
Open 7/13
50 Cimarron Hill Okotoks,  AB T1S1M9
$550,000
Neighbourhood: Cimarron Hill
4
Beds
3
Baths
1,350
Sq.Ft.
1993
Year Built
2
Days on Site
A2140485
MLS®
Open 7/12
1 Crystal Green #223 Okotoks,  AB T1S0C5
$389,900
Neighbourhood: Crystal Green
2
Beds
2
Baths
968
Sq.Ft.
2009
Year Built
2
Days on Site
A2148702
MLS®
$330,000
Neighbourhood: Westridge
3
Beds
3F11/2
Baths
1,490
Sq.Ft.
2001
Year Built
2
Days on Site
A2148732
MLS®
Open 7/13
43 Cimarron Park Green Okotoks,  AB T1S 2K2
$749,900
Neighbourhood: Cimarron
6
Beds
3
Baths
1,385
Sq.Ft.
2004
Year Built
2
Days on Site
A2148645
MLS®

Chestermere

Sales reached a record high by the end of the first quarter. While the typical detached home in Chestermere is priced higher than the typical home in Calgary, it is also generally larger and newer.

Low interest rates and the desire for additional space among many buyers have helped create the strong demand seen in this town.

Like in many other centres, Chestermere’s improvements in new listings in the first quarter were not enough to fully offset the gains in sales. As a result, inventories remained low relative to levels we typically see in the first quarter of the year. This caused the months of supply to drop to just under three months, the lowest level recorded in the first quarter since 2006.

This is not as tight as in some of the other surrounding areas, but Chestermere typically records a month of supply closer to seven months in the first quarter.

Tighter market conditions have been causing prices gains in this market . Benchmark prices have risen by over two per cent each quarter since the third quarter of 2020.

By the end of the first quarter in 2021, benchmark prices pushed up to $509,900, nearly seven per cent higher than last year’s levels. The gains were even higher in the detached sector, where year-over-year gains surpassed eight per cent for a new quarterly record at $531,033

138 Properties
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$789,000
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6
Beds
3F11/2
Baths
2,374
Sq.Ft.
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Year Built
1
Day on Site
A2149013
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$450,000
Neighbourhood: Rainbow Falls
3
Beds
2F11/2
Baths
1,521
Sq.Ft.
2017
Year Built
1
Day on Site
A2148941
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$674,900
Neighbourhood: Dawsons Landing
3
Beds
2F11/2
Baths
1,985
Sq.Ft.
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Year Built
1
Day on Site
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$674,900
Neighbourhood: Dawsons Landing
3
Beds
2F11/2
Baths
1,982
Sq.Ft.
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Year Built
1
Day on Site
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4.62
Acres
2
Days on Site
A2148704
MLS®
$1,074,999
Neighbourhood: Westmere
6
Beds
5
Baths
2,822
Sq.Ft.
2017
Year Built
2
Days on Site
A2147573
MLS®
$723,900
Neighbourhood: West Creek
4
Beds
3
Baths
1,329
Sq.Ft.
2007
Year Built
2
Days on Site
A2147816
MLS®
$399,900
Neighbourhood: Westmere
3
Beds
2F21/2
Baths
1,315
Sq.Ft.
2003
Year Built
2
Days on Site
A2148879
MLS®
$687,900
Neighbourhood: Chelsea_Ch
4
Beds
2F11/2
Baths
1,787
Sq.Ft.
2020
Year Built
3
Days on Site
A2148281
MLS®
$585,000
Neighbourhood: Rainbow Falls
4
Beds
2F11/2
Baths
1,638
Sq.Ft.
2005
Year Built
3
Days on Site
A2136916
MLS®
Open 7/13
145 West Creek Pond Chestermere,  AB T1X1H4
$775,000
Neighbourhood: West Creek
4
Beds
2F21/2
Baths
2,258
Sq.Ft.
2001
Year Built
3
Days on Site
A2145229
MLS®
$725,000
Neighbourhood: Chesterview Estates
5
Beds
3F11/2
Baths
2,402
Sq.Ft.
1996
Year Built
3
Days on Site
A2143991
MLS®

High River

High River sales have been somewhat dampened by weak levels of new listings. Gains in new listings in the first quarter helped support stronger sales compared to last year. However, the lack of new listings over the past three quarters has caused significant declines in inventories. The average inventory of less than 60 units in the first quarter is the lowest it has been since 2007.

Stronger sales and low inventories caused the months of supply to fall to just above two months, well below longer-term averages of over six months. Tight market conditions have been driving up prices in this market over the past several quarters.

By the end of the first quarter the benchmark price averaged $334,267, nearly three per cent higher than last quarter and five per cent higher than levels recorded last year. Price gains have been occurring across most product types, but prices remain below previous highs in all categories.

53 Properties
Page 1 of 5
Open 7/13
1029 6 St SW High River,  AB T1V 1A8
$360,000
Neighbourhood: Old Rodeo Grounds
2
Beds
1
Baths
1,200
Sq.Ft.
1910
Year Built
1
Day on Site
A2148635
MLS®
$599,900
Neighbourhood: Montrose
3
Beds
2F11/2
Baths
2,288
Sq.Ft.
2010
Year Built
2
Days on Site
A2148408
MLS®
$615,000
Neighbourhood: Highwood Village
3
Beds
2F11/2
Baths
2,259
Sq.Ft.
2010
Year Built
4
Days on Site
A2147402
MLS®
$294,500
Neighbourhood: Sunrise Meadows
2
Beds
2
Baths
1,028
Sq.Ft.
2008
Year Built
4
Days on Site
A2148269
MLS®
5
Beds
3F11/2
Baths
1,500
Sq.Ft.
1972
Year Built
5
Days on Site
A2147487
MLS®
1
Beds
1
Baths
694
Sq.Ft.
1998
Year Built
6
Days on Site
A2147565
MLS®
$525,000
Neighbourhood: Central High River
2
Beds
2
Baths
1,560
Sq.Ft.
1940
Year Built
7
Days on Site
A2147030
MLS®
$575,000
Neighbourhood: Mclaughlin Meadows
3
Beds
3
Baths
1,188
Sq.Ft.
1976
Year Built
7
Days on Site
A2147034
MLS®
$464,900
Neighbourhood: Southeast Central High River
4
Beds
3
Baths
1,140
Sq.Ft.
1990
Year Built
7
Days on Site
A2147394
MLS®
Open 7/14
34 Stonehouse Crescent NW High River,  AB T1V 0G4
2
Beds
2F11/2
Baths
1,397
Sq.Ft.
2014
Year Built
8
Days on Site
A2147045
MLS®
$799,900
Neighbourhood: Highwood Lake
2
Beds
2F11/2
Baths
1,414
Sq.Ft.
2004
Year Built
8
Days on Site
A2146437
MLS®
$350,000
Neighbourhood: Southeast Central High River
5
Beds
2
Baths
1,472
Sq.Ft.
1930
Year Built
9
Days on Site
A2146655
MLS®

Strathmore

Sales activity in Strathmore improved relative to last year’s levels, but it remains somewhat constrained by the low level of new listings coming onto the market.

The sales-to-new-listings ratio did improve, going from over 110 per cent last quarter to 66 per cent this quarter, but the level of new listings coming onto the market did little to help the low inventory situation.

Average inventory levels in the first quarter have not been this low since 2007, causing the months of supply to fall to an average of three months in the first quarter. This is a significant improvement compared to the nine months recorded at the same time last year and reflects the tightest conditions recorded in over a decade.

Unlike other markets, Strathmore did not see tighter market conditions until the fourth quarter of last year. Prices did remain soft in the second half of 2020, but they are showing signs of improvement in the first quarter of 2021 Benchmark prices improved by over three per cent compared to last quarter. However, the gains have not been enough to offset earlier pullbacks and overall prices in the first quarter remain lower than levels recorded last year.

53 Properties
Page 1 of 5
$649,900
Neighbourhood: The Ranch_Strathmore
3
Beds
2F11/2
Baths
1,817
Sq.Ft.
2014
Year Built
1
Day on Site
A2148690
MLS®
$569,900
Neighbourhood: Wildflower
3
Beds
2F11/2
Baths
1,827
Sq.Ft.
2021
Year Built
1
Day on Site
A2148118
MLS®
$650,000
Neighbourhood: Hillview Estates
4
Beds
2F11/2
Baths
1,355
Sq.Ft.
2005
Year Built
1
Day on Site
A2147892
MLS®
Open 7/13
63 Parklane Dr Strathmore,  AB T1P 1R2
$625,000
Neighbourhood: Aspen Creek
4
Beds
3
Baths
1,631
Sq.Ft.
1998
Year Built
2
Days on Site
A2148672
MLS®
$560,000
Neighbourhood: Aspen Creek
2
Beds
2
Baths
1,449
Sq.Ft.
2007
Year Built
3
Days on Site
A2148560
MLS®
$579,900
Neighbourhood: Parkwood
3
Beds
2F21/2
Baths
1,939
Sq.Ft.
1980
Year Built
5
Days on Site
A2147561
MLS®
$680,000
Neighbourhood: Aspen Creek
5
Beds
3F11/2
Baths
1,836
Sq.Ft.
2007
Year Built
7
Days on Site
A2144886
MLS®
$609,900
Neighbourhood: Cambridge Glen
3
Beds
3F11/2
Baths
1,664
Sq.Ft.
2000
Year Built
8
Days on Site
A2146790
MLS®
$549,900
Neighbourhood: Strathmore Lakes Estates
3
Beds
3
Baths
1,400
Sq.Ft.
2004
Year Built
9
Days on Site
A2146093
MLS®
$269,900
Neighbourhood: Brentwood_Strathmore
2
Beds
1
Baths
938
Sq.Ft.
1977
Year Built
9
Days on Site
A2145377
MLS®
$234,900
Neighbourhood: Strathmore Lakes Estates
1
Beds
1
Baths
759
Sq.Ft.
2009
Year Built
10
Days on Site
A2145351
MLS®
$550,000
Neighbourhood: Strathmore Lakes Estates
5
Beds
3
Baths
1,440
Sq.Ft.
2006
Year Built
10
Days on Site
A2137148
MLS®

Rural Rockyview

Low lending rates and a growing desire for more space caused sales activity in the Rural Rockyview region to reach record highs in the first quarter.

While there is diversity within the region, nearly 70 per cent of the inventory reflects homes priced above $1 million, mostly located in Springbank and Bearspaw.

Due to the slowdown in the energy sector, sales of higher-priced homes have struggled and elevated inventories relative to sales resulted in buyers’ market conditions and price declines. These trends did start to shift by the last quarter of 2020, as improving sales relative to the new listings in the market helped reduce inventory levels.

New listings did rise in the first quarter, but it was not enough to offset the gains in sales and inventory levels trended down for the second quarter in a row. This caused the months of supply to ease to just below five months.

The months of supply is still elevated relative to levels recorded in Calgary, but this is the lowest level recorded in the region since 2006. Tighter conditions are also starting to support both quarterly and year-over-year gains in prices . However, prices remain well below previous highs.




Considering Buying or Selling Your Home?

Feel free to reach out with any inquiries

Phone(403) 270-7601

Email[email protected]

Address Ray Riley
#115 8820 Blackfoot Trail SE
Calgary, AB T2J 3J1

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