While the rest of the country have been experiencing a boom in sales activity and prices since the early days of the pandemic, Calgary and the broader Alberta real estate market continued to lay low, mainly due to the crash in crude oil prices and the economic downturn.
The monthly report confirmed that the months of inventory, which measures the number of months it would take to exhaust current stock at the present rate of sales, declined to 1.09 months.
“Sales have been somewhat restricted by the lack of supply choice in the market.
The Bank of Canada raise its benchmark rate for the first time since 2018, pulling the trigger on a 25-basis-point hike to 0.5 per cent.
Indeed, 2022 housing forecasts anticipate that prices will continue to record growth throughout the Canadian housing market, including Alberta.
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