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Interprovincial migration helps fuel tight Calgary housing market as inventory falls


The Calgary Real Estate Board says March home sales were up 9.9 per cent from last year as interprovincial migration to Alberta contributed to tight market conditions.

The board says 2,664 units changed hands last month, while the benchmark price across all home types was $597,600 for March – up 10.9 per cent from a year earlier and two per cent from February.

Relatively more affordable housing types, such as row and apartment-style homes, saw the most significant year-over-year price gains.

New listings fell 4.3 per cent to 3,172 and there were 2,532 units in inventory, 22 per cent lower than last year and half the levels traditionally seen in March. The board says inventory levels declined the most for homes priced below $500,000.

Ann-Marie Lurie, chief economist at CREB, says conditions for March have not been this tight since 2006, which also marked the last time Calgary experienced high levels of interprovincial migration.

Properties were on the market for an average of 20 days before selling in March, down 24.3 per cent from last year.

This report by The Canadian Press was first published April 1,2024.

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