Record-high home sales and another inventory drop for Calgary last month

Calgary saw record-high home sales in August but low inventory remains an issue, according to a new report.

Calgary saw record-high home sales in August but low inventory remains an issue, according to a new report.

Data from the Calgary Real Estate Board (CREB) show 2,729 properties were sold in the month, an increase of 27.9 per cent year-over-year.

A lot of that was thanks to a surge in the condominium market.

But while sales are booming, there is an issue on the other side of the transaction.

Inventory dropped once again in August, this time to a record low of about half of what's historically been available.

CREB's chief economist says new listings that did come online were quickly snatched up.

"So that really does reflect why we're seeing the conditions we are, especially the pressure on prices," Ann-Marie Lurie said.