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Q2 2021 Housing Report Released

Posted on July 29, 2021 by Steven Hill

City of Calgary, July 29, 2021 –

Within the city of Calgary, sales totalled 15,050 units after the first half of the year, the highest levels seen in more than a decade.

“While pent-up demand and low interest rates were expected to support sales growth in 2021, the strength in housing demand has surprised many, especially given the amount of job loss that occurred due to the pandemic,” said CREB® chief economist Ann-Marie Lurie.

“With some of that pent-up demand now filled, sales are expected to remain strong as we move through the second half of the year, but they should slow to levels more consistent with longer-term trends.”

Sales are expected to exceed 24,000 units on an annual basis, making 2021 the best year of sales since 2014.

Over the first half of the year, supply gains have not kept pace with demand, resulting in sellers’ market conditions and strong price gains. This is especially true in the detached sector, where benchmark home prices went from $492,000 in January to $537,200 in June. Prices in some segments of the market have finally recovered to 2014 highs.

“Recent price gains have also encouraged more sellers to list their homes, helping alleviate some of the tightest conditions experienced throughout March and April,” said Lurie. “The gains in supply are expected to continue in the second half of the year, eventually supporting more balanced conditions and easing the upward pressure on prices.”

The pace of price growth is expected to slow, but thanks to the gains in the first half of the year, prices are still expected to rise by more than eight per cent on an annual basis in 2021.

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2021 Mid Year Top Tier Report | Sotheby's International Realty Canada

Posted on July 14, 2021 by Steven Hill

Renewed confidence in Canada’s post-pandemic return and economic recovery bolstered gains across the country’s major metropolitan luxury real estate markets through the first half of 2021. As the Bank of Canada reported first-quarter GDP growth at a “robust” 5.6%, the Conference Board of Canada projected a 6.1% expansion of real GDP in 2021, with solid economic recovery expected across every province. Resulting confidence, housing demand and eroding luxury real estate inventory were captured in new data compiled by Sotheby’s International Realty Canada that reflect record-breaking levels of activity and prices across the country’s major luxury markets through the first half of the year.

“The pandemic era reinforced the importance of ‘home’ and ‘space’ to a degree that has never been experienced; we expect this to have a lasting impact across many facets of the Canadian luxury real estate market,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada. “Perhaps most profoundly, there has been a major shift in the psychology of luxury real estate consumers and homeowners. The new reality is that as the perceived value of living space has increased, affluent buyers’ ‘willingness to pay’ for luxury real estate has increased exponentially. Affluent consumers are more prepared to invest in additional space and in next-level architecture and design, whether through upsizing, home renovations or home building. This is elevating the quality and pricing of housing in Canada’s most prestigious neighbourhoods, in many cases, permanently.”

According to Kottick, the impact of pandemic luxury market influences previously reported in Sotheby’s International Realty Canada’s 2021 Spring Outlook will continue to cascade across the country’s real estate market in the coming months. Strengthening confidence in a Canadian economic recovery, the anticipated reopening of provincial and national borders to travel and immigration, as well as the continued access to low-cost borrowing and stores of cash savings will empower multiple waves of local and international luxury real estate consumers into the latter half of 2021, driving luxury sales.

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MARKET HIGHLIGHTS *

Calgary

Luxury real estate activity in Calgary renewed in the first half of 2021 as business, real estate industry and consumer sentiment took on a cautiously optimistic tone with gains in oil and gas prices, and broader vaccine coverage. The $1 million-plus residential real estate market transitioned to more balanced market conditions as sales rose 236% year-over-year from the levels seen in the first half of 2020, albeit unevenly across housing types. While activity recovered across the city’s single-family and attached home markets, with healthy 230% and 338% year-over-year sales gains respectively, condominium sales over $1 million continued to comprise a nominal percentage of the luxury market despite an uptick of 350% to nine units sold in the first half of 2021.

Greater Toronto Area (GTA)

Activity in the Greater Toronto Area (Durham, Halton, Peel, Toronto and York) luxury residential real estate market eclipsed the superlative performance of other Canadian markets in the first half of 2021, as sales over $4 million (condominiums, attached and single-family homes) soared 276% year-over-year. Of these,15 ultra-luxury properties sold over $10 million, an increase of 114%, from the first half of 2020. Significant gains were experienced across all luxury housing types, with sales over $4 million for condominiums, attached and single-family homes up 88%, 400% and 290% year-over-year, respectively. Overall, $1 million-plus residential sales surged 217% year-over-year in a market that heavily favoured sellers and fatigued buyers.

Vancouver

The tempo of Vancouver’s luxury market also accelerated to a frenetic pace in the first half of 2021, as residential sales over $4 million and $10 million surged 152% and 300% year-over-year, respectively. As in the case of Toronto and Montreal, the performance of the city’s luxury condominium market overcame its initial pandemic stall, with $4 million-plus sales regaining momentum over the spring to achieve a 138% year-over-year gain by the first half of 2021. Meanwhile, $4 million-plus single-family home and attached home sales climbed 152% and 300%, respectively. By mid-year, residential real estate sales over $1 million were up 107% from 2020 levels.

Montreal

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June 2021 Calgary Real Estate Market

Posted on July 2, 2021 by Steven Hill

Supply trends up but market still favours the seller

City of Calgary, July 2, 2021 –

Calgary’s housing market is showing few signs of letting up, as sales reached 2,915 units in June – a record high for the month.

“It is taking time for supply to catch up with the demand in the market,” said CREB® chief economist Ann-Marie Lurie.

“Through the early spring market, many buyers did not have a lot of choice, but the recent improvements in supply are providing more options for those purchasers and supporting the strong sales we continue to see in June. At the same time, gains in inventory are taking some pressure off the market as it starts to trend towards more balanced conditions.”

New listings in June totalled 4,135, the second-highest level ever recorded for the month. This caused inventories to trend up to 6,918 units. While this is higher than longer-term averages, it was balanced by strong sales and the months of supply remained relatively tight at 2.4 months. However, this is still an improvement from earlier in the year when the months of supply was below two.

As the market moves toward more balanced conditions, we are also starting to see the pace of price growth slow. The benchmark home price continued to trend up in June, but the monthly gain slowed to less than one per cent. While the pace of growth is slowing, as of June, the benchmark price was 11 per cent higher than levels recorded last year.

HOUSING MARKET FACTS

Detached

Despite some modest improvements in inventory levels, strong sales in June have kept the detached sector of the market firmly in sellers’ market conditions.

With a sales-to-new-listings ratio of 76 per cent and the months of supply below two months, benchmark home prices continue to rise. The unadjusted detached benchmark price totalled $537,200 in June, nearly one per cent higher than last month and 13 per cent higher than last year’s levels.

Despite the sellers’ market conditions in the detached sector, there is some variation depending on location. The districts with the strongest demand relative to supply are the North, North West, South, South East and East districts. Each of these districts has less than two months of supply in June, which is well below longer-term averages. The tightness in these areas has also resulted in the highest year-over-year price gains.

The City Centre has not experienced the same tight conditions as other districts and is the only district where detached prices have yet to recover from previous highs.

Semi-Detached

The pace of semi-detached sales growth is showing some signs of slowing, but year-to-date sales remain at record highs. New listings have also reached new highs so far this year. However, the growth in sales has outpaced the growth in new listings, preventing any significant shift in inventory levels.

With 592 units in inventory in June, levels have trended up from the start of the year. However, with the months of supply currently sitting at two-and-a-half months, conditions continue to favour the seller.

The persistent sellers’ market conditions have caused benchmark prices to trend up, reaching $427,000 in June. Gains have occurred across all districts so far this year, but the amount of growth has ranged from a low of less than five per cent to a high of nearly 10 per cent. Despite these gains, only the North, West and South East districts have seen prices recover to previous highs.

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May 2021 | Calgary Real Estate Market

Posted on June 1, 2021 by Steven Hill

Inventory rises, but sellers' market conditions persist

City of Calgary, June 1, 2021 –

With 2,989 sales, housing market activity hit a new May record.

Despite strong levels of sales, they did trend down relative to last month. Additionally, there were 4,562 new listings, causing seasonally adjusted inventory levels to increase over last month.

"The recent gains in prices have encouraged more homeowners to list their homes and take advantage of the current market situation," said CREB® chief economist Ann-Marie Lurie.

"However, the inventory gains are still not enough to offset the demand growth and the market continues to favour the seller. Prices are rising, but they are still recovering in our market from previous highs in 2014. Only detached and semi-detached home prices in certain districts and communities have recovered to the level of previous monthly highs."

The months of supply did trend up slightly this month to just over two months, but it was not enough to halt the upward pressure on prices. The unadjusted benchmark price in May reached $455,200. This is one per cent higher than last month and nearly 11 per cent higher than prices recorded last year.

Sales have been rising across all product types, but homes priced above $600,000 represent a larger-than-usual share of all sales. The upper end of the market only reflected 16 per cent of city sales last May, compared with this year where it now reflects nearly 26 per cent of all sales.

HOUSING MARKET FACTS

Detached

Seasonally adjusted figures show detached home sales trending down slightly from last month, but levels remained the best recorded for May.

Due to relatively strong new listings, inventories are trending up relative to both the previous month and the previous year. This caused the months of supply to increase to 1.7 months and reflects some easing of the extremely tight market conditions seen over the past several months. However, the detached market continues to favour the seller and prices continue to rise.

Detached home prices rose across each district, with the largest year-over-year gains occurring in the North, North West and South East districts.

The gains in prices have been supporting price recovery for detached homes. As of May, only the City Centre and North East districts have seen prices remain below previous highs.

Semi-Detached

Year-to-date sales totalled 1,169 units, which is the strongest five-month total on record for this product type. Despite some adjustments in new listings, the sales-to-new-listings ratio rose to nearly 75 per cent.

Overall, the months of supply remained below two months for semi-detached housing, supporting further price gains on a monthly and year-over-year basis.

Benchmark prices have seen double-digit price gains compared to last year's levels in all districts except the City Centre.

The highest gains have occurred in the South East, South and North districts. While the city total is showing a recovery in price based on monthly levels, there are several districts where prices continue to remain below their previous highs.

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April 2021 | Calgary Real Estate Market

Posted on May 3, 2021 by Steven Hill

Demand for homes remains high with record sales in April

City of Calgary, May 3, 2021 –

There were 3,209 sales in April, a new record high for the month, as Calgary's housing market continues to bounce back from the pandemic lows recorded in 2020.

"Despite entering the third wave of COVID-19, there is more optimism of economic recovery when the economy re-opens," said CREB® chief economist Ann-Marie Lurie.

"However, the recent surge in home sales could be a result of potential buyers wanting to enter the market before any further changes occur in prices, interest rates and lending policy. This could erode some of their purchasing power."

Recent price gains and tight market conditions have also encouraged many sellers to list their home this month. However, demand was strong enough to absorb the additional supply, ensuring the market continues to favour the seller.

With 4,670 new listings coming onto the market in April, inventory levels trended up relative to last month and last year. With the elevated sales, the months of supply remains below two months.

Persistently tight market conditions are causing significant upward pressure on prices. For the second consecutive month, the unadjusted benchmark price rose by more than two per cent compared with the previous month and more than nine per cent compared with last year's levels.

While sales improved across most price ranges, product priced above $600,000 represented 25 per cent of the sales that occurred this month. This is a significant increase from last year when they only represented 12 per cent of sales. The shift in distribution is causing both the average and median prices to record double-digit year-over-year price gains.

Detached

Detached homes hit a new record high for the month with 2,046 sales in April.

Gains in new listings helped support stronger sales, but they did little to ease the persistent sellers' market conditions. The months of supply remained well below two months in this segment, which is contributing to a steady climb in prices.

As of April, the benchmark price rose to $529,100. This is nearly 11 per cent higher than last year and more than $30,000 higher than levels recorded at the start of 2021. The recent gains were enough to push the benchmark price to a new high, reflecting full price recovery from 2014 levels.

Strong price gains occurred across most districts in the city thanks to persistently tight conditions. However, the pace of price adjustments did vary depending on location. The City Centre district has seen the slowest rebound and prices remain nearly seven per cent below previous highs.

Semi-Detached

Following several months of strong sales, year-to-date sales reached record highs in April with 888 sales.

This is the only property type to reach record highs based on year-to-date figures. Gains occurred across every district and price range. Like the other sectors, gains in new listings were not enough to move the market out of sellers' conditions, as the months of supply remained below two months.

The tight market conditions supported price growth across all districts, with the strongest year-over-year gains occurring in the North, North West, and South East districts. In April, year-over-year price gains in these districts were above 12 per cent, which was enough to support new monthly record-high prices...

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Ways to Bring Eco-Conscious Beauty to Your Home

Posted on April 21, 2021 by Steven Hill

As more people become increasingly aware of the effects of our energy consumption on climate change, homeowners are choosing to adopt more sustainable design solutions. Creating a welcoming, stylish home is now as much about putting thoughtful care into responsibly sourced furnishings as it is about picking pieces that suit your needs. It’s about making smart choices for the environment without having to sacrifice beauty or function.

Just in time for Earth Day, these suggestions for how you can choose to enhance your home’s interior eco-friendliness range from repurposing existing materials to thinking on a more local scale, all while keeping beauty at the forefront of design.

Choose Responsible, Local Furniture Companies

Choose pieces from local companies that are dedicated to sustainable interior design—these brands are more likely to use ethical, responsibly sourced materials, but they’ll also have a low-waste and low-pollution logistics and shipping mandate.

Rework Vintage Finds

For those who prefer to reduce manufacturing demand and keep existing pieces in circulation, sourcing vintage furnishings and décor is the most sustainable option. A simple reupholstering or paint job is an easy way to invest in quality antiques while giving your home a stylish and sustainable update.

Switch to Eco-Friendly Fabrics

Opt for materials like linen, cotton, wool, jute, and hemp, especially recycled or certified blends, which are more sustainable than synthetics. Curtains and drapes will also help with your energy footprint: use them to reduce the amount of interior heat lost through window panes in colder seasons, and to block direct sunlight in summer, reducing the need for air conditioning.

Making Green Home Improvements

There are easy ways to make eco-friendly home improvements that can also increase the value of your home like installing a programmable thermostat, in-floor heating, and purchasing Energy Star appliances.

Update Your Light Fixtures

Opting for energy-efficient lighting fixtures will make a notable difference in the energy consumption in your home. An easy way to start is by replacing your old incandescent bulbs with LED bulbs.

Incorporate Artisan-Made Home Goods

Artists that work on a small scale are able to focus their efforts on using sustainable, locally-sourced materials and time-honoured skills, and investing in their work means you’re supporting smaller businesses while adding considered artworks to your home.

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Q1 2021 Calgary Housing Report

Posted on April 20, 2021 by Steven Hill

City of Calgary, April 20, 2021 –

The economic challenges associated with COVID-19 brought about a dramatic rate cut from the Bank of Canada and an even more significant drop in the discount rates for mortgages.

The low-interest-rate environment, combined with pent-up demand and increased savings among those who remained employed throughout the pandemic, is supporting stronger-than-expected gains in resale sales activity.

By the end of the first quarter, there were 5,945 sales in Calgary, 43 per cent higher than the 10-year average and the best start to the year since 2007.

“Sales activity is currently exceeding expectations. However, rising prices are expected to support new listings growth and also impact the pace of sales growth especially if discount rates continue to rise. This will help eventually support more balanced conditions,” said CREB® chief economist Ann-Marie Lurie.

New listings rose to the highest first-quarter levels seen in over a decade, but it did little to move overall inventory levels, which averaged 4,687 units in the first quarter. This kept market conditions exceptionally tight, with citywide months of supply of just over two months.

The tightening conditions that started halfway through last year have caused prices to trend up, with the pace of growth rising in the first quarter of this year. This price growth was enough to push quarterly prices four per cent higher than the first quarter of last year.

“This price growth has been counterintuitive to many, considering the job loss and economic challenges that face this province and city. However, we also need to keep in mind that this is still a story of recovery for prices, which currently remain well below the highs recorded in 2014.

CLICK HERE FOR FULL REPORT

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March 2021 | Calgary Real Estate Market

Posted on April 1, 2021 by Steven Hill

Calgary housing market sees best March sales in over a decade

City of Calgary, April 1, 2021 –

Persistent sellers’ market conditions contribute to price gains

The initial impact of COVID-19 on the housing market began last March.

One year later, it is not a surprise that March sales in 2021 were higher than in 2020. However, at 2,903 sales, this was the highest March total since 2007.

“Low lending rates and improved savings have supported sales activity,” said CREB® chief economist Ann-Marie Lurie.

“However, sales have been somewhat restricted by the lack of listings. This month there was a jump in new listings, contributing to the strong monthly sales.”

Inventory levels pushed above 5,400 units, but citywide months of supply fell below two months. This reflects the lowest months of supply for March since 2014 and these tight conditions have contributed to price gains.

In March, the benchmark price trended up over last month to $441,900, over six per cent higher than last year’s levels. The price gains have moved the market closer to recovery, but prices remain over five per cent lower than 2014 highs.

“Improving prices will likely support further gains in new listings, as sellers try to capitalize on the recent shift toward rising prices,” said Lurie.

“Eventually, this will help support more balanced conditions, but it could take time before we see this shift in the market.”

HOUSING MARKET FACTS

Detached

Like last month, detached sales activity improved across most price ranges and all districts in the city. While new listings did improve, inventory levels remained relatively low at 2,409 units, causing the months of supply to drop to just over one month.

The citywide detached benchmark price rose by nearly eight per cent compared to last year. Year-over-year gains ranged from a low of nearly three per cent in the City Centre to a high of nearly 11 per cent in the North and South East districts.

Prices in most districts remain below previous monthly highs, but recent gains in both the North and South East have supported full price recovery in those areas.

Product priced under $400,000 recorded the lowest sales growth, as limited inventory weighed on that segment of the market. However, rising sales and easing inventory resulted in tighter market conditions across all price ranges. This is likely supporting price gains, not only in the mid and lower price ranges, but also the upper price ranges in the market.

Semi-Detached

Steady gains in sales caused first quarter sales totals to reach nearly record highs for this property type. Improving new listings were not enough to offset the sales and the months of supply fell below two months for the first time since 2014. Low supply levels relative to sales contributed to further gains in prices, which, as of March, were nearly six per cent higher than last year’s levels.

Benchmark prices trended up across all districts and prices remained higher than last year’s levels across most districts. The largest year-over-year price gains occurred in the North district, with an increase of nearly 10 per cent.

CLICK HERE FOR THE FULL REPORT

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Top-Tier Report: 2021 Spring Outlook | Sotheby's Canada

Posted on March 25, 2021 by Steven Hill

Top-Tier Report: 2021 Spring Outlook

Sotheby’s International Realty Canada’s new report, “2021 Canadian Top-Tier Real Estate Spring Outlook” notes that Canada’s metropolitan luxury real estate markets are undergoing an unprecedented phase of evolution and expansion. Canada’s metropolitan luxury real estate market is primed for healthy spring performance, and in most markets, the ceiling for sales activity will be capped by lack of inventory rather than consumer demand.

2021 Top-Tier Spring Outlook Snapshot

Toronto’s luxury condominium market reflected resilience, and early March data reflects a segment poised to gain ground.
Vancouver’s luxury market gained significant momentum leading into spring as residential real estate sales over $4 million increased 41% year-over-year in the first two months of 2021.
Montreal’s residential real estate sales over $1 million in the first 15 days of March also indicate an active spring ahead, as sales climbed 93% year-over-year.
Calgary’s luxury residential real estate market also emerged from previously entrenched buyers’ market conditions.

Key Influences

Home Renovations Bolster Luxury Price Gains

With renovations elevating the overall quality of housing stock in these metropolitan areas, the short and long term market value of luxury housing across Canada’s major real estate markets is expected to rise through the spring and in the long term.

Multi-Generational Influences on Luxury Single Family Home Market

Across multiple generations of homeowners and homebuyers, dramatic changes in housing and lifestyle preferences are heightening demand and simultaneously reducing single family housing supply on the resale market.

Urban Luxury Condominium Demand Resurges

Depleted inventory and steep price gains in metropolitan single family home markets is also pressing homebuyers to purchase large condominiums out of necessity and a sheer lack of alternatives.

Pent-up Cash, Financial Market Turbulence to Stimulate Luxury Demand

The significant accumulation of cash by mid-and high-income Canadian households during the pandemic is poised for release into the economy as a whole, and the real estate market specifically in the spring and summer of 2021, reinforcing continued demand.

Global Flight of Human and Financial Capital to Canadian Real Estate

Upswing in the volume of international enquiries on luxury property listings in Toronto, Montreal and Vancouver in the preliminary months of 2021 reveal that underlying demand has not dissipated and is set to resurge in the seasons ahead.

READ REPORT

For more information about how this may impact your real estate plans and the market please connect.

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INSIGHT Magazine: Leaders Issue | Sotheby's Canada

Posted on March 17, 2021 by Steven Hill

Spring activates a time for change and revitalization. Every aspect of how we live, work, interact and play has changed over the past year. At the forefront of this transformative chapter of our lives are those who have not just coped with seasons past but even embraced the self-transformation those challenges have demanded.

In our latest edition of Insight Magazine, we highlight leaders who are reshaping social, artistic and cultural landscapes in our country and around the world while leading Realtors discuss the latest real estate trends. We hope to inspire you to embrace the season ahead with renewed confidence and energy.

The Great Escape

Many residents in Canada’s largest cities are finding that trading in a busy city home for a quieter one is a decidedly smart decision. Our top realtors explain why the quest for more space has buyers heading to the suburbs.

Outer Limits

Buyers are turning to regions that offer access to nature and amenities, dedicated spaces for remote work, and move-in-ready houses to call home. Sotheby’s International Realty Canada experts reveal which neighbourhoods are emerging as the next housing hot spots.

Realty Bent

A new generation of fans are discovering the O’Hara effect after taking home her 2020 Emmy for Schitt’s Creek. Icon Catherine O’Hara talks about motherhood, television and what this phase of her career has taught her.

Getting Out

Thanks to Canada’s wealth of architectural talent, there are standout structures from coast to coast to lift the spirit and bring beauty back into the everyday. Take a drive and discover some of our country’s impressive architectural sites, both near and far.

Our latest issue of INSIGHT Magazine highlights forward thinking individuals, projects, trends, and lifestyles.

READ THE LATEST ISSUE

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The Bonus Room

Confession Time About This Blog

The Bonus Room

2026 Sotheby’s Luxury Outlook Report

Things To Do This Month FOR FREE in Calgary

Market Updates

December 2025 Housing Market

December 2025 CREB Communications

November 2025 Housing Market

October 2025 Housing Market

Q2 2021 Housing Report Released

2021 Mid Year Top Tier Report | Sotheby's International Realty Canada

June 2021 Calgary Real Estate Market

Supply trends up but market still favours the seller

May 2021 | Calgary Real Estate Market

Inventory rises, but sellers' market conditions persist

April 2021 | Calgary Real Estate Market

Demand for homes remains high with record sales in April

Ways to Bring Eco-Conscious Beauty to Your Home

Q1 2021 Calgary Housing Report

March 2021 | Calgary Real Estate Market

Calgary housing market sees best March sales in over a decade

Top-Tier Report: 2021 Spring Outlook | Sotheby's Canada

Top-Tier Report: 2021 Spring Outlook

INSIGHT Magazine: Leaders Issue | Sotheby's Canada

Latest Blog Posts

2026 Sotheby’s Luxury Outlook Report

December 2025 Housing Market

The Bonus Room

Confession Time About This Blog

The Bonus Room

2026 Sotheby’s Luxury Outlook Report

Things To Do This Month FOR FREE in Calgary

Market Updates

December 2025 Housing Market

December 2025 CREB Communications

November 2025 Housing Market

October 2025 Housing Market

Supply trends up but market still favours the seller

Inventory rises, but sellers' market conditions persist

Demand for homes remains high with record sales in April

Calgary housing market sees best March sales in over a decade

Top-Tier Report: 2021 Spring Outlook

Latest Blog Posts

2026 Sotheby’s Luxury Outlook Report

December 2025 Housing Market

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