Source: Global News —
Real estate sales in Calgary saw record numbers in 2022, despite a December that was 31 per cent slower than the year before, according to the Calgary Real Estate Board (CREB).
Calgary saw a record 29,672 sales in 2022, outperforming expectations in sales and growth in prices.
“Really different dynamics throughout the year, but whatever we had happen in the second half (of the year) didn’t offset the strong gains we had earlier in the year,” CREB chief economist Ann-Marie Lurie said.
The benchmark house price marketwide increased by 7.8 per cent year-over-year to $518,800.
“We’re in a really interesting, changing market right now. We had a little bit of a slowdown in the second half of the year,” Bev Clark of Knag Real Estate said. “Part of the reason was because we had lower inventory because there was a flurry of people wanting to sell their homes as they saw the market going up and everyone wanted to jump on the bandwagon.”
A pullback in new listings had December 2022 end with the lowest level of available inventory in over a decade, the CREB’s monthly report read.
“When you don’t have enough inventory, prices start to go up. The thing is that they don’t always go up as high as the sellers might like them to,” Clark said.
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