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Calgary housing market remained hot in Q2, expected to slow

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CREB released its latest quarterly update on Tuesday, in which the organization examined housing sales in April, May and June. CTVCalgary

In it, CREB noted 9,303 total sales in the second quarter of 2022, an increase of 2.24 per cent over the same period last year.

The result, says CREB, is prices that trended up; the benchmark price in Q2 jumped more than 14 per cent year over year to $544, 733. "With market conditions easing and a higher cost of borrowing, prices are expected to trend down in the second half of the year, offsetting some of the stronger than expected gains in the first half of the year . Despite the pullbacks, we anticipate that the annual benchmark price will remain higher than levels reported last year."CREB recorded 4,949 sales of detached homes in the second quarter, a decline of more than 14 per cent year over year.

The decline in Strathmore has been contributed to low supply levels in houses, with conditions "continuing to favour the seller," while Cochrane had inventories that remained well below levels traditionally seen in the market.

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