In their February recap of the Canadian housing market, TD Bank wrote that “the housing markets in Calgary and Edmonton already went through their correction in 2009 and firmer prices and sales are likely to be supported by an above average labour market performance and strong in migration flows.”
That seems to be the case thus far in March as sales are pacing just ahead of last year’s level.
Single family average prices remain elevated due to the continued strength of the high-end market: 26 properties have sold for a million or more compared to 20 last year during the same period.
But that’s not to say that the rest of the market isn’t seeing price gains. The MLS® HPI rose +8.0% year-over-year last month, marking some of the strongest price growth our city has seen since the spring of 2010.
Prices are also being supported by the lack of homes on the market, with inventory down -23%, and new listings off by nearly -3% month-to-date. It could be argued that this lack of supply is also hampering potential sales.