Back to Blog Posts
Prev Next

Sales continue to surge as listings rise

Posted by Ray Riley on Tuesday, March 1, 2022 at 2:26 PM By Ray Riley / March 1, 2022 Comment

Sales continue to surge as listings rise
City of Calgary, March 1, 2022 –  Thanks to a surge in new listings, sales activity reached a record high for the month of February with 3,305 sales. The rise in new listings caused adjusted inventories to rise above last months levels. However, with only one month of supply, the market continues to favour the seller. 

“Sales have been somewhat restricted by the lack of supply choice in the market. While sellers did respond with a record level of new listings this month, the demand has been so strong that the housing market continues to remain undersupplied causing further price gains,” said CREB® Chief Economist Ann-Marie Lurie.

The total residential benchmark price for the city rose by nearly six per cent over January levels and was over 16 per cent higher than levels recorded last February. Much of the growth has been driven by the detached segment of the market which has not seen conditions this tight in over 15 years. 

This is the fourth consecutive month that the market has dealt with conditions that are far tighter than what the city experienced last spring. While the gains in new listings will help provide choice to purchasers and eventually support more balanced conditions, it will take some time to work through the demand in the market. 
Detached

For the third consecutive month, the months of supply in the detached sector has remained below one month. The limited supply and persistently strong demand has placed significant upward pressure on prices. As of February, the benchmark price reached $596,400, which is nearly $50,000 higher than prices seen at the end of 2021 and over $90,000 higher than February 2021 prices. Price gains have occurred in every district of the city with year-over-year gains pushing above 20 per cent in the North, South and South East districts. 

After the first two months of the year, sales growth has been the strongest in the $600,000 to $1,000,000 price range, as this is where there was the largest gain in new listings. Overall, conditions remain exceptionally tight across all price ranges, with less than one month of supply occurring for all homes priced under $1,000,000 over the first two months of the year. 

Semi-Detached

The record number of new listings for February were met with record high February sales, doing little to ease the pressure in this segment of the market. The months of supply dropped to one month, something that has not happened in February since 2006.

The persistent and exceptionally tight conditions caused further upward pressure on prices. Thanks to gains across every district, the semi-detached unadjusted benchmark price reached $461,400 in February, which is nearly five per cent higher than last month and 16 per cent higher than levels recorded in February 2021.

Row

Lack of supply choice in competing property types drove many consumers to consider row style properties. However, following several months of strong sales relative to new listings, inventory levels have also trended down relative to what we traditionally see at this time of year. With 537 sales in February and 535 units in inventory, the months of supply dropped to one month for the first time since early 2007.

The persistent sellers’ market conditions caused steep monthly price gains across most districts of the city. The largest month gains occurred in the North East, North and West end of the city. Despite recent gains, prices remain shy of previous highs in all districts except the West.

Apartment Condominium

After falling behind other property types, the apartment condominium sector recorded a surge in sales this month, reaching record highs for February. New listings also improved but did little to cause any significant change to inventory levels. The months of supply dipped below two months and was the tightest seen in the apartment condo sector since 2007.

The recent tightness has supported some upward pressure in prices this month. However, price gains are significantly lower than the other property types and prices continue to remain over 14 per cent below previous highs. While this segment of the market has not experienced the same supply constraints as other property types, if conditions remain this tight, we could see more substantial shifts toward price recovery.

REGIONAL MARKET FACTS
Airdrie

Record high new listings in February enabled sales to reach a record high. With 385 new listings and 289 sales, the sales to new listings ratio fell to 75 per cent, which is the first time it dropped below 80 per cent since spring of last year. While the recent gains provided some monthly uplift in inventory levels, supply remains exceptionally low, and the months of supply has remained below one month for the fourth consecutive month.

Persistently tight market conditions especially in the detached and semi-detached sector has driven significant price growth in the market. In February, the unadjusted detached price reached $490,800, nearly six per cent over last month and 22 per cent higher than last year’s levels. 

Cochrane

New listings reached a record monthly high in February. However, sales nearly matched the levels of new listings causing inventories to face further declines and the months of supply to fall to the lowest levels ever recorded at less than half of month of supply. This is the fourth consecutive month with the months of supply has been below one month and the sellers’ market conditions are placing significant upward pressure on prices especially for detached and semi-detached properties.

In February, the unadjusted detached benchmark price reached $548,400, nearly seven per cent higher than last month and over 21 per cent higher than levels recorded last February. Price gains have occurred across all property types; however, apartment style properties continue to record prices below previous highs seen back in 2007. 

Okotoks

Like other markets, gains in new listings helped support record levels of sales for February. However, the gains in new listings were not enough to support any substantial change in the low inventory situation. With only 56 units in inventory at the end of the month, this is the lowest February inventory seen since 2006. Strong sales combined with low inventory caused the months of supply to ease further and remain below one month for the third consecutive month. 

The persistent tight market conditions caused a surge in prices. In February, the benchmark price for a detached home reached $554,900, nearly eight per cent higher than last month and over 15 per cent higher than last February. 

Phone(403) 270-7601

Email[email protected]

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

Refine Results
4156 Properties
Page 1 of 347
110 Auburn Meadows View SE #418 Calgary, AB t3m 2m2
$250,000
Neighbourhood: Auburn Bay
110 Auburn Meadows View SE #418
Calgary, AB t3m 2m2
2
Beds
1
Baths
581
Sq.Ft.
2017
Year Built
1
Day on Site
A1221510
MLS®
Welcome home to this TOP FLOOR 2 bed 1 bath apartment in the esteemed lake community of Auburn Bay, in SE Calgary AB. It is perfectly located right next to a ton of amenities, and to the future...
RE/MAX Real Estate (Mountain View)
3704 47 St SW Calgary, AB T3E 3X4
$699,900
Neighbourhood: Glenbrook
3704 47 St SW
Calgary, AB T3E 3X4
4
Beds
2
Baths
1,118
Sq.Ft.
1962
Year Built
1
Day on Site
A1221590
MLS®
EXCELLENT LOCATION!!! Tucked away in the heart of Glenbrook on a quiet dead-end street on a massive 56 ft x 120 ft corner lot surrounded by green-space. This well-designed 3+1 bed, 2 bath bungalow...
RE/MAX Real Estate (Central)
35 Inglewood Park SE #315 Calgary, AB T2G 1B5
$388,000
Neighbourhood: Inglewood
35 Inglewood Park SE #315
Calgary, AB T2G 1B5
2
Beds
2
Baths
965
Sq.Ft.
2010
Year Built
1
Day on Site
A1221716
MLS®
Immaculate end unit original owner 2 bedroom,1 den, 2 bathroom condo with Air Conditioning! Ideally located steps from Pearce Park & Bow river pathways! 9 foot ceilings in this open design w/high end...
Ymk Real Estate & Management Inc.
1472 Legacy Circle SE Calgary, AB T2X 2J4
$499,900
Neighbourhood: Legacy
1472 Legacy Circle SE
Calgary, AB T2X 2J4
3
Beds
2F11/2
Baths
1,348
Sq.Ft.
2015
Year Built
2
Days on Site
A1221294
MLS®
Welcome to your new home! This bright and airy home features an open concept layout with a large living room, well sized dining are and modern kitchen with stainless steel appliances, quartz counters...
Real Estate Professionals Inc.
108 Country Village Circle NE #312 Calgary, AB T3K 0E3
$235,000
Neighbourhood: Country Hills Village
108 Country Village Circle NE #312
Calgary, AB T3K 0E3
2
Beds
2
Baths
852
Sq.Ft.
2007
Year Built
2
Days on Site
A1220868
MLS®
Welcome to Country Village! This beautiful 2 bedroom and 2 bathroom unit on the 3rd floor features a great open concept floor plan. The optimal location for anyone wanting all major amenities within...
RE/MAX Real Estate (Central)
82 Cedardale Crescent SW Calgary, AB T2W 3Z5
$354,900
Neighbourhood: Cedarbrae
82 Cedardale Crescent SW
Calgary, AB T2W 3Z5
4
Beds
2F11/2
Baths
1,370
Sq.Ft.
1979
Year Built
2
Days on Site
A1216359
MLS®
Huge 4 bedroom plus BONUS room 2.5 bath townhome , single attached garage and FENCED backyard with new decking located on a quiet street in Cedarbrae . Upon entering you are welcomed to a large...
Century 21 Bamber Realty Ltd.
327 Mahogany Ct SE Calgary, AB T3M 0T5
$789,000
Neighbourhood: Mahogany
327 Mahogany Ct SE
Calgary, AB T3M 0T5
5
Beds
3F11/2
Baths
2,406
Sq.Ft.
2009
Year Built
2
Days on Site
A1218373
MLS®
Welcome to this wonderful, bright home located in a quiet cul-de-sac and only minutes from the lake in Mahogany!
With over 3300 sq feet of living space, this home offers 4 bedrooms on the upper...
RE/MAX Real Estate (Mountain View)
435 13 Ave NE #1 Calgary, AB T2E 1C3
$475,000
Neighbourhood: Renfrew
435 13 Ave NE #1
Calgary, AB T2E 1C3
3
Beds
2F11/2
Baths
1,435
Sq.Ft.
2003
Year Built
2
Days on Site
A1220851
MLS®
Beautiful tree lined street, friendly community, excellent price point. Welcome to this bright and updated townhome in the inner-city neighbourhood of Renfrew. With over 1900 sq ft of living space,...
Cir Realty
1225 15 Ave SW #805 Calgary, AB T3C 0X6
$275,000
Neighbourhood: Beltline
1225 15 Ave SW #805
Calgary, AB T3C 0X6
2
Beds
1
Baths
775
Sq.Ft.
1969
Year Built
2
Days on Site
A1221260
MLS®
This TOP floor/penthouse suite with two bedrooms is move-in ready! Live at the heart of the beltline area only steps away from amenities on 11 Street and the excitement of 17 Avenue SW. Featuring...
Listed by Ray Riley
379 Whitlock Way NE Calgary, AB T1Y 5C9
$485,000
Neighbourhood: Whitehorn
379 Whitlock Way NE
Calgary, AB T1Y 5C9
5
Beds
3F11/2
Baths
1,160
Sq.Ft.
1979
Year Built
2
Days on Site
A1217820
MLS®
Great Location! WELCOME to the fully renovated 3+2 Bedrooms and 3.5 Bathrooms Stunning Home in most Convenient WHITEHORN Community of NE CALGARY. This recently Renovated Four Levels Split Home Offers...
Grand Realty
23 Millrise Dr SW #308 Calgary, AB T2Y 3V1
$204,900
Neighbourhood: Millrise
23 Millrise Dr SW #308
Calgary, AB T2Y 3V1
1
Beds
1
Baths
597
Sq.Ft.
2008
Year Built
2
Days on Site
A1220681
MLS®
Incredible opportunity in fully loaded SE condo 'The Canvas at Millrise . This third floor unit comes with a contemporary kitchen you are going to LOVE with stainless appliances, maple-designed...
Exp Realty
2022 41 St SE Calgary, AB T2B 1C6
$349,000
Neighbourhood: Forest Lawn
2022 41 St SE
Calgary, AB T2B 1C6
3
Beds
2F11/2
Baths
828
Sq.Ft.
1946
Year Built
2
Days on Site
A1221331
MLS®
INVESTOR ALERT! RCG Zoned 50x120FT Lot! This cute 3 bed 2.5 bath home is the perfect investment or for the 1st time home buyer! Close to shopping, schools and major road arteries. New hot water...
Cir Realty
Calgary Communities

Post a Comment

Related Posts