CALGARY — The Calgary Real Estate Board says a seller's market persists in the city as a strong level of sales drove up prices in May.
The CREB says 2,989 homes were sold last month, which was a record for the month of May, although a decrease from 3,209 home sales in April.
The board reported 1,080 homes sold in May 2020 when the market was hurt by the pandemic.
Ann-Marie Lurie, the Calgary board's chief economist, says rising prices encouraged more homeowners to list their properties to cash in on current market conditions, with 4,562 new listings in May.
She says the increase in listings still didn't outpace growing demand, which has kept prices afloat.
The board says the unadjusted benchmark price sat at $455,200, which was one per cent higher than last month and nearly 11 per cent higher than prices recorded last year when the economy was first grappling with the COVID-19 pandemic.
This report by The Canadian Press was first published June 1, 2021.
The Canadian Press
