(MENAFN - Baystreet.ca)
The housing market in Calgary, Alberta set a record in April.
While Toronto and Vancouver's housing markets tend to get all the attention, home sales in Calgary are rebounding from lows triggered by the COVID-19 pandemic and hitting new highs, according to the city's real estate board.
The Calgary Real Estate Board said 3,209 homes were sold in the city during April compared with 571 during the same month last year, when economic shutdowns led to a massive sales decline. That equates to a year-over-year increase of 462% for the Calgary housing market.
The real estate board said the recent surge in home sales came as the market entered the third wave of COVID-19, suggesting that optimism was building around housing and the economy's recovery even as the health crisis continues.
Last month's surge is likely the result of potential buyers "wanting to enter the market before any further changes occur in prices, interest rates and lending policy," said the Calgary Real Estate Board in a news release.
The latest figures show new home listings soared by 227% to reach 4,670 in April, up from 1,425 in the same period last year. The city's inventory amounted to 6,070 homes, an increase from 5,645 during April 2020.
The average home price climbed to $451,400 in April, up from $413,200 at the same time last year. The average home price was up more than 20%, rising to $509,294 from $423,338 a year earlier.
Detached homes hit a new record high for the month with 2,046 sales in April and an average price of $529,100, up nearly 11% from last year and more than $30,000 higher than levels recorded at the start of 2021.
The condominium and apartment market was also strong in April. The category saw 1,280 condos sold so far this year, making it the strongest sales level seen in the past six years. The average condo and apartment price was $251,900 in April, a more than 3% jump from last year.
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