Calgary home sales hit record high in August while inventory drops

The latest report from the Calgary Real Estate Board says the city saw record-high sales in August, driven by the condo market.

The data shows 2,729 properties were sold in the month, an increase of 27.9 per cent year-over-year, while inventory dropped to a record low of about half of what's historically been available in August.

Condo sales in particular rose 22 per cent in the month compared with last year.

CREB chief economist Ann-Marie Lurie says higher borrowing costs are pushing more homebuyers to either hold off on purchasing a property or gravitate toward more affordable homes available on the market.