The Calgary Real Estate Board said home sales in February totalled 1,740, a 47% decline from a year earlier.
The real estate board added that February inventory levels, or the number of homes available for sale, fell to the lowest level since 2006 as a growing number of homeowners take their property off the market due to unfavorable selling conditions.
New home listings in Calgary during February amounted to 2,389, a 49% decline from a year ago. The average home price in Calgary during February fell 8% to $506,685.
The real estate board said that prices in Calgary remain below their May 2022 peak, and that if supply levels do not increase there could be more upward pressure exerted on prices.
Canada’s housing market has cooled rapidly as the Bank of Canada has raised interest rates to lower inflation. The average mortgage rate in Canada is now above 6%, its highest level since before the 2008-09 financial crisis.
