Calgary home sales fall as supply continues to surge, especially for affordable units

The Calgary Real Estate Board says February home sales fell 19.3 per cent from last year. THE CANADIAN PRESS/Jeff McIntosh

CALGARY — The Calgary Real Estate Board says home sales in February fell 19.3 per cent from last year but remained above typical levels for the month, as inventory levels continued to grow substantially.

The board says 1,721 homes changed hands last month, down from 2,132 a year ago, as the residential benchmark price rose to $587,600.

That was around one per cent higher than price levels seen in February 2024 and relatively stable compared to those reported at the end of last year.

There were 2,830 new listings on the market in February, up 4.4 per cent from a year earlier, as the city’s inventory reached 4,145 homes for sale.

Inventory was 75.6 per cent higher than in February 2024, the second straight month of large year-over-year supply gains, driven by substantial growth in apartments and townhouses priced under $500,000 up for sale.

The board’s president and CEO Alan Tennant says the seller’s market of the past two or three years is easing off, causing the pace of price growth to slow down.

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This report by The Canadian Press was first published March 3, 2025.