Interest rates

Calgary home sales drop 3% in July as interest rates rise: Real Estate Board

Content of the article

CALGARY — The Calgary Real Estate Board says home sales last month fell 3% year over year as the market continued to experience a slowdown.

Content of the article

The region’s sales for the month totaled 2,254, compared to 2,314 last July.

Alberta’s board says the numbers mark the second straight month of slowing sales momentum, but noted the numbers are still among the highest the market has ever seen.

New registrations last month were 3,174, down nearly 4% from 3,298 in July 2021.

The average price of a home in the area reached $491,392, up nearly 1% from $488,484 a year ago.

Ann-Marie Lurie, the council’s chief economist, says the figures are the product of rising interest rates and significant downturns in the market for single and semi-detached homes that have been nearly offset by sales growth in the areas apartments and townhouses.

“Rising lending rates are causing changes within the market and as a result, new listings of higher priced products are increasing relative to sales activity,” she said in a statement. .

“Meanwhile, there is still a lack of supply for low-cost detached and paired products. This drives consumers looking for affordable homes to buy apartments and townhouses. »

This report from The Canadian Press was first published on August 2, 2022.