It was another busy month in Calgary Real Estate! The Calgary Real Estate Board has released it's monthly summary of what happened in the market, which is an excellent resource for buyers, sellers and investors. Read the highlights of the August 2022 Calgary Real Estate report below:
- "...there continues to be a shift towards more affordable options as the year-over-year pullback in detached sales was nearly matched by gains for multi-family product types."
- "... new listings continue to trend down, preventing any supply gains or a substantial shift in the months of supply."
- "The months of supply in August remained at just above two months, not at tight as earlier in the year, but still below levels traditionally seen this time of year."
- "...benchmark prices eased declining to $531,800. While the reduction reflects shifting market conditions, it is important to note that previous gains are not lost, and prices remain over 11 per cent higher than last year."
Calgary Real Estate Board Chief Economist Ann-Marie Lurie writes, “while higher lending rates have slowed activity in the detached market, we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong. This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales.”
You can read the full report by clicking here!