Home sales in Calgary, Alberta rose 18% in July and hit record levels for the month as the housing market recovery gathers steam.
The Calgary Real Estate Board said that home sales for the month totalled 2,647, up 18% from a year earlier.
The sales growth in July was driven mainly by big gains in the more affordable apartment condominium sector, said the board.
New listings in July totalled 3,247, up 2% from a year earlier, while the average price of a home in Calgary increased nearly 10% year-over-year to $539,461.
However, the real estate board cautioned that despite recent gains, year-to-date home sales in Calgary are 19% lower than where they were at this time in 2022, and inventory levels are near the record low set back in 2006.
Canada’s housing market underwent a steep correction over the last 18 months as the Bank of Canada steadily raised interest rates to lower inflation.
The average interest rate charged on a home mortgage in Canada remains near 6%, according to Ratehub.ca.
