NEWS

According to the Calgary Real Estate Board (CREB), sales eased up in June relative to the past several months. With a total of 2,842 sales, the market fell by two percent year-over-year, though last year at this time the market served up a record high.

CREB’s analysis unveiled that the decline of detached and semi-detached homes has been the driving force behind the drop. Naturally, higher interest rates are starting to have a greater impact as well.

The pullback in Calgary’s market has not been met with the easing in home prices as the average home price reached $517,059 in June, that is up approximately five percent from June 2021. The Calgary Housing Market is becoming more of a Balanced Market according to Ann-Marie Lune, CREB’s Chief Economist.

Regional Markets such as Airdrie, Cochrane and Okotoks have not been following Calgary the same way. Airdrie has eased slightly but not enough to offset gains earlier in the year, Cochrane is actually slightly up from last year as inventory is growing as well. Okotoks remained quite stable, including the number of new listings.

Source: Calgary Real Estate Board (CREB), BNN Bloomberg