Calgary home sales fall 3% in July as interest rates rise: real estate board
CALGARY — The Calgary Real Estate Board says last month’s home sales slipped by three per cent year-over-year as the market continued to experience a slowdown.
The region’s sales for the month totalled 2,254, down from 2,314 last July.
The Alberta board says the figures mark the second month in a row that the pace of sales slowed, but noted that the numbers are still among the strongest the market has ever seen.
Last month’s new listings amounted to 3,174, down almost four per cent from 3,298 in July 2021.
The average price of a home in the region hit $491,392, a nearly one per cent climb from $488,484 a year ago.
The benchmark home price of $540,000 is lower than earlier in the year, though still up 12 per cent from July 2021.
Ann-Marie Lurie, the board’s chief economist, says the figures are the product of rising interest rates and significant slowdowns in the detached and semi-detached market that were nearly offset by sales growth in the apartment and row house sectors.
“Rising lending rates are causing shifts within the market and, as a result, new listings for higher-priced product are on the rise relative to sales activity,” she said, in a statement.
“Meanwhile, there continues to be a lack of supply for lower-priced detached and semi-detached product. This is driving consumers who are looking for affordable homes to purchase apartment- and row-style properties.”
Read the full City of Calgary July 2022 Snapshot
Read the Calgary Regional July 2022 Market Snapshot
This report by The Canadian Press was first published Aug. 2, 2022.