Calgary's hot housing market spurs expansion of home search app beyond Toronto, Vancouver

financialpost.com:

The scarcity of available real estate in Calgary, coupled with rapidly increasing costs and an overwhelming demand, has pushed the dream of homeownership out of reach for many people, including Farah Meghani.

Having called Calgary her home for the past eight years, Meghani has a stable job in the oil and gas field and is eagerly looking to secure a place she can call her own. Beyond just seeking a living space, she views homeownership as a crucial investment in her future.

“As an immigrant, my mother lives somewhere else and I live somewhere else,” she said. “I eventually want her to come here. But the thing is, I can’t afford anything that’s a little bit bigger right now.”

Despite her unwavering determination over the past two years, Meghani’s quest to become a homeowner has been met with disappointment due to the city’s stubborn and unforgiving housing market conditions.

In June, the Calgary real estate market set a new sales record, with benchmark prices rising for the sixth consecutive month due to persistently low inventory levels. Sales reached 3,146 units, slightly exceeding the previous month, driven mainly by a 48 per cent increase in apartment condominiums, according to Calgary Real Estate Board (CREB) data.

New listings rose compared to the previous month, but remained 36 per cent below last year’s levels, and were at the lowest level for June in nearly two decades. Average prices experienced a slight decline, but median and benchmark prices increased by 0.59 per cent and 1.38 per cent, respectively.

“The demand for housing remains robust, bolstered by a healthy labour market and increased migration levels, which helps offset the impact of higher lending rates,” CREB’s chief economist Ann-Marie Lurie said in a