Calgary’s housing market continues to show very different conditions depending on the type of property.
Detached and semi-detached homes remain the tightest segments of the market, with less than three months of supply available. That level generally signals a relatively competitive market for buyers, especially in certain price ranges. Row homes are sitting in a more balanced position, with supply and demand closer to equilibrium.
Apartments and condominiums, however, are telling a different story. Supply has been rising, creating conditions that are increasingly favourable for buyers.
Part of the reason comes down to construction. Calgary saw record levels of housing starts last year, much of it in apartment-style buildings. There are currently close to 18,000 apartment units under construction across the city. While many of these units are intended for the rental market, the increase in supply still influences the broader condo ownership market.
At the same time, the detached market continues to face a different challenge. Inventory remains particularly limited for homes priced under $700,000, while higher price ranges are generally more balanced.
Across all property types, Calgary’s overall market remains relatively balanced. The city currently sits at about three months of supply with a sales-to-new-listings ratio of roughly 55 percent.
Inventory reached 4,822 homes in February, with condominiums and row homes making up more than half of the available listings. Total sales came in at 1,526 for the month, about 11 percent lower than last February, largely due to a slowdown in apartment and row home sales.
As is typical early in the year, prices saw some monthly gains following declines late last year. Most property types recorded modest price increases in February. The exception was apartment-style homes, where prices continued to ease.
Overall, Calgary’s residential benchmark price reached $560,500 in February. That’s about one percent higher than January, but still roughly four percent below where prices were at this time last year.