Greater Vancouver\u2019s housing market shows signs of rebalancing mid-March<\/a><\/strong>\r\n <\/div>\nRow sales hit an all-time record high in March with 1,550 year-to-date sales, a 96 per cent increase over last year. For the month alone, there were 709 row homes sold in March, 85 per cent more than in 2021.<\/p>\n
Apartment sales also exploded in March, establishing the best start of the year on record according to CREB. Last month, 771 units exchanged hands, a 100 per cent increase year-over-year. In 2022 so far, 1,692 condos have been sold in Calgary.<\/p>\n
Available home supply hovers around one month\u2019s worth<\/h3>\n
Despite the rise in properties sold, the Calgary market still maintains comparatively low levels of inventory.<\/p>\n
The months of supply for detached homes has been below one month since December, CREB stated. There is currently 0.96 months of detached supply available in the region. Last month, 3,152 new detached listings came online.<\/p>\n
Semi-detached inventory levels remain almost 70 per cent lower than long-term trends for this time of year, CREB said, even as 456 new listings in this category were added to March\u2019s market. In March, there was 1.08 months of semi-detached home supply on the market. Supply for row homes was at the lowest March levels recorded compared to the past seven years. A total of 881 row homes were added to the market last month, but there was only 0.89 months of inventory available in this category.<\/p>\n
Less supply for other property types likely drove some to purchase condos, which caused available units to \u200b\u200bfall to the lowest level on record since 2007. In March, 996 new Calgary condos became available, equaling 1.51 months of inventory for that month.<\/p>\n
Prices continue to climb in March<\/h3>\n
Lower levels of supply helped to drive up Calgary prices in March.<\/p>\n
Now, over 57 per cent of the available detached home supply is priced over $600,000. Last month, the benchmark price for detached homes grew to $620,500, $73,000 more than December\u2019s prices and 20 per cent higher than levels recorded in 2021.<\/p>\n
On a yearly-basis, prices for semi-detached properties increased 16.3 per cent to $478,400. The benchmark price climbed to $335,400 for a row home, up four per cent from February and nearly 17 per cent from the same time last year. The benchmark price for a Calgary condo increased to $265,900 last month, up three per cent monthly and an increase of 6.1 per cent from 2021.<\/p>\n
![\"The](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/04\/creb-march-market.jpg\")
<\/a>Photo:\u00a0Sergii Figurnyi<\/a> \/ Adobe Stock<\/em><\/p>\n