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Calgary's Home Sales Return to Downward Trend in May, Says National Bank

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Based on data from the Calgary Real Estate Board (CREB) for the Calgary economic region, National Bank of Canada estimates that seasonally adjusted home sales dropped by 4.2% from April to May, marking the third decline in four months following a 5.3% increase in April.

Although sales have seen some positive monthly fluctuations since the spring of 2025, the overall trend in Calgary's real estate market undeniably remains downward, noted the bank earlier this week.

The lack of momentum in the housing market can be attributed in part to trade and geopolitical uncertainty, but also to the recent rise in fixed-rate mortgage rates caused by higher inflation, said National Bank.

Nevertheless, transaction volumes in the Calgary market remain above their historical average, and the region's job market continues to perform well compared with other major Canadian cities, which could support an eventual rebound, it added.

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Commerzbank on Overnight News

Commerzbank in its "European Sunrise" note of Wednesday highlighted:Markets: United States Treasuries remain on the weak side, short-end yields continue to increase in Asia. Equities are mixed with U.S. equities closing near records, Nikkei up almost 3%, Hong Kong stocks down and U.S. futures flat. Brent increases to US$97/barrel. Japanese gvoernment bond curve bear-flattens.Fed: New Federal Reserve Chair Kevn Warsh hires conservative policy analysts as advisers.U.S.: Trump administration proposes new 10% tariffs on goods from the European Union and others, following an investigation into forced labor. China, India and others would face 12.5%.Iran war: Iran attacks various targets in the Middle East, including Saudi Arabia and Dubai; the U.S. strikes Qeshm Island. Secretary of State Marco Rubio says Iran's supreme leader is communicating with the U.S. in writing and through intermediaries.==EUROPE:ECB: Euroepan Central Bank Governing Council (GC) member Pierre Wunsch says that the Iran peace deal wouldn't derail rate hike. GC member Olaf Sleijpen says that the ECB needs to determine whether the energy price surge drives broader price increases.BoE: Bank of England Governor Andrew Bailey signals that Gilt sales could continue for another one or two years. Policymaker Megan Greene says hikes are likely needed as the Iran war drags on.EU: A 20 billion euros investment plan for artificial intelligence faces delays over a lack of clarity about demand (Bloomberg sources).==ASIA:Japan approves 3.1 trillion yen stimulus package to cushion rising commodity costs.

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