Calgary housing market sees March inventory hit 17-year low

The Calgary Real Estate Board reported that the city’s housing market had its lowest March inventory level in 17 years and home sales decreased by 40.6% annually in March. The benchmark residential home price increased by 1% annually and 2% monthly, creating market conditions that favor sellers. Migration is supporting demand, but low inventory levels are causing existing homeowners to be reluctant to list their homes due to difficulty finding an acceptable housing alternative and higher lending rates.