Sales Remain Above Long-term Trends Despite Declines
Calgary Alberta, March 3 2025
For the second month in a row, inventory levels saw substantial year-over-year growth, rising by 76 percent to 4,145 units in February.
While inventory increases were seen across all price ranges, the largest increases were in homes priced under $500,000; this increase was driven by substantial growth in the more affordable apartment and row/townhouse sectors. The overall months of supply were 2.4, similar to last month but more than double this time last year. Apartment-style units remained the most well-supplied at 3.1 months.
There were 1,721 sales in February, which was above historical averages for the month but 19 percent lower than levels seen last year and significantly lower than the record levels seen in the post-pandemic period. New Listings in February reached 2,830, roughly in line with historical averages for the month. The sales-to-new listings ratio for the month was 61 percent, higher than historical averages but below levels seen in each of the last three years.
“Even though more people listed their homes for sale, there were actually fewer sales than in February 2024. So, we’re seeing the seller’s market of the past two or three years ease off,” said Alan Tennant, President and CEO of CREB®. “In turn, that’s caused the pace at which prices are increasing to slow down a bit, which should come as welcome news for buyers.”
The total residential unadjusted benchmark price in February was $587,600, relatively stable compared to late-2024 and roughly one percent higher year-over-year. Price changes varied across the city, with the City Centre and North districts seeing declines, while the East district saw the largest price growth at over three percent.
Detached
Sales in February slowed to 765 units, nearly 20 percent lower than last year. New Listings increased by nearly six percent year-over-year to 1,265 units. The decline in sales, coupled with the gain in new listings, drove inventory levels higher, reaching 1,698 and a 61 percent increase in levels compared to 2024.
Months of supply improved across all districts compared to the levels seen last year, although the recovery is uneven across the city. The City Centre and North East districts continue to trend towards more balanced conditions, while the South and North West districts remain supply-constrained at approximately 1.6 months.
The unadjusted benchmark price rose to $760,500, roughly five percent higher than last February. Prices rose across all districts, with the largest increase occurring in the City Centre district at nearly eight percent growth.
Semi-Detached
There were 240 new listings in February, a gain of seven percent from 2024. Sales fell by nearly 14 percent compared to 2024, slowing to 165 units. This gap between sales and new listings drove inventories up by 46 percent, though they remain below long-term averages for the sector in February.
There was a large variation in months of supply across the city, with a low of just one month in the North West district compared to a high of eight months in the East district.
The unadjusted benchmark price pushed above levels seen in the late summer and early fall, rising by nearly seven percent year-over-year to $683,500. This increase was supported by price gains across all districts, with the largest growth occurring in the City Centre and South districts of approximately eight percent.
Row/Townhome
As with other property types, year-over-year sales fell by over nine percent while new listings increased by almost four percent. Despite the sales decline, both sales and new listings remain above long-term averages for the month. This drop in sales pushed inventories to 655 units, more than double the levels seen last year, though still lower than the historical average levels for February.
Months of supply improved across the city; the South and East districts have the tightest conditions at under 1.5 months, while the North East district has almost three months. Unadjusted benchmark prices remain below levels seen in the fall but are up almost three percent year-over-year at $446,880.
Prices increased across all districts, with marginal increases in the South East and North districts, while the East district experienced a significant12 percent increase compared to 2024.
Apartment
Sales reached 473 units in February, 26 percent lower than last year but still well above long-term averages for the apartment sector in February.
New listings were relatively flat year-over-year, but at 852 units, it was the highest amount on record for the month. Driven by the record new listings, inventory increased by 90 percent year over-year and also pushed to near-record levels.
Months of supply reached 3.1 months in February, a substantial 155 percent increase over 2024 but still well below record levels seen in the period between 2014 oil crash and the pandemic.
The unadjusted benchmark price for February was $334,200, comparable to levels seen in the fall and almost four percent above the prices seen this time last year. The largest price growth occurred in the West district at over eight percent.
REGIONAL MARKET FACTS
Airdrie
The overall Airdrie market fell roughly in line with its long-term averages in February, with sales declining while new listings and inventories rose to levels typical of the month. Sales declined by nearly nine percent, reaching 123 units, while new listings increased by nearly 23 percent to 225 units. This drop in sales, combined with an increase in new listings, pushed inventories to over double the amount seen last year, rising to 345 homes.
As a result, months of supply pushed up to nearly three months, also in line with long-term averages and the highest seen in the market since before the pandemic.
The unadjusted benchmark price for February was essentially flat compared to last month and remained below levels seen in the fall at $537,600,but were 1.6 percent higher than seen last February.
Cochrane
Sales in February reached 75 units, while new listings reached 126 units, both increases over this time last year and above long-term averages for the market. Inventory increased by over 48 percent year-over-year to 196 units, the highest level seen in any month since the spring of 2021 but still below long-term averages for February in the Cochrane market.
This increase in inventory allowed the months of supply to recover to 2.6 months, the highest since the pandemic but still well below historical levels for the month.
The relatively tight conditions supported prices recovering near the record-high levels seen in the summer, as the unadjusted benchmark price increased by over five percent year-over-year to $577,100.
Okotoks
February saw sales decline by four percent year-over-year to 45 units, though they remained in line with long-term averages for the month. New listings increased by seven percent compared to 2024, and, at 60 units, remained well below levels typically seen in February. Inventory recovered to 69 units, 19 percent above 2024, but as with new listings, they remained significantly lower than historical levels for the month.
These tighter inventory levels also kept the months of supply well below what would typically be seen in February at just 1.5 months. In spite of the tight conditions, the unadjusted benchmark price for the month was relatively flat compared to January and under one percent higher than in 2024.