CALGARY — The Calgary Real Estate Board says home sales have slowed from the record-setting pace seen earlier this year, but rose on a year-over-year basis in August.
The Alberta board says 2,151 homes were sold in Calgary last month, up almost 37 per cent from 1,574 in August 2020 but down from 2,319 in July.
The market has seen 19,516 sales this year, a rise from 10,044 at the same time last year.
New listings for the month amounted to 2,822, up about nine per cent from 2,578 last August and down from 3,296 in July.
The average price of a home also climbed to $488,043 in August from $470,271 during the same month last year.
The board's chief economist Ann-Marie Lurie says the figures demonstrate that sales have exceeded expectations, but supply could not keep pace.
"Conditions shifted to favour the seller, something that has not happened in over six years,” she said in a news release.
“With more buyers than sellers, prices rose, providing opportunity for many of the move-up buyers in the market. Over the past several months we have seen some adjustments in supply relative to sales, helping move us toward more balanced conditions.”
This report by The Canadian Press was first published Sept. 1, 2021.
The Canadian Press
