The July numbers are out and show that the Calgary real estate market is still very strong.
Although we have seen a small reduction of less than 1% in prices over June, prices are still up 12% over July 2021. For context our fellow Canadians in Vancouver and Toronto are seeing 1.3% and 5.3% year over year and this is after a much sharper rise in prices than we had (June numbers, July yet to be released).
As per the Calgary Real Estate Board chief economist:
“As expected, the benchmark price did see some slippage relative to levels seen earlier in the year and rising lending rates have cooled much of the bidding war activity that was driving significant gains earlier in the year. However, prices currently remain over 12 per cent higher than last year’s levels, still outpacing forecasted price growth for the year. “