Calgary Home Sales Plunged 22% In November From A Year Ago

Home sales in Calgary, Alberta were 22% lower in November than a year earlier as rising interest rates continue to impact the housing market.

However, despite the current slowdown, the Calgary Real Estate Board said that home sales in the city remain on track to set a record this year.

The board said November home sales totaled 1,648, down 22% from a year ago but 12% above the 10-year average for the month.

Year-to-date home sales in Calgary remain nearly 10% above last year's record high due to strong sales in the first half of 2022.

The strong year-to-date sales growth is also because of a surge in condominium and townhouse sales.

In November, the Calgary housing market experienced a 20% decline in the number of new listings and the highest inventory of unsold homes since November 2005.

The average price for a house in Calgary this past November was $490,134, down less than 1% from a year ago.