Mario Toneguzzi‘s guest on Business Insider: Anne-Marie Lurie, Chief Economist with the Calgary Real Estate Board, discusses a mid-year report on the local real estate market and what to expect for the rest of 2021.
Calgary Real Estate Board News Release
Within the city of Calgary, sales totalled 15,050 units after the first half of the year, the highest levels seen in more than a decade.
“While pent-up demand and low interest rates were expected to support sales growth in 2021, the strength in housing demand has surprised many, especially given the amount of job loss that occurred due to the pandemic,” said CREB® chief economist Ann-Marie Lurie.
“With some of that pent-up demand now filled, sales are expected to remain strong as we move through the second half of the year, but they should slow to levels more consistent with longer-term trends.”
Sales are expected to exceed 24,000 units on an annual basis, making 2021 the best year of sales since 2014.
Over the first half of the year, supply gains have not kept pace with demand, resulting in sellers’ market conditions and strong price gains. This is especially true in the detached sector, where benchmark home prices went from $492,000 in January to $537,200 in June. Prices in some segments of the market have finally recovered to 2014 highs.
“Recent price gains have also encouraged more sellers to list their homes, helping alleviate some of the tightest conditions experienced throughout March and April,” said Lurie. “The gains in supply are expected to continue in the second half of the year, eventually supporting more balanced conditions and easing the upward pressure on prices.”
The pace of price growth is expected to slow, but thanks to the gains in the first half of the year, prices are still expected to rise by more than eight per cent on an annual basis in 2021.
For the full report, download CREB‘s Q2 2021 Calgary & Region Quarterly Update Report here.
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