Calgary housing sales stay at record levels while the supply starts to slow

Calgary housing sales stayed at a record-setting pace in the second quarter of 2022, but there are some signs things could slow down.

According to the latest Calgary Real Estate Board report, Calgary home sales in Q2 were up 2.2% from this time last year.

It warns that inventories are starting to get low and that lack of supply is once again driving the price up.

The benchmark rate for a home in Calgary sits at $544,733 which is up almost 15% from this time last year.

Calgary Real Estate Board

For a detached home, the benchmark is up around $650,000. Sales for this type of housing in Calgary have dipped due to a lack of options under $600,000.

That has really given a boost to the row/townhouse market. A boost in new listings and the affordability of those listing have helped sales in Calgary reach all-time records. 

Calgary row housing sales are up 36% from this point a year ago.

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Another factor that could affect things is migration into the province. CREB says people are coming to the province at rates we haven’t seen since 2015. Most of that is coming from Ontario due to job growth and the relative affordability of the province.

Calgary Real Estate Board

CREB says mortgage rates are at their highest in over a decade and that could affect sales in the second half of the year.

It says, “With market conditions easing and a higher cost of borrowing, prices are expected to trend down in the second half of the year, offsetting some of the stronger than expected gains in the first half of the year.”

Even with that, it expects the benchmark price to remain above what was reported last year.