In February 2025, Calgary's housing market experienced notable shifts, reflecting a move towards more balanced conditions. Here's an overview of the key statistics and trends:

Sales and Inventory

The city recorded 1,721 home sales in February, marking a 19% decline compared to the same month last year. Despite this drop, sales remained above historical averages for February. New listings saw a modest increase of 4.4%, totaling 2,830 units. This influx contributed to a significant 75.6% rise in inventory levels, reaching 4,145 units. The months of supply—a measure of how long it would take to sell all current listings at the current sales pace—stood at 2.4 months, more than double the figure from February 2024.

Benchmark Prices

• Detached Homes: The benchmark price rose to $760,500, reflecting a 5.1% year-over-year increase.

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• Semi-Detached Homes: Prices reached $683,500, up nearly 7% from the previous year.

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• Row Houses: The benchmark price was $446,880, showing an approximate 3% annual increase.

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• Apartment Condominiums: Prices stood at $334,200, nearly 4% higher than February 2024.

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Market Dynamics by Property Type

• Detached Homes: Sales decreased by nearly 20% to 765 units. New listings increased by nearly 6%, leading to a 61% rise in inventory levels compared to 2024. Months of supply varied across districts, with the City Centre and North East trending towards balanced conditions, while the South and North West remained supply-constrained at approximately 1.6 months.

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• Semi-Detached Homes: Sales fell by nearly 14% to 165 units, while new listings grew by 7%. This disparity pushed inventories up by 46%, though they remain below long-term averages for this segment. Months of supply varied significantly across the city, from one month in the North West to eight months in the East district.

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• Row Houses: Sales declined by over 9%, with new listings increasing by almost 4%. Inventory levels more than doubled compared to last year but remained below historical averages. Months of supply were tightest in the South and East districts (under 1.5 months) and highest in the North East (almost three months).

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• Apartment Condominiums: Sales dropped by 26% to 473 units but remained above long-term averages. New listings were relatively flat year-over-year, but at 852 units, it was the highest amount on record for February. Inventory increased by 90% year-over-year, pushing months of supply to 3.1 months.

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Regional Market Highlights

• Airdrie: Sales decreased by nearly 9% to 123 units. New listings rose by 23%, leading to a doubling of inventory levels to 345 homes. The benchmark price was $537,600, a 1.6% year-over-year increase.

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• Cochrane: Sales reached 75 units, with new listings at 126 units. Inventory grew by 48% year-over-year to 196 units. The benchmark price increased by over 5% to $577,100.

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Expert Insights

Alan Tennant, President and CEO of the Calgary Real Estate Board (CREB®), observed that the easing of the seller’s market has slowed the pace of price growth, offering buyers more favorable conditions.

Ann-Marie Lurie, Chief Economist at CREB®, noted that while supply levels are expected to improve, the adjustment is not uniform across all property types. Detached, semi-detached, and row properties continue to experience tight conditions, whereas apartment condominiums show signs of excess supply, particularly in higher-priced units.

Conclusion

Calgary's housing market in February 2025 exhibited signs of transitioning towards balanced conditions. Increased inventory levels and a moderation in sales have tempered the rapid price growth observed in recent years. Prospective buyers may find improved opportunities, especially in the apartment condominium segment, while sellers should adjust expectations to align with the evolving market dynamics.