{"id":20013,"date":"2022-09-19T15:39:35","date_gmt":"2022-09-19T19:39:35","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=20013"},"modified":"2022-09-19T15:39:37","modified_gmt":"2022-09-19T19:39:37","slug":"creb-august-2022","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/creb-august-2022\/","title":{"rendered":"Rising Interest Rates Causing Shifts in Calgary Area Property Sales: CREB"},"content":{"rendered":"\n<p>Across Canada, the real estate market has seen dramatic fluctuations from all-time price highs in early 2022 in the Greater Toronto and Vancouver areas to significant price drops due to the 300 basis point interest rate hikes by the <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/blog\/boc-sept-2022\/\" target=\"_blank\"><strong>Bank of Canada<\/strong><\/a>.&nbsp; The Calgary area, however, has followed a bit of a different trend line.&nbsp; Oil price highs this year have positively impacted sales in the region with August posting only a modest dip year-over-year (y-o-y) of -0.5% in volume but a more impressive combined y-o-y benchmark price increase of 11% across all property types.&nbsp; Comparatively, sales volume in the GTA has dropped by 34% versus 2021.&nbsp; Sales activity driving growth in Alberta, specifically the Calgary area, is seen especially in the apartment condominium sector which is providing more affordable housing options despite the higher interest rates.&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/crea-august-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>National Home Sales Hold Steady for First Time Since 2022 Peak: CREA<\/strong><\/a><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">The Demand for Apartment Condos is Growing Rapidly<\/h2>\n\n\n\n<p>Apartment condo sales have increased a whopping 58% y-o-y in August 2022 and over 65% year to date in Calgary.&nbsp; Month-over-month (m-o-m), sales increased by 2%.&nbsp; While condo prices in August were relatively flat versus July, they have increased 10% y-o-y.&nbsp; Price points for condo apartments, however, have yet to reach the peak set back in 2014.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Detached homes in the area are falling a bit out of favour as national inflation is driving up the price of almost everything.&nbsp; Sales of single-family homes continue to trend down versus July and post a y-o-y decline of 18%.&nbsp; Prices have also trended downwards for detached homes since the high in May, however, the benchmark of $633,000 still records a 13% growth over 2021.&nbsp; Demand for homes under the $500K mark is extremely high and there is an increasing pinch on supply at this price point.&nbsp; Months of supply for all property types has dropped by almost 21% y-o-y and now sits at 2.24 months. This is 36% less than the national average of 3.5 months of property inventory.&nbsp; With supply down, the average property days on market has dropped almost 17% y-o-y as demand and competition amongst buyers heats up.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/hidden-gems-edmonton-september-2022\/\"><strong>Hidden Gems for Sale in Edmonton, Alberta Under $325,000<\/strong><\/a><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"510\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREB_August_2022_market_stats-750x510.png\" alt=\"\" class=\"wp-image-20016\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREB_August_2022_market_stats-750x510.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREB_August_2022_market_stats-300x204.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREB_August_2022_market_stats-768x522.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREB_August_2022_market_stats-1536x1044.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREB_August_2022_market_stats-2048x1393.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/CREB_August_2022_market_stats.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Home Buyers are Exercising their Options, Keeping Sales Activity Strong<\/h2>\n\n\n\n<p>While inventory gains in the surrounding areas of <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/airdrie-ab-real-estate\" target=\"_blank\"><strong>Airdrie<\/strong><\/a>,&nbsp; <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/cochrane-ab-real-estate\" target=\"_blank\"><strong>Cochrane<\/strong><\/a>, and <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/okotoks-ab-real-estate\" target=\"_blank\"><strong>Okotoks<\/strong><\/a> provide more promising conditions for buyers, the market conditions remain tight. &nbsp; Airdrie and Okotoks have also experienced price declines in the past few months while Cochrane\u2019s benchmark prices are holding relatively stable.&nbsp;&nbsp;<\/p>\n\n\n\n<p>According to the Calgary Real Estate Board\u2019s Chief Economist, Anne-Marie Lurie, \u201chigher lending rates have slowed activity in the detached market, [but] we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong\u2026this makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Recent Homes for Sale in <a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\">Calgary<\/a><\/h3>\n\n\n\n<!-- iframe plugin v.4.5 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" src=\"https:\/\/www.zoocasa.com\/team\/listings-widget?rental=false&#038;status=available&#038;slug=calgary-ab&#038;latitude=51.0350258582772&#038;longitude=-114.052014803399&#038;zoom=14&#038;detached=true&#038;semidetached=true&#038;attached=true&#038;townhouse=true&#038;condo=true&#038;bedrooms=0%2B&#038;bathrooms=1%2B&#038;parking-spaces=0%2B&#038;open-house=false&#038;garage=false&#038;pool=false&#038;fireplace=false&#038;waterfront=false&#038;single-family=false&#038;basement-apartment=false&#038;duplex=false&#038;triplex=false&#038;fourplex=false&#038;locker=any&#038;area-name=Calgary%2C%20AB&#038;include-private-listings=true\" style=\"min-height: 500px;\" width=\"100%\" height=\"500\" scrolling=\"yes\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n\n\n\n<h3 class=\"wp-block-heading\">Recent Homes for Sale in&nbsp;<a href=\"https:\/\/www.zoocasa.com\/airdrie-ab-real-estate\">Airdrie<\/a><\/h3>\n\n\n\n<!-- iframe plugin v.4.5 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" src=\"https:\/\/www.zoocasa.com\/team\/listings-widget?rental=false&#038;status=available&#038;slug=airdrie-ab&#038;latitude=51.2867436374698&#038;longitude=-114.007281398718&#038;zoom=14&#038;detached=true&#038;semidetached=true&#038;attached=true&#038;townhouse=true&#038;condo=true&#038;bedrooms=0%2B&#038;bathrooms=1%2B&#038;parking-spaces=0%2B&#038;open-house=false&#038;garage=false&#038;pool=false&#038;fireplace=false&#038;waterfront=false&#038;single-family=false&#038;basement-apartment=false&#038;duplex=false&#038;triplex=false&#038;fourplex=false&#038;locker=any&#038;area-name=Airdrie%2C%20AB&#038;include-private-listings=true\" style=\"min-height: 500px;\" width=\"100%\" height=\"500\" scrolling=\"yes\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n\n\n\n<h3 class=\"wp-block-heading\">Recent Homes for Sale in <a href=\"https:\/\/www.zoocasa.com\/cochrane-ab-real-estate\">Cochrane<\/a><\/h3>\n\n\n\n<!-- iframe plugin v.4.5 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" src=\"https:\/\/www.zoocasa.com\/team\/listings-widget?rental=false&#038;status=available&#038;slug=cochrane-ab&#038;latitude=51.184932586175&#038;longitude=-114.46902204716&#038;zoom=14&#038;detached=true&#038;semidetached=true&#038;attached=true&#038;townhouse=true&#038;condo=true&#038;bedrooms=0%2B&#038;bathrooms=1%2B&#038;parking-spaces=0%2B&#038;open-house=false&#038;garage=false&#038;pool=false&#038;fireplace=false&#038;waterfront=false&#038;single-family=false&#038;basement-apartment=false&#038;duplex=false&#038;triplex=false&#038;fourplex=false&#038;locker=any&#038;area-name=Cochrane%2C%20AB&#038;include-private-listings=true\" style=\"min-height: 500px;\" width=\"100%\" height=\"500\" scrolling=\"yes\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n\n\n\n<h3 class=\"wp-block-heading\">Recent Homes for Sale in <a href=\"https:\/\/www.zoocasa.com\/okotoks-ab-real-estate\">Okotoks<\/a><\/h3>\n\n\n\n<!-- iframe plugin v.4.5 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" src=\"https:\/\/www.zoocasa.com\/team\/listings-widget?rental=false&#038;status=available&#038;slug=okotoks-ab&#038;latitude=50.7263602328101&#038;longitude=-113.961997751106&#038;zoom=14&#038;detached=true&#038;semidetached=true&#038;attached=true&#038;townhouse=true&#038;condo=true&#038;bedrooms=0%2B&#038;bathrooms=1%2B&#038;parking-spaces=0%2B&#038;open-house=false&#038;garage=false&#038;pool=false&#038;fireplace=false&#038;waterfront=false&#038;single-family=false&#038;basement-apartment=false&#038;duplex=false&#038;triplex=false&#038;fourplex=false&#038;locker=any&#038;area-name=Okotoks%2C%20AB&#038;include-private-listings=true\" style=\"min-height: 500px;\" width=\"100%\" height=\"500\" scrolling=\"yes\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n\n\n\n<p>To meet with an agent and learn more about prices and homes for sale in the Calgary area, <strong><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">contact Zoocasa today<\/a><\/strong>.<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Considering Getting Into The Market This Fall?<\/div>\n<div class=\"cta-body\">Sign Up for a Free Buyer Consultation<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Across Canada, the real estate market has seen dramatic fluctuations from all-time price highs in early 2022 in the Greater Toronto and Vancouver areas to significant price drops due to the 300 basis point interest rate hikes by the Bank of Canada.&nbsp; The Calgary area, however, has followed a bit of a different trend line.&nbsp; [&hellip;]<\/p>\n","protected":false},"author":112,"featured_media":20014,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[1112,76,33],"tags":[],"class_list":["post-20013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alberta","category-buying-a-home","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rising Interest Rates Causing Shifts in Calgary Area Property Sales: CREB | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Across Canada, the real estate market has seen dramatic fluctuations from all-time price highs in early 2022 in the Greater Toronto and Vancouver areas to The Calgary real estate market is seeing strong sales activity compared to some other major cities. 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Read more about the August 2022 Calgary market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/creb-august-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-19T19:39:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-19T19:39:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/Zoocasa_CREB_August_2022_Hero.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Carrie Lysenko\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Carrie Lysenko\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/creb-august-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/creb-august-2022\/\"},\"author\":{\"name\":\"Carrie Lysenko\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/7b52f3cefebf1dd8e65637b3544ff07f\"},\"headline\":\"Rising Interest Rates Causing Shifts in Calgary Area Property Sales: CREB\",\"datePublished\":\"2022-09-19T19:39:35+00:00\",\"dateModified\":\"2022-09-19T19:39:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/creb-august-2022\/\"},\"wordCount\":920,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Alberta\",\"Buying a Home\",\"Real Estate News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/creb-august-2022\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/creb-august-2022\/\",\"name\":\"Rising Interest Rates Causing Shifts in Calgary Area Property Sales: CREB | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2022-09-19T19:39:35+00:00\",\"dateModified\":\"2022-09-19T19:39:37+00:00\",\"description\":\"Across Canada, the real estate market has seen dramatic fluctuations from all-time price highs in early 2022 in the Greater Toronto and Vancouver areas to The Calgary real estate market is seeing strong sales activity compared to some other major cities. 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