Market starts to shift as sales slow -

JUNE 2022 CREB City of Calgary real estate board:

Sales activity in June eased relative to the past several months and with 2,842 sales, levels declined by two per cent over last year’s record high. While sales activity has remained relatively strong for June levels, the decline was driven by a pullback in detached and semi-detached home sales. “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,” said CREB® Chief Economist Ann-Marie Lurie. “While we are starting to see some transition, it is important to note that in Calgary year-todate sales are still at record levels and prices are still far above expectations for the year.” 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...