Home sales in Calgary rose 23% in February from a year earlier as the housing market continues to rebound after a sharp downturn caused by high interest rates.
The Calgary Real Estate Board (CREB) said that February home sales were up sharply from last year as new listings in the western Canadian city rose.
Sales in Calgary totalled 2,135 units, while the volume of sales in dollar terms rose 41% to $1.25 billion during February.
New listings increased 13.6% to 2,711, while inventory was down just over 14% from February 2023.
The real estate board said that strong demand and low supply are continuing to drive home price increases across Calgary.
The average price for a home sold in Calgary during February was $585,000, up 10% from a year earlier.
Properties in Calgary were on the market for an average of 24 days before selling in February, down nearly 30% from last year.
The housing market across Canada has been rebounding on hopes that interest rates have now peaked and will be moving lower in the coming months.
The average interest rates charged on a home mortgage in Canada is currently between 5.50% and 6%, down from more than 7% last summer.
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