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The Calgary real estate market slowed again in October with sales and new listings down for a seventh straight month and benchmark prices down slightly from September.
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Total sales dropped to 1,857 units for the month, down from 1,901 in September and 2,184 in October last year, according to figures released Tuesday by the Calgary Real Estate Board (CREB).
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Despite the slowdown, home sales are on track for a record year. So far, 26,823 units have sold in 2022 with only two months left to go, leaving the city just shy of the record 27,686 sold in 2021.
The average home price grew in October, but the city’s benchmark price fell 0.6 per cent to $523,900 from $527,400 in September.
“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,” CREB’s chief economist Ann-Marie Lurie said in the report.
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Calgary’s detached home sector bore the brunt of higher rates, posting a sales decline of 29 per cent year over year in October even though sales in the over $700,000 price range increased. Limited supply growth in the lower-price ranges continue to keep conditions rigid for lower-priced detached homes.
While some markets seem more favourable to buyers, the row-home sector continued to favour sellers due to slimming inventories. According to the report, row home sales continue to rise in comparison to last year. This comes as new listings ease, tightening the sales-to-new listing ratio to an “exceptionally tight” 106 per cent.
In October, the benchmark price for a row home was $361,200, less than one per cent lower than the peak achieved in June of this year at $363,700.
