Home sales in Calgary recorded a slight increase in February, reaching 1,526 transactions compared to 1,234 transactions in January. However, sales remain 11% lower compared to the same period last year. Meanwhile, housing supply rose to 4,822 units, marking a 16% year-on-year increase, driven mainly by a rise in the availability of detached homes and apartment units.
Total inventory in the market reached around 3.16 months, a level considered close to a balanced market. At the same time, the average time homes remained on the market fell to 42 days, compared to 53 days in January.
An economist explained that market conditions vary depending on the type of property. Demand remains strong for detached and semi-detached homes due to limited supply, while apartments are experiencing an oversupply, making the market more favorable for buyers.
She added that the slowdown in migration to the city, along with the significant increase in apartment construction—where about 18,000 housing units are currently under development—has contributed to the growth in supply, particularly in the apartment segment.
In terms of prices, the benchmark price for residential properties rose to $560,500, an increase of 1% from January. However, it is still about 4% lower than last year, as apartment prices continue to decline while prices for family homes remain relatively stable, especially in higher price ranges. Meanwhile, supply remains limited for homes priced below $700,000.
