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The latest report from the Calgary Real Estate Board said the city saw record sales in August, driven by sales in condominiums even as overall inventory hit a record low, pushing prices higher.Jonathan Hayward / The Canadian Press
The city saw record sales in August, driven by the condo market, the latest report from the Calgary Real Estate Board said.
The data showed 2,729 properties sold in the month, an increase of 27.9 percent year-over-year, while inventory fell to a record low of nearly half of what was historically available in August.
Condo sales in particular rose 22 percent this month compared to last year.
CREB Chief Economist Anne-Marie Lowry says higher borrowing costs are forcing home buyers to either hold off on buying property or gravitate toward more affordable homes available on the market.
The board reported price gains across all property types, sending the unadjusted benchmark price to $570,700 – up 7.9 percent year-on-year and marking the eighth consecutive monthly gain.
Despite record sales levels over the past several months, the board says year-to-date sales are still down 15 percent from last year.
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