CALGARY – The Calgary Real Estate Board says sales eased in June as the market experienced a pullback in the detached and semi-detached housing categories.
The Alberta board says last month’s sales amounted to 2,842, down two per cent from the record high of 2,914 in June 2021.
Sales in the detached market declined for the third month in a row, and were largely impacted by homes priced under $600,000.
However, the overall pullback in sales Calgary saw was not met with the same easing in prices.
The average home price reached $517,059 last month, up roughly five per cent from $494,163 in June 2021.
The number of new listings reached 4,061, an almost two per cent drop from 4,134 in June 2021.
“As expected, higher interest rates are starting to have an affect on home sales. This is helping shift the market toward more balanced conditions and taking some of the pressure off prices,” the board’s chief economist, Ann-Marie Lurie, said in a statement.
“While we are starting to see some transition, it is important to note that in Calgary year-to-date sales are still at record levels and prices are still far above expectations for the year.”
This report by The Canadian Press was first published July 4, 2022.
Read the full CREB Market Update.