Highest December Real Estate Sales Total Since 2007.

CREB - City of Calgary Monthly Stats

Amidst economic challenges, housing market ends 2020 on a high note

City of Calgary, January 4, 2020 -

With December sales of 1,199, this is the highest December total since 2007.
“Housing demand over the second-half of 2020 was far stronger than 
anticipated and nearly offset the initial impact caused by the shutdowns 
in spring. Even with the further restrictions imposed in December, it did
not have the same negative impact on housing activity like we saw 
in the earlier part of the year,” said CREB® chief economist Ann-Marie Lurie.
Attractive interest rates along with prices that remain lower than several 
years ago have likely supported some of the recovery in the second half of 
the year. However, it is important to note that annual sales activity declined 
by one per cent compared to last year and remain well below long-term 
averages. New listings in December increased by 11 per cent. However, the
number of sales exceeded the number of new listings in December 
contributing to further declines in inventory. Reductions in supply and 
improving demand in the second half of the year have contributed to some 
of the recent price improvements in the market. However, the recent gain 
in the benchmark price was not enough to offset earlier pullbacks as the 
annual residential benchmark price in Calgary declined by one per cent 
over last year. 

The pandemic has resulted in a significant shift in economic conditions, yet
the housing market is entering 2021 in far more balanced conditions than we
have seen in over five years. This will help provide some cushion for the 
market moving into 2021, but conditions will continue to vary depending on 
price range, location, and product type. 

For more event details, please visit: crebforecast.com.