After several years of declines, active MLS listings in the City of Calgary are on the rebound, according to the monthly report from the Calgary Real Estate Board (CREB).
New listings in November outpaced sales, resulting in a 22% increase in active listings but, even with the gain, listings remain below long-term averages.
Over the past year, inventories have been low in the city, limiting some of the choice for consumers. While availability in specific segments and price ranges vary, on the whole, the recent rise in inventories will be welcome news for many buyers.
Year-to-date sales in November recorded double-digit gains in all property types, with the strongest increase coming in the condominium sector, including apartments and townhomes, with a combined growth of more than 19%, putting both housing types at record levels.
Tight market conditions earlier in the year caused significant aggregate price gains. It also resulted in a rise in new listings, supporting gains in inventory levels and a push towards more balanced levels. This has helped ease the upward growth pressure on prices.
While Calgary’s price gains have garnered a significant amount of national attention, several indicators are pointing toward more stable conditions, easing risk associated with an overheating market.