Inventory climbs as new listings outpace sales
Home sales in Calgary fell 12% year over year in January, despite remaining well above historical levels for the month, according to the Calgary Real Estate Board (CREB).
A total of 1,451 homes changed hands, while the residential benchmark price was $583,000 – holding steady from the end of last year and 2.8% higher than in January 2024.
Market supply has improved, with the months of supply reaching 2.5 months, up from just one month a year ago, although still considered low for a winter market. The supply levels varied by property type, with semi-detached homes having less than two months of supply, while apartment-style units had a more balanced 3.5 months of supply.
The rise in inventory was driven by a boost in new listings. January saw 2,896 new listings compared to 1,451 sales. This surge pushed inventory levels to 3,639 units, a 68.6% jump from last year.
The largest gains were in apartment-style condominiums, where supply increased to 589 units, more than double last January’s near-record low. Inventory remains below the 4,000-plus units typically seen in January.
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Despite this increase, CREB’s chief economist Ann-Marie Lurie noted that supply growth is uneven across property types.
“The adjustment in supply is not equal amongst all property types,” Lurie said in the report. “Compared with sales, we continue to see persistently tight conditions for detached, semi-detached and row properties while apartment condominiums show signs of excess supply for higher priced units.”
The board expects supply levels to continue improving throughout the year, leading to more balanced market conditions and moderating price growth.
“Supply levels are expected to improve this year, contributing to more balanced conditions and slower price growth,” Lurie added.
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