Home sales momentum in August carried into September

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The increase in homes sales in Calgary in August has carried over to the first two weeks of September.

“Between August 1 and 15, there were 1,818 sales in Calgary. In the first two weeks of September, there were 1,902 sales, a 4.6 per cent increase from the two weeks in August,” says Lowell Martens, Re/Max Real Estate, Mountain View. “This is likely due to buyers who held off in April and May and ended up purchasing in August, after the peak of the COVID-19 lockdowns. The typically busy spring market was delayed to the summer months.

“On top of this, prices are trending down and with interest rates being where they are now, this is motivating buyers to make a purchase.”

Sales are also up on a year-over-year basis in September.

In 2019, there were 1,506 sales between September 1 and 15. With the 1,902 sales in the same period in 2020, this is up 26 percent,” says Martens. “This increase is likely due to the delayed spring market now translating to an uptick in sales in September.”

Jesse Davies of Century 21 Elevate Real Estate says two home types are performing above the general 26 percent increase.

“September is off to a good start, with the heroes being row townhomes and attached homes, with sales volumes up 48 percent and 50 respectively, compared to this time last year,” says Davies.

While Martens is optimistic about the coming months, he has a cautionary observation.

We expect steady activity for the remainder of the year,” he says, adding, “While there’s a lot of interest from buyers now, Calgary still has one of the highest unemployment rates in Canada.”