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Calgary Home Sales Rose 2% In May

Home sales in Calgary, Alberta rose 2% in May from a year earlier, showing signs of a tentative recovery after a sharp downturn in the market prompted by higher interest rates.

The Calgary Real Estate Board said there were 3,120 homes sold in the western Canadian city during May, which is technically a record for the month.

However, the May home sales were only up 2% from sales of 3,063 recorded in the same month of 2022.

And despite home sale moving into positive territory during May, year-to-date sales are 30% below where they were through the first five months of 2022.

The real estate board said the Calgary market has still not completely recovered from the downturn experienced over the past year as the Bank of Canada raised interest rates, which has pushed mortgage costs higher.

The Calgary Real Estate Board said it also continues to see fewer new listings than last year, with the number of properties listed on the market in May down 15% from 2022.

The average price of a home for sale in Calgary during May increased nearly 6% to $551,853.

The board said that elevated interest rates, which are being used by the central bank to lower inflation, are driving homebuyers to apartment and condominiums.