Calgary's February home sales remained relatively strong compared to long-term trends, but the amount of new listings recorded in the month were the lowest registered since 2006. CREBNow | realestate realestatenews Calgary housingmarket
The real estate market tends to follow a reliable pattern: home sales dip in the winter, rise in the spring, temper off in the summer, and then find new life again in the fall before the winter dip. The Calgary market appears to be following that seasonable trend, according toLast month, Calgary registered a total of 1,740 sales and 2,389 new listings.
“While higher lending rates are impacting sales activity as expected, we are seeing a stronger pullback in new listings, keeping supply levels low and supporting some stronger-than-expected monthly price gains,” said CREB Chief Economist Ann-Marie Lurie. “Prices are still below the May 2022 peak and it is still early in the year. However, if we do not see a shift in supply, we could see further upward pressure on prices over the near term.
With Calgary seeing 1,740 sales and 2,389 new listings in February, the sales-to-new-listings ratio is 72.8%, a strong sign that sellers may have an advantage at the moment.
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