February Market Update: Inventory Growth and Slower Price Increases Across Calgary

Inventory levels saw a significant year-over-year increase for the second consecutive month, rising by 76% to 4,145 units in February. Most of the growth was in homes priced under $500,000, driven by an increase in more affordable apartments and townhouses. The overall months of supply remained steady at 2.4 months, double what it was a year ago. Apartment-style units had the most supply, at 3.1 months.

February saw 1,721 sales, which, while above average for the month, were 19% lower than last year and well below the post-pandemic peak. New listings reached 2,830, in line with typical February numbers. The sales-to-new listings ratio was 61%, higher than average but lower than the past three years.

While more homes were listed, fewer were sold compared to February 2024, signaling the easing of the seller’s market. This shift has slowed price increases, which is good news for buyers.

The unadjusted benchmark price for residential properties in February was $587,600, relatively stable compared to late 2024 and about 1% higher than last year. Prices varied across districts, with the City Centre and North seeing declines, while the East district saw the highest growth at over 3%.

For detached homes, sales dropped by nearly 20% to 765 units, but new listings rose by almost 6%. This led to a 61% increase in inventory, reaching 1,698 units. Prices rose across all districts, with the City Centre seeing the largest increase at nearly 8%. The benchmark price for detached homes was $760,500, up about 5% from last year.

In the semi-detached market, new listings increased by 7%, but sales dropped by nearly 14%, pushing inventories up by 46%. The benchmark price rose by 7% to $683,500, driven by gains across most districts, with the City Centre and South districts seeing the biggest increases.

Row housing saw a 9% drop in sales and a 4% increase in new listings, raising inventory to 655 units, more than double last year’s levels. The benchmark price increased nearly 3% year-over-year to $446,880.

For apartment condominiums, sales fell by 26%, but new listings reached a record high. Inventory rose by 90%, and the benchmark price increased by almost 4% to $334,200, with the West district seeing the most significant growth at over 8%.