Calgary’s housing market continued to diverge in February, with tighter conditions in detached and semi-detached homes offsetting mounting supply in the condo sector.
CREB chief economist Ann-Marie Lurie said slower migration is colliding with a surge in new apartment construction. The city saw record housing starts last year, driven largely by apartment projects, with nearly 18,000 units currently under construction. While many of those units are intended for rental, she noted the added supply is also affecting the condo ownership market.
At the same time, Lurie said the detached segment remains relatively balanced in higher price ranges but continues to face limited supply for homes priced below $700,000.
Sales tumble 11 per cent from last year
Citywide, tighter conditions in detached homes helped counter higher supply in the condo sector, leaving overall market conditions relatively balanced. Calgary reported three months of supply in February and a sales-to-new-listings ratio of 55 per cent.
Inventory reached 4,822 units, with condominiums and row homes accounting for more than half of all active listings. Sales totalled 1,526 units, down 11 per cent from February 2025, largely due to a sharp pullback in row and apartment transactions.
Prices hold steady month-over-month
The total residential benchmark price at $560,500, up one per cent from January but still four per cent below last year’s levels. In February, the benchmark price for a detached home was $734,300, one per cent higher than January, but three per cent lower than a year earlier.
Conditions were more challenging in the condo category. CREB reported 1,580 condo units in inventory in February, high enough to keep the months of supply well over four months.
The persistently higher supply levels continued to drag down prices, however, as the monthly benchmark price dropped to $298,600, nearly one per cent below January and over nine per cent lower than prices reported last February.
