Calgary real estate market sets another record for sales in June

By
Millicent Wong
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Calgary real estate market sets another record for sales in June

The Calgary housing market posted another sales record in June and benchmark prices rose for the sixth straight month as persistently low inventories kept conditions tight by historical standards.

Total units sold in June were 3,146, up slightly from the previous month’s 3,121, the Calgary Real Estate Board (CREB) reported July 4. The increase in sales was mainly driven by condominiums, which rose to 857 units. an increase of 48 percent compared to the previous year.

Although new listings increased from the previous month, they remained 36 percent below last year’s level, the lowest level in June in almost two decades.

Although average prices fell slightly, both the median price and the reference price increased slightly by 0.59 percent and 1.38 percent, respectively.

  1. Homes in Toronto. The cost of mortgage interest rose 29.9 percent year-on-year in May.

    Rising mortgage interest costs are now the biggest factor in inflation

  2. A home for sale in Toronto.

    Homeowners are abandoning adjustable rate mortgages in favor of fixed rate mortgages

  3. New renters in Toronto and Vancouver pay, on average, about $500 more than the rent for units occupied for more than a year.

    New tenants pay an additional $500 per month in Toronto, Vancouver: CMHC

“Demand for housing remains resilient, supported by a healthy labor market and increased levels of migration, helping to offset the impact of higher lending rates,” CREB chief economist Ann-Marie Lurie said in the report. “While we have seen some recent improvements in new listings, particularly condominiums, this is not enough to bring about a significant change in the low inventory situation in our city. As the number of new builds increases, it will take time to see their impact on supply.”

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