Calgary housing crunch continues
Posted Apr 1, 2014 3:11 pm.
This article is more than 5 years old.
The search for a house in the city is becoming costlier.
The average sale price for single family homes has climbed by 7.32 per cent to over $556,000 in March.
The Calgary Real Estate Board (CREB) said sales activity resulted in the lowest March inventory levels since 2006.
It’s economics 101: when there is more demand than supply, the price is likely to rise.
Chief Economist with CREB, Ann-Marie Lurie, said the problem is the amount of listings.
“Single families remain a bit tight and the market remains very tight. So no change in demand. Demand’s been very strong,” she said. “But, that lack of supply in the single family market has definitely tightened it further from what it already was.”
Lurie said warmer weather could provide some relief as more units will be built.
The demand is a result of strong year of net migration and employment growth.
She said there is a crunch for affordable houses, but condos are becoming more available.
