Market continues to favour the seller despite slowing sales 

May 2022 CREB City of Calgary real estate board:

For the second month in a row, sales activity trended down after alltime record high sales in March. While activity in the market slowed down in May, with 3,071 sales, levels are still slightly higher than last year’s record high and are far stronger than typical levels of activity recorded in May. “It’s not a surprise to see sales ease from the exceptionally strong levels seen earlier in the year. Many buyers were eager to get into the market ahead of the rate gains that we are now seeing,” said CREB® Chief Economist Ann-Marie Lurie. “While higher lending rates are weighing on sales activity, the market is still struggling with supply levels and rising prices which could also be contributing to slower sales, especially in the detached market. Nonetheless, if this shift continues, we could begin to see more balanced conditions in the market...