Calgary’s housing market saw frantic buying in November as homebuyers rushed to purchase a property before interest rates rise.
The latest data from the Calgary Real Estate Board (CREB) shows that home sales in the city reached 2,110 – a 47% jump from a year ago and nearly breaking the November record set in 2005.
However, November’s home sales represented a slight deceleration from the previous month when a record 2,186 houses were sold during October.
All Calgary property segments posted double-digit sales increases in November. New listings in November struggled to keep pace, rising only 15.2%.
CREB noted that it’s typical to see a slowdown in new listings and inventory levels during the colder months, but home sales have hovered around the same level since August of this year.
The agency attributed the sustained sales momentum to the fact that interest 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 and owning a house becomes more expensive.
Strong demand and limited supply pushed the benchmark price of a property in Calgary up to $461,000 in November, or nearly 9% higher compared to a year earlier.
