Calgary Real Estate Market Update – February 2025
The Calgary real estate market saw significant shifts in February 2025, with inventory levels rising for the second consecutive month. While sales remained above long-term trends, they declined compared to last year, signaling a shift towards a more balanced market.
Rising Inventory and Market Shifts
Total inventory in February increased by an impressive 76% year-over-year, reaching 4,145 units. This growth was most pronounced in the more affordable apartment and row/townhouse sectors, leading to a months-of-supply level of 2.4—more than double what it was this time last year. Apartment-style units had the highest supply at 3.1 months.
February saw 1,721 sales, 19% lower than last year but still above historical averages. With 2,830 new listings, the sales-to-new listings ratio settled at 61%, indicating a softening of the seller's market that has dominated in recent years.
CREB® President and CEO Alan Tennant noted, “Even though more people listed their homes for sale, there were fewer sales than in February 2024. So, we’re seeing the seller’s market of the past two or three years ease off. In turn, that’s caused the pace at which prices are increasing to slow down, which should come as welcome news for buyers.”
Price Trends Across Housing Types
The unadjusted benchmark price for total residential properties in February was $587,600—relatively stable compared to late 2024 and up just 1% year-over-year. Price movements varied across districts, with the City Centre and North experiencing declines, while the East district saw the strongest price growth of over 3%.
Detached Homes:
Sales fell nearly 20% to 765 units.
New listings rose 6% to 1,265 units.
Inventory increased by 61% year-over-year.
Prices climbed 5% to a benchmark of $760,500, with the City Centre leading at an 8% increase.
Semi-Detached Homes:
Sales dropped 14% to 165 units, while new listings rose 7% to 240 units.
Inventory levels increased by 46%.
Prices rose nearly 7% to $683,500, with the City Centre and South districts seeing the most growth at 8%.
Row/Townhouses:
Sales declined over 9%, while new listings grew by nearly 4%.
Inventory levels more than doubled compared to last year.
Benchmark prices rose almost 3% year-over-year to $446,880, with the East district seeing a notable 12% increase.
Apartment Condominiums:
Sales dropped 26% to 473 units but remained above long-term averages.
Inventory surged by 90%, driven by record-high new listings.
Prices rose nearly 4% to $334,200, with the West district seeing the strongest growth at 8%.
Regional Market Highlights
Airdrie:
Sales declined 9% to 123 units, while new listings surged 23% to 225 units.
Inventory more than doubled, pushing months of supply to nearly 3 months.
Benchmark price was $537,600, up 1.6% year-over-year.
Cochrane:
Sales reached 75 units, with new listings at 126, both higher than last year.
Inventory rose 48% year-over-year, bringing months of supply to 2.6.
Prices increased 5% to $577,100.
Okotoks:
Sales dropped 4% to 45 units, while new listings rose 7% to 60.
Inventory levels remained lower than historical averages at 69 units.
Benchmark price remained stable at just under 1% growth from 2024.
What This Means for Buyers and Sellers
The Calgary market is shifting towards more balanced conditions, creating opportunities for both buyers and sellers. Buyers will appreciate the increased inventory and slower price growth, while sellers should adjust expectations as market conditions evolve.
For more insights or to discuss your real estate needs, feel free to reach out!
Stay tuned for next month’s market update!
