Calgary Housing Market Expected To Slow

Housing sales in Calgary, AB, totaled 18,694 units in the first half of 2022, with sales in the second quarter nearly matching the record high pace set in the first quarter of the year, says the Calgary Real Estate Board. At the same time, new listings struggled to keep up leaving inventories relatively low and the months of supply relatively tight. The Bank of Canada’s aggressive stance against inflation has started to impact home sales and is expected to weigh on sales over the second half of the year, offsetting some of the strong gains reported over the first half of the year. Ann-Marie Lurie, chief economist at the board, says, “With market conditions easing and a higher cost of borrowing, prices are expected to trend down in the second half of the year, offsetting some of the stronger than expected gains in the first half of the year.”