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.
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.