Calgary’s sub-zero temperatures aren’t cooling buyer activity, according to the latest data from the Calgary Real Estate Board. Despite a 12 per cent drop in home sales year-over-year in January, sales remained 30 per cent higher than the seasonal average.
CREB is reporting inventory levels jumped nearly 70 per cent year-over-year, reaching 3,639 units. While this marks a shift after three years of tight supply, inventory remains below the 4,000-plus units typically seen in January.
“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.”
More inventory but still a seller’s market
The months of supply—a key indicator of market balance—reached 2.5 months in January, up from just one month last year. Again, this is still considered low for a winter market. The supply levels varied across property types, with semi-detached homes having less than two months of supply, while apartment-style condos had the highest at 3.5 months.
New listings boosted inventory to 2,896 units, compared to 1,451 sales.
Despite the increase in available homes, Calgary’s benchmark price remained stable. In January, the total residential benchmark price sat at $583,000—nearly 3 per cent higher than last year and consistent with the levels seen at the end of 2024.
Market conditions vary by property type as inventory rises
Calgary’s detached home market saw a 29 per cent increase in new listings in January, with 1,228 houses—largely in the $600,000 and above price range. Sales slowed to 674 units, aligning with long-term trends. Levels remain 27 per cent below typical January figures, keeping months of supply at just over two months. The benchmark price reached $750,800, up 7 per cent from last year.
Semi-detached homes also saw an inventory boost, helping balance the market in some areas. While sales activity improved, supply varied by district, with the City Centre, North East, and West reporting more than three months of supply, while other areas remained tighter. The benchmark price was $673,600, up over 8 per cent year-over-year.
Row home inventory more than doubled from last January, easing pressure on prices. The months of supply rose above two months, and the benchmark price settled at $444,900—5 per cent higher than last year. The North East district saw the largest price adjustment.
The apartment condo segment experienced a big increase in new listings, pushing inventory up to 1,295 units. While sales remained relatively strong at 370 units, the increase in supply raised the months of supply to 3.5 months. The benchmark price was $331,400—5 per cent higher than last year but slightly lower than last month, with the largest declines in the North, West, and South districts.
It’s still unaffordable for most making a minimum-wage salary. We need the government to focus on building or incentivizing rental units. If we could flood the market with reasonable rental prices for those making minimum wage, we could perhaps start to save a downpayment. The fact that it is a sellers market shows that people with means are able to move-up to the next housing type, but those of us at the low-end wage bracket cannot get into the entry level-priced products. It’s going to be an interesting story of those tiny-condos, see how they move in the future as wages for the poor remain depressed and spending continues to be restrictive. Home ownership, in Canada, is moving towards being only for well-off residents. And those who say the government is helping folks under 40, well, they need to help us over 55+, where can we move to? There are zero incentives, and they are being pushed out of there once affordable home with all these in-fill projects with semi-detached and towns starting at $1M+.