Calgary real estate hits eight-month price high amid inventory crisis

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Calgary’s real estate market hit a new milestone in August as prices rose for the eighth consecutive month.

According to figures released by the Calgary Real Estate Board (CREB) on Sept. 1, the city’s unadjusted benchmark price reached $570,700 in August, a 0.53 per cent increase from July and a 7.9 per cent uptick compared to last year. Row homes showed the greatest price growth, up one per cent month over month and 15.7 per cent from last year.

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Fuelled by the condominium market, Calgary also set a new sales record for the month of August with 2,729 transactions. However, despite the month-over-month growth, year-to-date sales continue to lag 15 per cent behind last year’s pace.

The market is also grappling with an inventory crisis, as the number of available units plummeted to a record low of 3,254 — significantly below the usual 6,000 units.

“Higher lending rates have led many potential buyers to hold off on purchases or opt for more affordable options,” CREB chief economist Ann-Marie Lurie said. “However, the real issue remains the availability of supply, especially for detached homes. Sellers are in a strong position, which is further driving up prices.”

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