Sales activity in June eased relative to the past several months, levels declined by two per cent over last year’s record high. While sales activity has remained relatively strong for June levels, the decline was driven by a pullback in detached and semi-detached home sales.

As expected, higher interest rates are starting to have an impact on home sales. This is helping shift the market toward more balanced conditions and taking some of the pressure off prices. While we are starting to see some transition, it is important to note that in Calgary year-to-date sales are still at record levels and prices are still far above expectations for the year.