Benchmark prices for all home types in Calgary reach new highs
Calgary’s real estate market has recorded significant activity, demonstrating resilience and growth that has led to unprecedented benchmark prices across all housing types. The Calgary Real Estate Board’s latest market figures from February have unveiled that the city’s real estate resales achieved remarkable numbers, marking the second highest activity level since 2010.
Last month witnessed an impressive total of 2,135 sales, showcasing a nearly 23 per cent increase compared to the year-over-year statistics. This surge in sales activity, although not surpassing the all-time record for February set in 2022 with 3,305 transactions, points to a robust and steady market. The previous peak in transactions was largely attributed to concerns over potential interest rate hikes by the Bank of Canada, following a period of historically low borrowing costs. This prompted a flurry of market activity as buyers aimed to lock in favorable rates.
The significance of these figures extends beyond just the number of transactions; it also reflects on the market values. For the first time, Calgary has experienced a new benchmark in pricing across all types of homes. This milestone illustrates a growing confidence in the city’s real estate market, underpinned by a demand that continues to outstrip supply in many sectors.
The achievement of new price benchmarks across all housing types in Calgary signals a notable shift in the market dynamics. This trend presents both opportunities and challenges for potential buyers, sellers, and investors. On one hand, homeowners might revel in the increased valuation of their properties. On the other, prospective buyers may face heightened barriers to entry into the market due to rising prices. Nonetheless, this uptick in market activity and prices could spur further investment into Calgary’s real estate sector, promising an interesting trajectory for the city’s housing landscape in the coming months.
