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.

Historically low interest rates are helping boost the residential real estate market in Calgary and across the country, with the trend expected to continue throughout 2021.

Third-quarter activity was far better than original expectations, as sales activity in the city improved by nearly 12 per cent over last year's levels.

Some of the shift in the third quarter reflects activity that likely would have occurred in the second quarter. The housing market also benefited from easing lending rates and previous price declines. Gains were driven by all property types except apartment condominiums.

Housing market activity in May remained slow, but sales exceeded the lows from April, which saw less than 600 sales in Calgary.

May sales totalled 1,080 units, a 44 per cent decline from last year's figures.

Many Canadian energy-related municipalities within Alberta and Saskatchewan have seen housing markets struggle over the past few years, resulting in price declines.

The recent mortgage rule changes and higher lending rates are factors weighing on demand and prices across some of those areas.

As expected, Calgary sales activity similar to last year

The new year opened predictably, with monthly figures close to the Januarys of the past three years.

With new mortgage rules and rates officially in effect, sales activity in January remained comparable to last year, as rising sales for attached properties were not enough to offset declines in both the apartment and detached sector.