According to the Calgary Real Estate Board, 2022 on track to be a record year for sales. Here is the full report:

City of Calgary, December 1, 2022 – Residential sales in the city slowed to 1,648 units, a year-over-year decline of 22 per cent, but 12 per cent above the 10-year average. The pullback in sales over the past six months was not enough to erase gains from earlier in the year as year-to-date sales remain nearly 10 per cent above last year’s record high. The year-to-date sales growth has been driven by a surge in both apartment condominium and row sales. “Easing sales have been driven mostly by declines in the detached sector of the market. Higher lending rates are impacting purchasers buying power and limited supply choice in the lower price ranges of the detached market is likely causing many purchasers to place buying decisions on hold.” A decline in sales was met with a pullback in new listings and inventories fell to the lowest level reported in November since 2005. The pullback in both sales and new listings kept the months of supply relatively tight at below two months. The tightest conditions are occurring in the lower-price ranges as supply growth has mostly been driven by gains in the upper end of the market. Despite the lower supply levels, prices have trended down from the peak reached in May of this year. Even with the adjustments that have occurred, November benchmark prices continue to remain nearly nine per cent higher than levels reported last year.”

Airdrie – November sales eased mostly due to the significant pullback in detached sales. While sales this month are down over last year’s record levels, overall activity is still far stronger than long term trends and year-to-date sales are still on pace to reach a new record high. New listings did improve over the previous year, thanks to gains in row, semi and apartment style product. While the growth in new listings did cause November inventories to rise over last year’s low levels, inventory levels remain nearly 40 per cent below long-term trends in the area. Despite persistently tight conditions, benchmark prices continue to trend down from the record high level reported in April of this year. Despite some adjustments, prices remained over 13 per cent higher than last year’s levels.”

Access the full reports here:

Calgary Report

Calgary Region Report – Includes Airdrie

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