Calgary Real Estate Board reports 17 per cent increase in home sales for October

The Calgary Real Estate Board says the city saw 2,171 home sales in October, marking a 17 per cent increase compared with the same month last year and among the highest levels it has ever reported for October.

New listings also rose compared with last year, reaching 2,684 units, which mark the most reported for October since 2015.

But inventory levels in October remained more than 40 per cent lower than what’s traditionally available for the month as relatively strong sales prevented any significant shift.

The unadjusted residential benchmark price rose to $571,600, nearly 10 per cent higher than October 2022.

CREB chief economist Ann-Marie Lurie says supply levels remain a challenge in the market and “it will take some time to see a shift toward more balanced conditions and ultimately more price stability.”

The board reported record high sales of apartment condominiums thanks to big gains in new listings, and noted that year-to-date price gains for the category have occurred across every district in the city.

This report by The Canadian Press was first published Nov. 1, 2023.

The Canadian Press