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 substantial growth seen in Calgary's detached resale market this year has been driven by the mid-range segment, but big-ticket listings are also bouncing back.

Between Jan. 1 and the end of April, 350 detached homes priced at $1 million or higher have changed hands in Calgary, according to CREB^®. This represents a 289 per cent upswing from the 90 transactions that occurred over the same period a year ago.

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.

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.

Enticing discount mortgage rates have helped put Calgary's detached home market in rare form.

Perhaps one of Calgary's most vibrant and eclectic communities, the Beltline has something for everyone – fabulous restaurants, hip cocktail bars, a variety of pubs and craft breweries, upscale grocery stores, green space galore, and an enticing selection of condo-style housing for buyers of all stripes.

With gains in every price range, residential sales activity in February totalled 1,836 units. This reflects the best February since 2014.

January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.

With December sales of 1,199, this is the highest December total since 2007.

"Housing demand over the second half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring," said CREB^® chief economist Ann-Marie Lurie.

For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.

Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over three per cent lower than last year's levels.