Calgary housing sales slow as prices remain high

Housing sales in Calgary have started to decline as interest rates and prices have slowed the market by 2% from last year, according to a new report from the Calgary Real Estate Board.

CREB chief economist Ann-Marie Lurie says this wasn’t a total surprise.

“As expected, higher interest rates are starting to have an impact on home sales. This is helping shift the market toward more balanced conditions and taking some of the pressure off prices,” Lurie said.

Prices dipped a little bit as well, but the Calgary benchmark is still $543,900, which is up 13% from this time last year.

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CREB

“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,” Lurie stated.

CREB

CREB says we could continue to see slower sales activity and a dip in the prices in the Calgary market in the coming months. However, thanks to renewed migration and job growth in a wide range of sectors, it is unlikely that we will see a full reversal of the price gains made so far this year.