Home sales in Calgary fell in May for a second straight month as higher interest rates begin to
impact the market.
Sales activity in the western Canadian city hit a record high in March of this year but has since
cooled off.
The Calgary Real Estate Board said that despite the month-over-month decline, with 3,071
sales in May, activity was about 3% higher than last year and stronger than a typical May.
The real estate board added that the benchmark price of a home in Calgary was $546,000 in
May, more than 14% higher than the same time last year.
While higher lending rates are beginning to weigh on sales activity, the real estate board said
inventory levels remain below historical norms and Calgary's real estate market continues to
favour sellers.
However, the Calgary Real Estate Board said higher interest rates could lead to more balanced
conditions in the market over the next several months.
