Calgary’s real estate market is booming, and it’s likely to improve even more as the economy recovers from the impact of the pandemic.
The City of Calgary Housing Review for the first quarter of 2021 revealed home sales in the first three months of this year outpaced the same span in 2020 and even 2019. The demand is particularly notable as 5,946 units sold in the Calgary Economic Region from the start of January to the end of March compared with 3,223 in 2020 and 3,101 in 2019.
Sales have grown despite the unemployment rate in the first quarter remaining very high at more than 10 per cent, down slightly from the end of 2020 at more than 11 per cent. The current boom has been driven by pandemic factors such as low borrowing costs and pent-up demand. The report predicts high demand for housing should continue as the vaccination rollout helps ease restrictions. The market's growth should continue into this year as business and consumer confidence gain strength as COVID-19 cases decline.