More homes on the market give buyers new options
The Calgary housing market is seeing a shift as sales decline and inventory surges, particularly in the more affordable price ranges.
Home sales in February fell 19.3% year-over-year, according to the Calgary Real Estate Board (CREB), while new listings rose 4.4%, pushing overall inventory 75.6% higher than last year.
Despite the slowdown, sales still outpaced historical averages for February, with 1,721 homes changing hands. However, rising supply, especially in apartments and townhouses under $500,000, is giving buyers more options and slowing price growth.
For the past few years, Calgary has been a seller’s market, with low inventory fuelling price gains. Now, that trend is starting to ease as new listings continue to outpace demand.
“Even though more people listed their homes for sale, there were actually fewer sales than in February 2024. So, we’re seeing the seller’s market of the past two or three years ease off,” CREB president and CEO Alan Tennant said in the report. “In turn, that’s caused the pace at which prices are increasing to slow down a bit, which should come as welcome news for buyers.”
The benchmark price for a home in Calgary rose just 1% from last year to $587,600, remaining relatively stable compared to late 2024.
While inventory is increasing across all price points, lower-priced homes are making up the bulk of new supply. Apartments and townhouses saw the largest year-over-year growth, helping push months of supply in the market to 2.4 months—more than double last year’s level.
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The apartment sector saw the biggest inventory jump, with supply rising 90% compared to February 2024. That increase was driven by a record 852 new apartment listings, the highest ever recorded for February.
Despite more availability, apartment sales dropped 26% year-over-year, bringing the months of supply to 3.1 months, a 155% increase from last year.
In the townhouse segment, inventory more than doubled, though it remains below historical averages. Sales fell 9%, while prices rose 3% year-over-year to $446,880.
For detached homes, sales slowed 20% year-over-year to 765 units, while new listings increased by 6%. This led to a 61% increase in available inventory, pushing some districts closer to balanced conditions. The benchmark price for detached homes rose 5% from last year to $760,500.
Semi-detached homes saw a 14% decline in sales, while new listings climbed 7%. Inventory increased 46%, though it remains below long-term averages. The benchmark price for semi-detached homes jumped 7% year-over-year to $683,500.
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