CREB: Calgary home sales increase but economic uncertainty, unemployment remain

The Calgary Real Estate Board (CREB) released its July 2020 report showing that detached and semi-detached home sales rose compared to last year’s levels. Despite this, it noted that year-to-date sales remain 15 percent lower than last year. (File photo: Tierra Mallorca/Unsplash)

Improvements are seen in the house sales in Calgary but it is still too early to declare a recovery that is of the same level as the pre-pandemic status.

The Calgary Real Estate Board (CREB) released its July 2020 report showing that detached and semi-detached home sales rose compared to last year’s levels. Despite this, it noted that year-to-date sales remain 15 percent lower than last year.

Ann-Marie Lurie, chief economist of CREB acknowledged these improvements but insisted that “it is too early to say things are shifting back to pre-pandemic levels.”

“We are still facing record-high unemployment rates, significant government aid, and uncertainty throughout the business community and this will continue in the coming months,” she continued.

The shutdowns caused by the coronavirus disease 2019 (COVID-19), according to the report, “occurred over the traditionally busiest quarter for real estate sales.”

CREB also reported on the effect on other types of homes in Calgary.

“Year-over-year price declines ranged from more than eight percent for row properties to nearly three percent for semi-detached and apartment properties,” it added.

According to CREB, the following are the average prices of homes:

• Total Residential – $418,000
• Detached – $485,800
• Semi-Detached – $391,500
• Row – $270,800
• Apartment – $243, 400