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
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.
Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
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.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.
'I just want to be safe': Ukrainian man in Canada faces limbo amid consular freeze
A recent decision to restrict consular services for fighting-aged Ukrainian men has made a Ukrainian man in Canada feel less certain of his next steps — and worried he could be pulled back to the war.
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.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.