Sales slowed to 1,648 units, a year-over-year decline of 22%, but 12% above the 10-year average. Year-to-date sales remain nearly 10% above last year’s record high. The year-to-date sales growth has been driven by a surge in both apartment condominium and row sales.
There was a pullback in new listings and inventories fell to the lowest level reported in November since 2005. The pullback in both sales and new listings kept the months of supply relatively tight at below two months.
The tightest conditions are occurring in the lower-price ranges as supply growth has mostly been driven by gains in the upper end of the market.
Despite the lower supply levels, prices have trended down from the peak reached in May of this year. Even with the adjustments that have occurred, November benchmark prices continue to remain nearly nine per cent higher than levels reported last year.
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November 2022 - Calgary Real Estate Market Update