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Calgary Real Estate Market March 2021

If this was written on April 1, it might be interpreted as a joke.
 
But the housing market is no longer a joke. It is hot, very hot.  March sales were the best since the glorious spring of 2007.  Personally, I was involved in over a half dozen multi-offer deals, and needless to say, with the competitive bidding, it was difficult to win any of them.
 
Over the past 4 or 5 months we have gone from a bonafide buyer's market to a hot seller's market.  Listings had been pulled off, but now, as a response, they are being "dumped" on the market by the hundreds every day.  Of course, there are gems, but they are priced high. There are no longer any bargains. The multi-bids (I've seen 5 or 6 bids in the first few hours of a listing), happen when something is listed at an obvious low price to trigger multiple offers. All of these are the detached houses which have shown the biggest bounce back price wise. At nearly 11% increase from this time last year, the real growth has to put in context:  prices dropped 5% from March (onslaught of covid) to November when they bottomed, meaning that the increase since then has really been about 15 or 16% --- IN JUST A FEW MONTHS!
 
Detached homes  sold 147% more than last year, Townhouses 152% more, Semi-detached 134% more and even apartments did well at 76% more. New listings are creeping up as mentioned from 57% to 95% across the board. Still that leaves active listings between 7.5% down (detached), 3% down in townhouses, a whopping 30% down in Semi-detached (builders have stopped building these or pulled them off the market), and only condos have an increase in Active listings by 17%. Average. As mentioned, detached are up 11 to 12% in average price, townhouses 7 percent,  semi-detached up 4.65%, and for the first time, condos are UP by a percent.
 
Will the frenzy continue? Certainly not at this rate -  but Calgary's market has legs.  We're still a ways from the 2014 levels and we can easily pass that once the pandemic ends. And we have a long way to go to catch Ontario and BC house prices. With all the economic stimulus going on everywhere, we could ride this train until oil prices find their healthy price point. There's also indication a lot of economic diversity is about to happen. Every day from 70 to 150 houses sell, with many more than a million dollars, and plenty in the 600-900 range, which we never saw before.
 
But then, people are still unemployed -- but they're not the ones buying the houses.  I think we'll have a healthy spring/summer, maybe a bit of drop off in late summer. 
After that is really unpredictable. 
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