![]() "I have friends that work in the Toronto market, the Vancouver market, and they've seen a significant slowdown," he said. Malo said it's important to keep in mind that Calgary is a unique market in comparison to other large cities in Canada. "My opinion is that the detached market was just getting almost unaffordable for a lot of people," he said. Still a seller's marketĮzra Malo, a real estate advisor in Calgary, said he's also noticed a major reduction in detached and semi-detached home sales while apartment and row-style properties are rising in popularity. While Canada saw record-setting prices and selling volumes for the first two years of the pandemic, housing activity slowed after the Bank of Canada hiked interest rates in early 2022. The national report indicated housing activity across the country is continuing to stabilize toward pre-pandemic levels. The average national home price in July was $629,971, compared to $665,850 in June. Meanwhile, detached home sales reached 1,136 in July, which is 19 per cent lower than last year. The average condo price was $278,800, slightly higher than June and nearly 10 per cent higher than last year.Īcross the country, national home sales fell by 5.3 per cent in July on a month-over-month basis, according to a report released Monday by the Canadian Real Estate Association (CREA). While apartment condominium sales continued to slow from record levels reported earlier in the year, new listings in July were still 24 per cent higher than the same time last year. Lurie said inventory levels are still "far lower" than what Calgary had between 20, and demand is still relatively strong. Changing market may ease the strain of buying a home in Calgary.So, what's happened since Alberta and Ottawa agreed to spend $678M on housing? The average price for all homes was 12 per cent higher last July. However, that's a decrease from the $647,500 average detached home price in June. The average cost of a detached home in Calgary was $643,600 in July - nearly 15 per cent higher than the same time last year. So, it's now started to really turn around, really at the end of last year into this year." "The condo market had really struggled for quite some time. It's going to take some time to move into that balanced territory but it is going to take some of that pressure off prices," Lurie said. "We do see some of the slower demand levels because the supply is so low. Calgary is seeing a decline in detached and semi-detached home sales as interest rates stay high and inventory remains low for lower-priced homes of those types.Īccording to a report released Monday by the Calgary Real Estate Board (CREB), there have been "significant slowdowns" in the detached and semi-detached house market, while condominiums and row-style properties rose in sales.Īnn-Marie Lurie, chief economist with CREB, says high interest rates have started to impact detached and semi-detached home sales, shifting buyers toward more affordable options like condos. ![]()
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