For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.

Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over three per cent lower than last year's levels.

With many people trading in their downtown commute for a home office due to the COVID-19 pandemic, proximity to the city centre has been less of a priority for house hunters this year.

In fact, a new emphasis on creating comfortable, productive workspaces within the home and the reduced importance of living anywhere near the office have increased buyer interest in areas just outside Calgary's city limits – where prices are lower and space is plentiful.

With strong gains in the detached sector, October sales in the city reached 1,764 units. This is a 23 per cent increase over last year and well above longer-term averages.

The gain in citywide residential sales outpaced the growth in new listings, supporting tighter market conditions and improving prices.

September sales activity jumped to 1,702 units, the strongest September total since 2014.

New listings in September improved over last month, but levels remained comparable to the previous year. The increase in sales relative to new listings did prevent any monthly gains in inventory levels, but supply in the market is still down 12 per cent compared to last year.

Third-quarter activity was far better than original expectations, as sales activity in the city improved by nearly 12 per cent over last year's levels.

Some of the shift in the third quarter reflects activity that likely would have occurred in the second quarter. The housing market also benefited from easing lending rates and previous price declines. Gains were driven by all property types except apartment condominiums.

Total residential sales in August were relatively stable compared to last year with year-over-year gains in the detached and row sectors.

With higher sales for both detached and semi-detached product, July sales totals rose above last year's levels. Despite the improvements in July, year-to-date sales remain 15 per cent lower than last year's levels.

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The second quarter of 2020 marked the first full quarter since COVID-19 began to weigh on the economy.

Calgary housing sales slowed by 35 per cent compared to the previous year. This is better than original expectations, thanks to June figures that were far stronger than initial estimates. The pullback in new listings in the second quarter caused inventories to trend down, preventing a more significant decline in prices.

For many Calgarians, the idea of living beside a lake is extremely appealing. Thankfully, Calgary is home to several lake communities, and each has its own unique character and mix of amenities.

For those thinking about buying their own lakefront oasis, here's a look at each of Calgary's established lake communities to help you find the one that's right for you: