October showed us a significant slowdown in sales. Not all areas saw a drastic fall in sales activity, though. In Calgary, for example, there were 1857 total sales, which according to the Calgary Real Estate Board is stronger than pre-pandemic long-term trends.
The region saw a total of 26,823 sales from January to October.
Calgary is doing a bit better than other parts of Canada, not seeing the same amount of pullback in housing sales as other areas.
Here in British Columbia, we have not been this lucky. Our cities are struggling with inflation. We are looking forward to this being offset with positive migration flows, strong employment growth and a stronger commodity market.
With new listings going down in October, the sales to new listings ratio was pushed up to 85%. Since the peak, we saw in May of this year, prices have fallen by 4%. Noteworthy is the fact that benchmark prices are at least 10% higher than the reported prices of last year.