The Calgary real estate market is shifting as inventory levels rise and sales slow. February saw a 19% year-over-year (YoY) decline in sales, though activity remained above long-term trends. Meanwhile, inventory surged 76% YoY to 4,145 units, marking the second consecutive month of substantial growth.
Most of this increase came from homes priced under $500,000, particularly in the apartment and row/townhouse sectors. The sales-to-new listings ratio stood at 61%, still above long-term averages but lower than the past three years. The months of supply doubled YoY to 2.4 months, signaling a gradual market shift.
According to Alan Tennant, CEO of CREB®, the market is easing from the strong seller’s conditions of recent years, slowing the pace of price growth. The unadjusted benchmark price across all residential properties reached $587,600, up 1% YoY and stable compared to late 2024.
Detached Homes: More Listings, Slower Growth
Sales: 765 (-20% YoY) | New Listings: 1,265 (+6% YoY)
Inventory: 1,698 (+61% YoY) | Months of Supply: 1.6–3.0 across districts
Benchmark Price: $760,500 (+5% YoY), with the City Centre leading at +8%
Despite more listings, supply remains tight in some areas, particularly in South and North West Calgary.
Semi-Detached Homes: Limited Supply Keeps Prices Up
Sales: 165 (-14% YoY) | New Listings: 240 (+7% YoY)
Inventory: +46% YoY, with supply ranging from 1 to 8 months depending on the district
Benchmark Price: $683,500 (+7% YoY), with the City Centre and South seeing +8% growth
Though inventory rose, it remains below historical averages, keeping price growth strong.
Row/Townhouses: More Supply, But Prices Hold Steady
Sales: -9% YoY | New Listings: +4% YoY
Inventory: +100% YoY, though still below long-term February levels
Benchmark Price: $446,880 (+3% YoY), with East Calgary surging +12%
More supply has improved months of supply across the city, but demand remains high.
Apartment Condominiums: Inventory Surges, Prices Steady
Sales: 473 (-26% YoY) | New Listings: 852 (record high for February)
Inventory: +90% YoY | Months of Supply: 3.1 (+155% YoY)
Benchmark Price: $334,200 (+4% YoY), with the West district leading at +8% growth
Despite a surge in inventory, prices continue to rise, particularly in West Calgary.
Regional Markets: Rising Inventory Levels
Airdrie:
Sales: 123 (-9%) | New Listings: 225 (+23%)
Benchmark Price: $537,600 (+1.6% YoY)
Months of Supply: Nearly 3 months, highest since pre-pandemic levels
Cochrane:
Sales: 75 | New Listings: 126
Inventory: +48% YoY, highest since 2021
Benchmark Price: $577,100 (+5% YoY), nearing record highs
Okotoks:
Sales: 45 (-4%) | New Listings: 60 (+7%)
Benchmark Price: Flat MoM, +1% YoY
Months of Supply: 1.5, keeping conditions tight
Market Outlook
Calgary’s real estate market is transitioning as inventory increases and price growth slows. While conditions still favor sellers in many areas, buyers are seeing more options, particularly in affordable segments like apartments and townhouses.
As supply levels rise, the coming months will determine whether the market moves further toward balance or if demand rebounds to sustain price momentum.