Resale real estate in Calgary saw declining activity, falling prices and rising supply in February, but some market segments exhibited resilience and growth amid the broader trend of moderating demand. Calgary Real Estate Board statistics from February revealed declining year-over-year sales last month with one exception.
Semi-detached homes — the smallest portion of resale activity among all housing types in the city — increased seven per cent year over year.
The largest segment, single-family detached homes, was also more resilient last month. Sales declined four per cent, which was less than row, down 15 per cent, and apartments, off 27 per cent.
As well, new listings for single-family homes remained flat year over year, pointing to fewer sellers entering the market last month.
Still, inventory for single-family homes grew 14 per cent year over year. Its benchmark price fell three per cent from February last year to $734,300. Still, that is the highest level price since October.
Even with rising demand, semi-detached homes’ benchmark price fell less than one per cent to $682,200. Row homes saw their benchmark drop five per cent to $423,600. Apartment homes’ benchmark decreased more than nine per cent to $298,600, falling below $300,000 for the first time since July 2023.
Supply for the housing type reached more than 4.5 months in February, an increase of 48 per cent from last year. That’s the highest supply levels among all housing types. Semi-detached had the least supply at less than 2.5 months, although up 19 per cent year over year.
The overall benchmark price for the market in February was $560,500, down about four per cent year over year. The price, however, did increase from levels over the past three months.