Howard is a Staff Writer based in Vancouver. He was formerly the Deputy Editor of 604 Now, and has written about the media industry for OneZero and international politics for WhoWhatWhy.
The Calgary real estate market is now much in line with those of many other major Canadian cities: demand is high, but inventory is far too low.published by the Calgary Real Estate Board on Friday, the City of Calgary recorded a grand total of 2,135 home sales, which represents a 22.8% year-over-year increase. New listings also improved in February, reaching 2,711, which represents a 13.6% year-over-year increase.
"It is this strong demand and low supply that continues to drive price gains in Calgary," says CREB Chief Economist Ann-Marie Lurie. "Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market."Lurie notes in particular that the biggest supply challenge Calgary's housing market is facing right now is with homes priced under $500,000, the supply of which has fallen by approximately 31% in the past year.
Conversely, the CREB describes the supply of detached homes as "below typical levels for February," and both the semi-detached market and rowhouse markets as having a "low inventory situation."Under the proposed bylaw, aimed at reining in unruly cottage renters, properties can only be rented out for 50% of the summer and 50% of the rest of the year.
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