May day

May sales activity highest ever recorded for Calgary

There were 2,948 sales in Calgary in May, a 16 per cent increase compared to the same time last year.

The numbers are the highest recorded in Calgary for that month, ever.

"Strong sales activity is a reflection of improving fundamental conditions such as a growing population, favourable lending rates and rising wages," said Ann-Marie Lurie, CREB's chief economist. "Leading up to May, resale market sales were somewhat restricted by a lack of choice. However, recent price gains have encouraged growth in new listings, helping meet some of the housing demand." In May, new listings totaled 4,327, a 16.5 per cent rise over figures reported during the same time last year with gains in new listings nearly matching sales growth. While inventories remain nearly five per cent below levels recorded last year, this is first time in over two years that year-over-year declines were not in the double digits.

While market conditions continue to favour the seller, improving supply has helped ease some of the tightness in the market.

"Market conditions vary depending on the product type," said CREB president Bill Kirk. "Both condominium apartment and townhouse style products have recorded inventory growth relative to last year. This is good news for consumers looking for more choice in condominiums priced between $200,000 and $400,000."

* Read more in the June 6 edition of the CREBNow real estate news.