May 2022 for the real estate market in the city slowed down in comparison to last year. New sale listings were similar to last month, though there was more inventory than last year.
"This helped push inventories and the months of supply up compared to last month. However, with the months of supply remaining at one month, the market remains exceptionally tight," according to The Calgary Real Estate Board (CREB®).
It was also noted that prices have also taken a pause in the month of May, but are remaining nearly 25 per cent higher than levels recorded last year.
"Prices have been trending up monthly for the better part of two years and the growth at the start of this year has far exceeded expectations. As rates continue to rise and the market shifts to more balanced conditions, we expect the pace of the price growth to start to slow."
There were 269 sales in Airdrie, with an average selling price of $459,856, though the benchmark price is close to over half a million dollars. Within the region, Airdrie has the 5th highest benchmark prices, while Canmore's benchmark price for real estate is $1.3 million. Calgary came in second with a benchmark price of $648,500.
Single-detached homes are still the most popular among home-buyers, with approximately 150 homes being sold. Though in comparison to May 2021, that number has dropped slightly. Apartment sales are on the rise in comparison to May 2021.
CREB foresees that as rates continue to rise and the market shifts to more balanced conditions the pace of the price growth will start to slow.
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