Benchmark home prices hit record highs

Calgary real estate resales posted the second highest activity since 2010 last month, trailing only February 2022, but the market saw new highs in benchmark prices across all housing types, new statistics show. Calgary Real Estate Board market numbers from February reveal that 2,135 sales took place, up nearly 23 per cent year over year.

Although robust, sales didn’t match the all-time record for February set in 2022 when 3,305 transactions took place, driven by concerns the Bank of Canada would hike interest rates the following month after several years of historically low borrowing costs.

Yet high demand last month was enough to push the benchmark price of a home up 10.3 per cent in February, to an all-time high of $585,000.

The largest segment, detached homes, saw sales grow 20 per cent. It’s also the priciest segment with its benchmark rising 13 per cent in February to $721,300 — also a new high.

Apartment sales grew 30 per cent. It also was the second most active housing type in the city. Its benchmark price also set a record, increasing 17 per cent to $329,600.

Row home sales jumped 12 per cent in February, year over year, and its benchmark price rose 19 per cent to $436,500.

Semi-detached homes saw the biggest jump in sales year over year, percentage wise, up 36 per cent. Still, the housing type only makes up less than a 10th of all sales activity. Its benchmark increased 13 per cent to reach $639,100.

Supply remained low in the city in February. Row homes had the least supply, though supply for other types was also well below the long-term average of two months.