That's despite a significant sales slowdown in October
Calgary now appears on track to establish a record year for home sales activity, even as the number of transactions in October fell by 15% annually, according to the city’s real estate industry association.
The market saw a total of 1,857 sales, a level that is considerably stronger than pre-pandemic long-term trends and activity, said the Calgary Real Estate Board (CREB). A total of 26,823 sales transpired in the region from January to October.
“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,” said Ann-Marie Lurie, chief economist at CREB.
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“While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact,” Lurie added.
The number of new listings also went down in October, pushing the sales-to-new-listings ratio up to 85%. Much of the housing demand stemmed from the sub-$500,000 market, CREB said.
Prices have fallen by 4% relative to the peak seen in May.
“This is considered a relatively small adjustment when considering price movements in other large cities,” CREB said. “It is also important to note that the October benchmark price is still nearly 10% higher than levels reported last year.”
