CALGARY — The Calgary Real Estate Board says home sales soared by nearly 47 per cent last month, just shy of a November record set in 2005.
The board says home sales for the month amounted to 2,110, up from 1,437 during November 2020.
New listings rose about 15 per cent to 1,989 last month from 1,727 during the same month last year.
The average price of a home in Calgary reached $491,160, up about eight per cent from $456,400 last November.
The board says homes listed for sale in November spent an average of 46 days on the market, down from 55 days during the same month last year.
Chief economist Ann-Marie Lurie says the figures indicate the market is experiencing heated conditions.
“Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise,” Lurie, said in a statement.
“At the same time, supply levels have struggled to keep pace, causing tight conditions and additional price gains.”
This report by The Canadian Press was first published Dec. 1, 2021.
The Canadian Press