The region’s sales for the month totalled 2,254, down from 2,314
The Alberta board says the figures mark the second month in a row that the pace of sales slowed, but noted that the numbers are still among the strongest the market has ever seen.The average price of a home in the region hit $491,392, a nearly one per cent climb from $488,484 a year ago.
Ann-Marie Lurie, the board’s chief economist, says the figures are the product of rising interest rates and significant slowdowns in the detached and semi-detached market that were nearly offset by sales growth in the apartment and row house sectors. “Rising lending rates are causing shifts within the market and, as a result, new listings for higher-priced product are on the rise relative to sales activity,” she said, in a statement.
“Meanwhile, there continues to be a lack of supply for lower-priced detached and semi-detached product. This is driving consumers who are looking for affordable homes to purchase apartment- and row-style properties.” Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.
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