The Calgary Real Estate Board says rising interest rates had little effect on last month’s home sales, which reached a record level for July.
The Albertan board says sales for the month totalled 2,647, up 18 per cent from the prior July.
It attributes the increase to significant gains in the relatively affordable apartment condominium sector.
However, the board says despite recent gains, year-to-date sales have declined by 19 per cent compared with last year and inventory levels remain near the July record low set in 2006.
July’s new listings totalled 3,247, up 2 per cent from a year earlier.
The average price of a home was up almost 10 per cent from last year to $539,461, while the benchmark price ticked up nearly 6 per cent to $567,700.
“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” said Ann-Marie Lurie, the board’s chief economist, in a news release.
“At the same time, we continue to struggle with supply in the resale, new home and rental markets resulting in further upward pressure on home prices.”