Calgary home inventory drops as sales hit record high in August

The latest report from the Calgary Real Estate Board says the city saw record-high sales in August, driven by the condo market.

The data shows 2,729 properties were sold in the month, an increase of 27.9 per cent year-over-year, while inventory dropped to a record low of about half of what’s historically been available in August.

Condo sales in particular rose 22 per cent in the month compared with last year.

CREB chief economist Ann-Marie Lurie says higher borrowing costs are pushing more homebuyers to either hold off on purchasing a property or gravitate toward more affordable homes available on the market.

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The board reported prices increased across all property types, sending the unadjusted benchmark price to $570,700 — up 7.9 per cent year-over-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 per cent compared to last year.

This report by The Canadian Press was first published Sept. 1, 2023.

2:23 Calgary home sales continue to soar despite soaring interest rates