Despite Calgary’s sub-zero temperatures, buyer activity remains strong, according to the latest data from the Calgary Real Estate Board. Home sales saw a 12 per cent drop year-over-year in January, but were still 30 per cent higher than the seasonal average.
CREB reported a nearly 70 per cent increase in inventory levels year-over-year, reaching 3,639 units. This marks a shift after three years of tight supply, although inventory remains below the typical 4,000-plus units seen in January.
“Supply levels are expected to improve this year, leading to more balanced conditions and slower price growth,” said Ann-Marie Lurie, chief economist at CREB. “However, the adjustment in supply varies among property types, with detached, semi-detached, and row properties experiencing tight conditions, while apartment condominiums show signs of excess supply for higher-priced units.”
More inventory but still a seller’s market
The months of supply reached 2.5 months in January, up from one month last year, indicating a low winter market supply. Inventory levels varied across property types, with semi-detached homes having less than two months of supply and apartment-style condos having the highest at 3.5 months.
New listings increased inventory to 2,896 units, compared to 1,451 sales.
Despite the rise in available homes, Calgary’s benchmark price remained stable at $583,000 in January—nearly 3 per cent higher than last year and consistent with end-of-year levels in 2024.
Market conditions vary by property type as inventory rises
Calgary’s detached home market saw a 29 per cent increase in new listings in January, with 1,228 houses primarily in the $600,000 and above price range. Sales slowed to 674 units, aligning with long-term trends, and keeping months of supply at just over two months. The benchmark price reached $750,800, up 7 per cent from last year.
Semi-detached homes also saw an increase in inventory, helping balance the market in some areas. Sales activity improved, with supply varying by district. The benchmark price was $673,600, up over 8 per cent year-over-year.
Row home inventory more than doubled from last January, easing pressure on prices. The benchmark price settled at $444,900—5 per cent higher than last year. The North East district saw the largest price adjustment.
The apartment condo segment experienced a significant increase in new listings, pushing inventory up to 1,295 units. Sales remained relatively strong, with the benchmark price at $331,400—5 per cent higher than last year.
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