Calgary residential MLS sales were booming in February compared with a year ago, rising more than 50 per cent year over year, according to data released Monday by the Calgary Real Estate Board.
In its monthly MLS report, the board said sales of 1,836 were 54.3 per cent higher than in February 2020.
It said this was the best February since 2014.
“Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” said Ann-Marie Lurie, CREB’s Chief Economist.
“Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.”
Also in February, new listings of 2,848 rose by 13.2 per cern from a year ago but the inventory of homes for sale at the end of the month was still down 20.4 per cent from last year.
“The market has faced relatively low inventory levels compared to sales for the past several months and prices continue to trend up. In February, the residential benchmark price rose over the previous month and currently sits four per cent above last years’ levels,” said CREB.
The benchmark price was $431,100 for all residential properties in the city.
CREB also said the months of supply, which measures how many months it would take to sell all the inventory given the current demand, was 2.46 in February. That has fallen by 48.4 per cent from February 2020.