More listings but the Calgary Real Estate Market is still moving fast.
February’s real estate numbers are in, and if you’ve been following the headlines, you might think things are slowing down....they are not. Let’s break it down.
More Listings, But Don't Be Fooled
Yes there are way more homes for sale this year over last year....but when you start from zero, any increase is a big increase!
Inventory jumped 76% year-over-year, with over 4,100 homes on the market in February. Biggest increases? Homes under $500K, especially apartments and townhouses. Sounds like things are slowing down, right? Nope.
Sales dipped 19% compared to last year, but they’re still above historical norms. The market isn’t cooling off—it’s just shifting from the insanity of an extreme sellers market the past couple of years to a strong sellers market this year. See? The headlines are relatve.
One stat that is interesting to watch the absorption rate, or months of supply. It hit 2.4 in February... double what it was this time last year, but that’s still tight. The market starts to balance at 3 months of inventory.
What’s Actually Happening on the Ground
Here’s the deal—more inventory doesn’t mean a slow market. We’ve been in an extreme seller’s market, and even with this jump in listings, demand is still outpacing supply. There are a ton of buyers who got priced out over the last couple of years, and now they’re back because there is choice again. Multiple offers are still happening across all price points.
Want proof? We’ve got a client looking in Hillhurst. A solid, newer, or well-renovated place? That’s a $2 million buy-in. And those listings are gone in under three days with multiple offers. The demand is still nuts.
What It All Means
Yes, we’ve got more homes on the market. Yes, sales are a bit lower than last year. But don’t mistake that for a dead market. Buyers are still out in full force, especially in the mid-range and higher-end markets. We’re still way below the inventory levels needed to balance things out, so expect competition to stick around for a while.
If you’re thinking about buying or selling, let’s chat. This market is moving fast, and having the right strategy is everything.
Cheers,
Ken
Want the full stats from The Calgary Real Estate Board? Click here to check them out.
Breaking It Down By Property Type
➽ Detached homes: Sales dropped nearly 20%, but prices still climbed 5% to $760,500. Some areas, like City Centre, saw an 8% jump.
➽ Semi-detached: Sales down 14%, but prices up 7% to $683,500. Some areas have only one month of supply, meaning homes are flying.
➽ Townhouses: Sales dipped 9%, but prices are up 3% to $446,880. The East district saw a 12% spike in prices.
➽ Apartments: Sales took the biggest hit—down 26%—but prices still rose 4% to $334,200. There’s more supply, but it’s still below what we had pre-pandemic.
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