Home sales in Calgary in February reached 1,526, up moderately from 1,234 sales in January, but down 11% from February 2025. However, once again, the important story in Calgary’s real estate market is housing supply, with 4,822 active listings in February, a 16% increase over last year.
Two sectors of the market, single-family homes and apartment condominiums contributed, most to inventory.
There were 1,941 active single-family listings, equating to 2.64 months of supply based on sales, up 19% year-over-year. Active condominium listings hit 1,580, 4.58 months of supply based on sales. The semi-detached sector (414 active listings) had 2.37 months of supply in February, and the townhome sector (887 active listings) had 3.29 months of supply, with the city-wide months of supply at 3.16.
Overall, homes sold a bit quicker than in January, spending an average of 42 days on the market, compared to 53 days in January
A market is considered to be balanced at three months of supply.
“Calgary continued to see market conditions vary by property type in February,” said Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB). “The tightest conditions occurred in single-family and semi-detached properties, reporting less than three months of supply. Row homes reported slightly higher supply levels relative to demand but remained relatively balanced. Meanwhile, apartment-style properties are dealing with excess supply, as conditions continue to favour the buyer.”
After two years of unprecedented growth, the flow of newcomers to Calgary has abated, said Lurie.
“Slowing migration levels are coming at a time when supply for apartment-style homes is rising. Calgary reported record high starts last year, mostly due to gains in apartment starts where there are nearly 18,000 units currently under construction,” she said. “While a large share of the units is targetted for rental, this also impacts condo ownership markets.”
“Meanwhile, on the opposite end of the spectrum, the single-family market remains relatively balanced in the higher price ranges and continues to struggle with limited supply for homes priced below $700,000.”
Sales prices showed seasonal gains in February in most sectors, said Lurie.
"While February did report monthly benchmark price gains for most property types, prices continued to slide for apartment-style homes,” she said. “However, monthly gains for lower-density homes offset the pullbacks for apartment units, leaving the total residential benchmark price of $560,500 1% higher than January, but still 4% lower than last year's levels.”
Here are Lurie’s overviews of the Calgary market by home type.
Single-family
Sales (736) and new listings (1,269) in February were similar to levels reported last year, with the sales-to-new-listings ratio at 58%. Conditions did vary across the city as the northeast district struggled with excess supply, preventing any improvement in monthly prices. The west district reported the tightest conditions with less than two months of supply.
February’s unadjusted benchmark price was $734,300, slightly higher than January, but still 3% lower than February last year.
Semi-detached
Sales reached 175 units, while new listings rose to 253 units, taking the sales-to-new-listings ratio to 69%. The sectors’ 2.4 months of supply is the lowest of the four property types.
The tighter conditions resulted in an unadjusted benchmark price of $682,200, comparable to last year. Price gains in the city centre, northwest and west offset declines in the northeast, north, south, southeast and east.
Row/townhomes
There were 270 sales, with a sales-to-new-listings ratio of 55%. The unadjusted benchmark price was $423,600, 5% lower than last year, varying by district. Price declines in the northeast and east were 10% while prices in both the west and city centre were only a few percentage points below last February.
Apartment condominium
With 753 new listings and 345 sales, the sales-to-new-listings ratio was low at 46%. New listings kept the months of supply well over four months, putting downward press on prices. The benchmark price dropped to $298,600, more than 9% lower than last February. The largest year-over-year price adjustments have occurred in the northeast, east and southeast districts, with declines of more than 10%.
Inventory conditions vary, ranging from more than 11 months in the northeast to fewer than four months in the south district.
