Condo sales rise in Calgary while detached home sales fall
Condominium sales are rising in Calgary, while sales of detached homes are falling, according to the latest data compiled by the Calgary Real Estate Board (CREB).
Apartment condo sale levels “maintained a record high level for July’, contributing to a gain of 66 per cent throughout this year.
Meanwhile, detached home sales are 19 per cent lower than last year.
Ann-Marie Lurie, CREB’s chief economist, said that the pattern is driven by lending rates and supply issues.
“Rising lending rates are causing shifts within the market, and as a result, new listings for higher-priced product are on the rise relative to sales activity.”
Lurie said that she is anticipating interest rate increases to continue, but that it will depend on prices and housing related activity.
“As we move forward, we do anticipate further rate gains will weigh on housing activity and prices, but not enough to offset the exceptionally strong gains recorded over the first half of the year.”
Row house sales reached a record high for July and have grown by 54 per cent more than last year.
Meanwhile, semi-detached houses saw fewer sales than they had a year ago, although overall sales have still grown 11 per cent over 2021.
AROUND CALGARY
In Airdrie, sales slowed compared to levels recorded last year thanks to a “pullback in mostly detached activity.” Airdrie also had a trend down in new house listings.
In Cochrane, sales remained relatively stable to last year. This was because of “gains in the row and apartment sector.” In that case, lower sales were seen in detached and semi-detached sales.
In Okotoks, sales activity also remained consistent with levels reported last year, with a gain of 12 per cent.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.