Calgary home sales down 3% in July as interest rates rise: real estate board

Photo: The Canadian Press

Houses for sale in a new subdivision in Airdrie, Alta., Friday, Jan. 28, 2022. THE CANADIAN PRESS/Jeff McIntosh

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.

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.”