Calgary sales fall 15 per cent in Oct., but on track for record year: real estate board

Houses for sale are shown in a new subdivision in Airdrie, Alta. on Jan. 28, 2022. (THE CANADIAN PRESS/Jeff McIntosh)

CALGARY -

The Calgary Real Estate Board says the city is on track to record a record year for home sales, even as the number of transactions in October fell 15 per cent from the year before.

The Alberta board says October sales totalled 1,857, while year-to-date sales reached 26,823, a 13 per cent increase from this time last year.

The board's chief economist says the numbers indicate conditions are tight, but not as tight as earlier in the year and not on par with other major Canadian cities, where there has been a significant pullback in demand.

Ann-Marie Lurie suspects Calgary is different because its employment growth, positive migration flows and the strong commodity market are helping offset some of the impacts of inflation.

The Calgary board found new listings in October totalled 2,175, a 13 per cent drop from the same time last year.

The benchmark price for the month was $523,900, up almost 10 per cent from a year earlier, while the average price of a home sold in October edged up five per cent to $509,576 compared with October last year.

This report by The Canadian Press was first published Nov. 1, 2022.