There has been recent gains in citywide residential sales that are outpacing the growth in new listings.
According to the Calgary Real Estate Board (CREB), Calgary's detached home sector grew in sales in October to 1,764 units, a 23 per cent increase over the last year.
"Over the past several years, higher lending rates and the stress test pushed many out of the detached housing market,” said CREB chief economist Ann-Marie Lurie. “However, recent declines in rates, combined with prices that are lower than several years ago, have brought back some of that demand.
“However, price improvements are not occurring across all product types, and price ranges and downside risk still hangs over future conditions."
October's largest gains in sales occurred for homes priced above $600,000.
“When looking at price movements by district, the only city district to record further price declines was the City Centre," said CREB officials in a statement. "The South and South East districts recorded year-over-year price gains of around four percent. Despite recent price movements, prices in all districts remain far from recovery and are well below previous high."
There were more new listings in October 2020 than in October 2019, and a significant improvement over the summer months of 2020.
Even with the recent surge in sales, CREB says year-to-date sales are nearly six per cent lower than what they were in 2019.
CREB say, as of October, the benchmark price totaled $248,600, and over one per cent below last year's levels. Benchmark prices have gone up over the past four months, and October prices were slightly higher than in 2019.