Calgary home sales decline by about 16% in May

Calgary —

Home sales in Calgary declined by 15.5% in May compared to the same month last year, indicating a new slowdown in the city's real estate activity.
The number of homes sold reached 2,162, while the residential benchmark price dropped by 3% year-over-year to $570,500.
The Calgary Real Estate Board said the market has become more competitive with increased options available in the new home and rental markets, at a time when buyers are facing pressures from rising living costs and slower immigration.
Condominiums saw the largest decline, with prices falling by 9.1% to $300,400, while townhouse prices dropped by 6.4% to $422,300.
Detached home prices also decreased by 2.4% to $747,800, and semi-detached home prices fell by 1% to $691,100.
There were 4,226 new listings in May, down 12.7% from last year, while inventory slightly increased to 6,752 homes available for sale.
These figures indicate that the Calgary market, which previously benefited from population inflows and increased demand, is beginning to face clearer pressures as financing and living conditions change and buyers have more options.