Sales activity has behaved as expected through the start of 2023 and slowed by 43 per cent over last year’s all-time record-high performance in the first quarter.

Sales activity has behaved as expected through the start of 2023 and slowed by 43 per cent over last year’s all-time record-high performance in the first quarter. The steeper decline in the first quarter was expected, given the surge in sales last year, as purchasers were eager to enter the market ahead of expected rate gains.

“While no further rate gains have occurred so far this year, the higher lending rates and limited supply options are contributing to some of the pullbacks in sales,” said CREB^® Chief Economist Ann-Marie Lurie. “Nevertheless, despite the decline, sales activity has remained well above pre-pandemic levels thanks to recent gains in migration coupled with a stronger employment market.”

Members can read the full summary on creb.com.

For the full report, please download CREB^®’s Q1 2023 Calgary & Region Quarterly Update Report here.

Members can also access a wide range of housing data tools and dashboards on CREB^®Link.