Home sales in Calgary, Alberta declined 31% in December from a year earlier as rising mortgage rates cool the housing market throughout Canada.
Despite the December slowdown, the Calgary Real Estate Board said that home sales in the western Canadian city ended 2022 at a record high.
For all of last year, Calgary recorded a record of 29,672 home sales, including 1,204 in December.
The December sales decline was not enough to offset big gains made in the Calgary market in early 2022, said the real estate board.
And home prices continue to rise in Calgary. The median home price in Calgary increased an annualized 5% in December to $451,250.
Calgary’s inventory of homes for sale stood at 2,214 units in December, the lowest level of inventory reported for the month in more than a decade.
However, December's new home sale listings totaled 1,031, a 16% drop from a year ago.
