The big headline for this market report from The Calgary Real Estate Board? The market is starting to shift as sales slow down.
If you've been putting off listing your home to take advantage of the sellers market conditions, you need to act now. Contact Team Ken Richter today at 403-630-6363 or email Ken@KenRichter.com.
Here are the highlights from the Calgary Real Estate Board's report, which you can read in full here:
- "Sales activity in June eased relative to the past several months and with 2,842 sales...the decline was driven by a pullback in detached and semi-detached home sales."
- "This pullback in sales was not met with the same level of pullback in new listings. This caused inventories to trend up over previous months. These shifts are supporting some easing from the exceptionally tight conditions as the months of supply remained just shy of two months."
- "Prices eased slightly relative to last month. However, with a city-wide benchmark price of $543,900, levels are still over 13 per cent higher than last year."
- "Thanks to renewed migration and job growth in a wide range of sectors, it is unlikely that we will see a full reversal of the price gains made so far this year."
The Calgary Real Estate Board's Chief Economist, Ann-Marie Lurie, writes, "As expected, higher interest rates are starting to have an impact on home sales. This is helping shift the market toward more balanced conditions and taking some of the pressure off prices. While we are starting to see some transition, it is important to note that in Calgary year-to-date sales are still at record levels and prices are still far above expectations for the year."
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