The Calgary Realty Commission said new listings in January fell to levels not seen since the last 90s as home sales fell 40% year-over-year.
There were 1,852 new registrations this month, down 25% from January 2022, according to Alberta’s board of directors.
Meanwhile, home sales rose to 1,199 compared with 2,004 a month ago.
The board attributed the slowdown to higher lending rates, with many buyers seeking lower-priced homes and discouraging some from upgrading to other properties.
The average home price in the area hit $508,189 in January, down less than 1% from a year ago.
However, the benchmark price of $520,900 is 5% higher than January 2022.
This report by the Canadian Press was first published on February 1, 2023.
