Calgary home sales tank in June
Posted Jul 2, 2010 4:04 pm.
This article is more than 5 years old.
More real estate agents in our city likely have some extra time on their hands after Calgary home sales fell like a heavy stone in June.
New numbers from the Calgary Real Estate Board show single family home sales fell by 42 per cent compared to June of last year.
It wasn’t a lot better for condo sales, which plummeted 40 per cent.
Consistent fluctuations in oil prices are getting some of the blame.
But CREB President Diane Scott says new mortgage rules are also playing a role, along with the Bank of Canada’s decision to raise interest rates.
She tells 660News with all those things taken together, the Calgary housing market is going into a perfect storm.
“We’re going to be volatile. There’s going to be some ups and downs,” she says. “That’s where we are right now. We’re in a bit of a down.”
Despite the big drop, the average home’s price tag went up by a few thousand dollars compared to this time last year. Scott says we can thank increases in sales of luxury homes for that.
