Calgary Housing Update May 2022 - Bank rate versus Oil Price!!

Calgary Housing Update May 2022 - Bank rate versus Oil Price!!
Many buyers and sellers are asking: "where is the real estate market going in Calgary?"

On the one hand we have the Bank of Canada raising bank & mortgage rates, which slows the economy, but on the other hand we have oil around $110 (WTI), unemployment coming down, net migration into Alberta is rising & diversification is in full swing. Right now we have a sellers market for detached, semi-detached and townhouses.

Recent price gains and tight market conditions have also encouraged many sellers to list their home this month. However, demand was strong enough to absorb the additional supply,
ensuring the market continues to favour the seller. With 4,670 new listings coming onto the market in April, inventory levels trended up relative to last month and last year. With the elevated sales, the months of supply remains below two months. 

House priced above $600,000 represented 25 per cent of the sales that occurred this month. This is a significant increase from last year when they only represented 12 per cent of sales. The shift in distribution is causing both the average prices to record double-digit year-over-year price gains.

More bank rate increases could start to slow the Calgary market, but right now its a sellers market in may communities. It is not evenly spread, the newer communities are attracting more buyers and price gains. Do you need more information on your community & how it is performing? Please contact me. 
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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