According to CREB (Calgary Real Estate Board) residential sales activity in October has seen 18 per cent rise over the same period in 2012 and pushing year-to-date volume increases to just over 10 per cent.
However, on a year-to-date basis, city wide sales remain far below transactions levels recorded throughout 2005 – 2007.
Year-to-date, the average residential home was on the market for 37 days before selling. That’s 16 per cent less time than last year, but much longer than the 20 days recorded in 2006.
While the rise in new listings was not large enough to result in inventory growth, it is the fourth consecutive month of year-over-year gains.
Price growth and tighter market conditions have encouraged some of the recent rise in new listings alleviating the tightness seen in the market over the last couple of months. In spite of this situation, a seller’s market condition still persist.
Apartment-style condominium prices have been increasing at a faster pace than single-family home prices. Single-family and condominium townhouse prices recorded year-over-year increases of eight per cent, while condominium apartment prices increased by 11 per cent.
Factors like employment growth, strong net migration, lack of rental product and low mortgage rate has contributed to the rise in housing demand over the past two years.