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Another month passes, and another sales record falls.
August was a record-breaking month for resales in Calgary’s real estate market, the latest data from the Calgary Real Estate Board shows.
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The city saw 2,729 sales in August, an increase of nearly 28 per cent from the same month last year. That’s the fourth consecutive month of monthly sales record in the city, even as year-to-date sales still trail those of 2022 by 15 per cent.
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Last year, all-time sales records were set in February and then March, with a monthly record set in April as well, before interest rate hikes took a significant bite out of demand for homes in Calgary.
Yet demand has remained strong in the city as the economy continued to show strength while drawing record-high migration to Alberta, which has driven up prices in the face of shrinking supply of homes on the market.
In fact, August saw a record low for inventory of just 3,254 units — which is well below the typical level of 6,000 homes on the market for sale.
In turn, the benchmark price achieved another record, hitting $570,700, up nearly eight per cent from the same month last year. CREB reported that the record was the eighth consecutive month of price gains in the city.
Prices grew in all segments with row homes and apartment condominiums seeing the largest gains. Row’s benchmark increased 16 per cent year over year to $413,200 and while apartments’ benchmark grew 14 per cent to $309,100.
Single-family detached homes’ benchmark grew 10 per cent to $696,700 while semi-detached was up 10 per cent year over year to $623,200.
All segments saw record-high benchmark pricing, according to CREB data.