The Calgary Real Estate Board says March home sales in the city hit a level not seen in a decade as low lending rates and more savings continued to impact the market.
The Alberta organization revealed Thursday that sales for the month amounted to 2,903, a 147 per cent increase from the 1,174 sales in March 2020.
The sharp spike is the highest level of sales the market has seen since 2007, and the latest evidence that the COVID-19 pandemic has done little to discourage buyers from wading into the market.
The low volume of homes for sale means those that were on the hunt for homes found few to choose from and faced plenty of competition from other bidders.
CREB said inventory slid to 5,416 properties from 5,863 in the year prior and was the lowest level of the city has seen since March 2014.
New listings for the month across all housing types totalled 4,437, up about 83 per cent from 2,418 last March.
“Low lending rates and improved savings have supported sales activity,” said CREB chief economist Ann-Marie Lurie in a statement.
“However, sales have been somewhat restricted by the lack of listings. This month there was a jump in new listings, contributing to the strong monthly sales.”
