Mario Toneguzzi’s guest on Business Insider: Tanya Eklund, realtor with RE/MAX Real Estate (Central) and the Tanya Eklund Group, discusses the booming Calgary resale housing market this spring.

Following a booming month of sales activity in April, Calgary’s resale housing market continued its frenzied pace in May with MLS sales and prices soaring compared to a year ago – and another record being set.

According to the Calgary Real Estate Board, sales of 2,989 in May were up 177.3 per cent from a year ago.

New listings of 4,562 rose by 88.6 per cent year over year while active listings at the end of the month were up by 13.60 per cent to 6,782.

The median sale price rose by14.21 per cent to $458,000 while the average MLS sale price of $510,908 increased by 16.31 per cent. The total residential price – the benchmark price – rose by 10.6 per cent to $455,200.

It also took less time in May to sell a home as the average days on the market fell to 32 from 60 a year ago, which represented a 46.67 per cent decline. Also the months of supply, which measures how long it would take for all the inventory to be sold at the current demand, has fallen by 59 per cent from a year ago to 2.27 months.

“The recent gains in prices have encouraged more homeowners to list their homes and take advantage of the current market situation,” said Ann-Marie Lurie, CREB’s Chief Economist.

“However, the inventory gains are still not enough to offset the demand growth and the market continues to favour the seller. Prices are rising, but they are still recovering in our market from previous highs in 2014. Only detached and semi-detached home prices in certain districts and communities have recovered to the level of previous monthly highs.”

Sales have been rising across all product types, but homes priced above $600,000 represent a larger-than-usual share of all sales. The upper end of the market only reflected 16 per cent of city sales last May, compared with this year where it now reflects nearly 26 per cent of all sales, added CREB.

Mario Toneguzzi, based in Calgary, has more than 40 years experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald covering sports, crime, politics, health, faith, city and breaking news, and business. He now works as a freelance writer and editor as well as a consultant in communications and media relations/training.

He is VP of Content & Strategy for MegaPixx Media, which owns and operates YYC Business, and owner of Mario Toneguzzi Communications Inc. 

Mario is a regular contributor to various national and local publications including Retail Insider, RENX, Globe and Mail, The Star, National Post, Real Estate Magazine, Troy Media, YYC Business, Grocery Business Magazine and many others. He’s also a host for Calgary and Edmonton on Canada’s Podcast network. And he’s a regular contributor of content for companies and organizations to populate their websites.

Frequent commentator on television and radio on business news, issues and trends.

Named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list.

Part of the Herald’s National Newspaper Award winning newsroom for coverage of the June 2013 floods in Calgary.

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