Balanced conditions take pressure off prices

Detached

Sales in February slowed to 765 units, nearly 20 per cent lower than last year. New Listings increased by nearly six per cent 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 per cent 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 per cent higher than last February. Prices rose across all districts, with the largest increase occurring in the City Centre district at nearly eight per cent growth.

Semi-Detached

There were 240 new listings in February, a gain of seven per cent from 2024. Sales fell by nearly 14 per cent compared to 2024, slowing to 165 units. This gap between sales and new listings drove inventories up by 46 per cent, 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 per cent year-over-year to $683,500. This increase was supported by price grains across all districts, with the largest growth occurring in the City Centre and South districts of approximately eight per cent.

Row

As with other property types, year-over-year sales fell by over nine per cent while new listings increased by almost four per cent. 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 per cent 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 significant 12 per cent increase compared to 2024. 

Apartment Condominium

Sales reached 473 units in February, 26 per cent 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 per cent year-over-year and also pushed to near-record levels. Months of supply reached 3.1 months in February, a substantial 155 per cent increase over 2024 but still well below record levels seen in the period between the 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 per cent above the prices seen this time last year. The largest price growth occurred in the West district at over eight per cent.

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 per cent, reaching 123 units, while new listings increased by nearly 23 per cent 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 per cent 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 per cent 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 per cent year-over-year to $577,100.

Okotoks

February saw sales decline by four per cent year-over-year to 45 units, though they remained in line with long-term averages for the month. New listings increased by seven per cent compared to 2024, and, at 60 units, remained well below levels typically seen in February. Inventory recovered to 69 units, 19 per cent 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. Despite the tight conditions, the unadjusted benchmark price for the month was relatively flat compared to January and under one per cent higher than in 2024.

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Following three consecutive years of limited supply choice, inventory levels in January rose to 3,639 units. While the 70 per cent year-over-year gain is significant, inventory levels remain lower than the over 4,000 units we would typically see in January. Inventories rose across all property types, with some of the largest gains driven by apartment-style condominiums.

“Supply levels are expected to improve this year, contributing to more balanced conditions and slower price growth,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, the adjustment in supply is not equal amongst all property types. Compared with sales, we continue to see persistently tight conditions for detached, semi-detached and row properties while apartment condominiums show signs of excess supply for higher priced units.”

Citywide, the months of supply reached 2.5 months in January, an improvement over the one month of supply reported last year, but it is still considered low for a winter month. The month of supply ranged from under two months for semi-detached properties to 3.5 months for apartment-style units.

Rising supply resulted from a boost in new listings compared to sales. New listings rose to 2,896 units in January, compared to 1,451 sales. Sales in January were down by 12 per cent compared to last year. However, even with a pullback in sales, levels remained nearly 30 per cent higher than levels typically recorded in January. 

The total residential benchmark price in January was $583,000, which is relatively stable compared to levels reported at the end of last year and nearly three per cent higher than last January. Price growth ranged across districts within the city as well as property types.

Detached

Driven by gains from homes priced above $600,000, new listings reached 1,228 units in January, which is 29 per cent higher than last year. At the same time, sales activity slowed to 674 units, which brought levels in line with long-term trends. The improvement in new listings relative to sales did help support inventory gains. However, the 1,448 units in inventory are still nearly 27 per cent lower than levels we traditionally see in January, and the months of supply remained relatively low at just over two months. 

While conditions are not as tight as last year, there is some variation within the city districts as more balanced conditions are taking shape in the City Centre and North East districts. In January, the unadjusted benchmark price was $750,800, slightly higher than last month and seven per cent higher than last January. On a seasonally adjusted basis, prices have remained relatively stable since the second half of last year. 

Semi-Detached

Like other property types, gains in new listings relative to sales helped support some gains in inventory levels. While the semi-detached sector represents a relatively small share of activity in our market, sales in January did improve over last year, keeping the months of supply just below two months. Within the city, there is some significant variation, as the City Centre, North East, and West districts are all reporting near or above three months of supply, while all other districts have less than two months of supply. 

The unadjusted benchmark price in January was $673,600, slightly lower than last month but over eight per cent higher than levels reported last January. The districts with higher months of supply also reported some modest monthly price declines, offsetting stable to modest gains in the North, North West, South, South East, and East districts.

Row

January reported a boost in new listings compared to sales activity. This caused inventory levels to rise to 589 units, more than double the near-record low levels reported last January. The recent rise in new listings has helped bring inventories to levels that are more consistent with long-term trends. At the same time, the months of supply also improved, pushing above two months, a trend that started to play out over the second half of last year. 

Improving supply relative to sales has taken some of the pressure off home prices, but not consistently across the city. Citywide, the unadjusted benchmark price was $444.900, slightly lower than last month and nearly five per cent higher than last year. While prices are higher than last year across all districts, the largest monthly adjustment occurred in the North East district. 

Apartment Condominium

Sales in January slowed to 370 units over last year's record high for the month. At the same time, new listings reached 922 units, a new high for January. The gain in new listings relative to sales caused inventories to rise to 1,2,95 units. While sales have remained relatively strong, the gain in supply has pushed the months of supply up to 3.5 months. This is much higher than the levels seen over the past three years but nowhere near the nine months reported in January prior to the pandemic. 

Improved supply choice has weighed on prices over the past five months. In January, the unadjusted benchmark price was $331,400, slightly lower than last month but still five per cent higher than last year's levels. Like other property types, the level of adjustment varies across the city. The largest monthly declines occurred in the North, West and South districts.  

REGIONAL MARKET FACTS

Airdrie

Sales in January remained in line with levels reported last month and last year, which were well above long-term trends. However, thanks to a boost in new listings, inventory levels improved, and the months of supply remained above two months for the fifth consecutive month. While 2.6 months of supply is below historical trends for Airdrie, it is a significant improvement over the under two months that has persisted since 2021. More supply in the resale and new home markets has taken some of the pressure off home prices. The unadjusted benchmark price in January was $537,300, down over last month but nearly four per cent higher than last year. 

Cochrane

Like other areas, Cochrane is seeing improved levels of new listings and inventories in their market. There were 104 new listings in January compared to 71 sales, and inventories pushed up to 156 units. January inventory levels are better than levels reported over the past three years but still fall short of long-term trends for the month. Like Airdrie, it has been the fifth consecutive month with the months of supply above two months, easing the upward pressure on home prices. The unadjusted benchmark price in January was $565,900, down over last month but nearly five per cent higher than last January. 

Okotoks

Unlike Cochrane and Airdrie, new listings in Okotoks remained relatively low compared to last year. While the pullback in sales did help support some improvements in inventory levels, the 68 units available in January are still half the levels that were available in January prior to the pandemic. Limited supply has driven much of the price gains in this market since 2021. As of January, the unadjusted benchmark price was $614,900, a slight gain over last month and nearly five per cent higher than last year.  
 

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Detached

Easing lending rates have likely supported some recent year-over-year gains in detached home sales over the past three months. Improving sales were driven by gains for homes over $600,000, which also reported improvements in new listings. Inventory levels did improve within city limits for detached homes; however, conditions varied across districts. The City Centre, North East and North District all reported relatively balanced conditions over the last quarter of the year, while all other districts continued to struggle with seller market conditions. 

The relatively tight market conditions throughout the year caused prices to rise by nearly eleven per cent in 2024, a faster pace than what was reported in 2023. Much of that growth occurred during spring when supply levels were exceptionally low. Prices grew across all districts, with the strongest growth occurring in the most affordable districts of the North East and East. 

Semi-Detached

Limited supply choice for lower-priced detached homes drove many purchasers toward the semi-detached sector. In 2024, there were 2,355 sales, with an annual gain of five per cent. Thanks to gains in new listings relative to sales, inventory levels started to improve, supporting a shift toward more balanced conditions by the fourth quarter. However, much of this shift occurred in the higher-priced City Centre district, where the months of supply averaged three months in the last quarter. 

The annual average benchmark price increased by nearly 11 per cent to $669,042 in 2024. Like detached homes, exceptionally tight conditions throughout the spring caused the pace of price growth to rise over the seven per cent annual gain reported in 2023. Prices improved across all districts, ranging from an annual gain of under 10 per cent in the City Centre and West to gains exceeding 15 per cent in the North East and East districts.

Row

In 2024, there were 4,647 row home sales, a gain of over two per cent compared to last year and the second-highest total on record. The growth in sales was possible thanks to the 18 per cent gain in new listings, most of which occurred for homes priced above $400,000—the gains in new listings relative to sales supported inventory growth in 2024.
 
By the year's end, supply improvements helped take the pressure off home prices. However, the annual benchmark price rose by 14 per cent as conditions favoured the seller throughout the year. Prices rose across all districts in the city, with the gains ranging from a low of 12 per cent in the city centre to over 20 per cent in the most affordable districts in the North East and East.
 

Apartment Condominium

Easing sales in the second half of the year offset earlier gains, causing apartment sales to slow by four per cent compared to last year. However, last year was a record high for sales, and the 7,568 transactions this year reflect the second-highest year on record. At the same time, new listings have been on the rise, supporting inventory gains and a shift toward more balanced conditions by the end of the year.
 
As more supply became available, we did see some price adjustments in the last quarter of the year. However, the quarterly decline did not offset the strong gains that occurred earlier in the year, and the annual benchmark price rose by 15 per cent. Price growth ranged from a low of 11 per cent in the city centre to over twenty per cent in the North East, East and South districts. 
 

REGIONAL MARKET FACTS

Airdrie

Despite some recent pullbacks, sales activity reached 1,951 units in 2024, a gain of over four per cent compared to last year. The gain, in part, was possible thanks to a boost in new listings that helped add some much-needed supply to the Airdrie market. Much of the inventory gain occurred in the later portion of the year, causing the months of supply to push above two months in September and improve throughout the last quarter of the year.

The shift toward more balanced conditions took some pressure off prices over the last quarter of the year. However, on an annual basis, the benchmark price rose by nearly eight per cent, a faster pace than the previous year. Prices rose across all property types, with faster growth occurring for the relatively more affordable higher-density homes.

Cochrane

Market conditions in Cochrane favoured the seller throughout most of the year as strong sales relative to new listings prevented any significant shift in inventory levels. However, by the last quarter of the year, we started to see more new listings relative to sales, causing the sales-to-new listings ratio to ease to levels more consistent with balanced conditions. This helped support some inventory gains; however, over the last quarter of the year, inventory levels were still well below long-term trends for the area.
 
The inventory gains relative to sales in the later part of the year did push the months of supply above two months. This helped take some of the pressure off home prices but not enough to offset earlier gains. Overall, the annual benchmark price rose by nearly nine per cent averaging $565,808 in 2024.
 

Okotoks

New listings rose by 16 per cent in 2024, supporting sales growth of nearly eight per cent. The gains in new listings also helped support some gains in inventory levels this year. However, throughout most of the year, inventory levels were half the levels traditionally seen in the market and have not been high enough to change the seller market conditions that have persisted in Okotoks since 2021.
 
The tight market conditions drove further price growth this year and at a faster pace than last year. Benchmark prices in Okotoks averaged $615,708 in 2024, nearly eight per cent higher than last year. Several years of price growth caused a rise in activity for semi-detached and row-style units, driving tighter conditions in those sectors and priced growth that exceeded 11 per cent on an annual basis.
 

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Supply on the rise, but not across all price ranges.

As we transition into winter, Calgary's housing market is following typical seasonal trends, with activity slowing compared to the fall. However, year-over-year demand remains relatively strong. In November, increased sales in detached, semi-detached, and row homes offset a decline in apartment condominium sales. The 1,797 sales for November mirrored last year’s levels and remained 20 per cent above long-term trends for the month.

The significant shift lies in supply. Inventory levels rose to 4,352 units in November, a notable increase from the 3,000 units reported last year. Despite the recent gains, inventory levels remain below long-term trends for the month.

“Housing supply has been a challenge over the past several years due to the sudden rise in population,” said Ann-Marie Lurie, Chief Economist at CREB®. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type.”

The months of supply have increased to over two months, representing a shift away from the extremely low levels seen earlier this year and in the past three Novembers, which reported under two months of supply. While these more balanced conditions are promising for potential buyers, many market segments still favour sellers.

Improved supply options have tempered the pace of price growth. Year-over-year gains range from nearly seven per cent for row homes to nine per cent for apartment-style units. The total residential benchmark price reached $587,900, reflecting a year-over-year increase of just under four per cent. This slower growth reflects a shift toward more affordable row and apartment-style units. Seasonally adjusted prices have remained stable over the past four months despite unadjusted prices trending down in line with seasonal patterns.Detached

Rising sales for homes above $600,000 offset the declines in the lower price ranges caused by limited supply choice. While inventory levels did improve, 85 per cent of the supply was priced above $600,000. Improving supply caused the months of supply to push above two months in November, with higher months of supply reported for homes priced above $700,000 and less than two months of supply for homes priced below that level. This variation within the market is likely to result in different price pressures.
 
The unadjusted detached benchmark price was $750,100, slightly lower than last month but over seven per cent higher than prices reported last year at this time. Year-over-year gains have ranged across the city, with slower growth reported in areas with the most competition from newer homes.  

Semi-Detached

There were 173 sales in November, an improvement over last year and contributing to the year-to-date growth of nearly five per cent. This was possible thanks to gains in new listings and higher supply levels. With two months of supply, conditions are not as tight as earlier in the year but still favour the seller, especially for properties priced below $700,000.

As of November, the unadjusted benchmark price was $675,100, nearly eight per cent higher than last November. The pace of price growth has eased over the past several months, primarily due to seasonal factors. Benchmark prices ranged from $926,800 in the City Centre district to $409,300 in the East district of the city.

Row

Row home sales improved in November compared to last year, contributing to nearly three per cent of year-to-date gains. Sales have remained exceptionally strong over the past three years as purchasers seek more affordable options. At the same time, new listings have also improved relative to sales, supporting year-over-year gains in inventory levels. Despite inventory improvements, conditions remained relatively tight with nearly two months of supply.

Following steep gains earlier in the year, the pace of price growth has eased. As of November, the unadjusted benchmark price was $454,200, nearly seven per cent higher than last year. Year-to-date average benchmark prices have improved by nearly 15 per cent. Row prices in the City Centre were the highest at $620,000, while the North East and East districts were the only areas to report benchmark prices below $400,000.

Apartment Condominium

Sales in November slowed over last year's record high. However, the 429 sales were still 47 per cent higher than long-term trends. New listings for apartment-style units have been on the rise. With 1,482 units available in November, more supply is available now than during the spring, and it is the only sector to see levels rise above long-term trends for the month.

The additional supply caused the months of supply to push above three months and is taking some of the pressure off home prices. As of November, the unadjusted benchmark price was $337,800, down over last month, but still nine per cent higher than last year. Supply has improved for units priced above $200,000, but most gains have been in the $300,000 to $500,000 range.  

REGIONAL MARKET FACTS

Airdrie

With 344 units available, Supply in Airdrie is returning to levels more consistent with activity reported prior to 2020. Supply levels have improved across all property types, with detached and row-style properties accounting for 84 per cent of the supply. While sales have remained strong relative to long-term trends, recent gains in new listings helped support improvements in supply levels.

Improved supply choice is taking some of the pressure off home prices. In November, the total residential benchmark price was $543,300, four per cent higher than last November. Apartment-style properties reported the largest year-over-year change at nearly 16 per cent.

Cochrane

New listings in the town reached a record high for November. The rise in new listings was met with a surge in sales, as November sales were amongst the highest levels reported in November. Much of the growth in sales was driven by detached activity. Strong sales activity prevented a significant shift in inventory levels, which remain 18 per cent below the month's long-term trends.

The pace of price growth has eased over the past few months, which is not uncommon for this time of year. As of November, the unadjusted benchmark price was $568,600, nearly four per cent higher than levels reported last year at this time. While prices grew across all property types, the largest price gains were reported for apartment-style homes.

Okotoks

Unlike other centres, Okotoks reported a pullback in new listings to 47 units this month. At the same time, there were 52 sales, preventing any significant change to the low inventory situation in the area. Okotoks has struggled with supply since the end of 2020, keeping the months of supply low below two months throughout most of that time.

In November, the unadjusted benchmark price was $624,000, six per cent higher than last year's levels. Prices have improved across all property types, with the largest gains occurring for row-style properties. Detached prices have also been on the rise and, in November, pushed up to $707,300.

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