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Calgary’s home sales closed out 2022 with inventory declining to 2,214 in December from 3,109 in November, marking it the lowest level of inventory reported by the Calgary Real Estate Board (CREB) in over 10 years.

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Sales and new listings also trended downward month over month by 27 per cent and 36 per cent, respectively.

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Benchmark prices, meanwhile, were off 0.23 per cent to $518,800 in December from $520,000 in November, but remained up 7.8 per cent over the same month last year.

“Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year,” CREB Chief Economist Ann-Marie Lurie said in Tuesday’s report. “However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.”

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Although Calgary saw a record-high year for sales and double-digit price growth due to gains early on in 2022, segments of the market reported challenges.

The detached property segment has been hit hardest by rising inflation and interest rates, with sales declining 39 per cent year over year, but low inventories mean the category continues to favour the seller, the real estate board said. In particular, higher priced homes in that segment have performed well.

Semi-detached homes saw supply trended below historical levels and ended the year with a 36 per cent decline in sales for December. While the report said that conditions are not as tight for this market as earlier this year, there has been some downward pressure on prices. The segment still posted a modest nine per cent price increase, year over year.

Row homes, often seen as an affordable option for families, saw the largest drop in new listings, but the smallest decline in sales at 34 per cent year over year.

As 2022 closed out, apartment condominiums set their own trend as the only sector that saw a gain in sales, with a one per cent uptick over December 2021.

“Demand for affordable product, along with renewed investor interest thanks to rental rate growth, helped support sales growth,” the report said.