In February, the Calgary real estate market witnessed a surge in new listings, totaling 2,711 units. This uptick in listings was accompanied by an increase in sales, soaring by almost 23 percent compared to the previous year, with a total of 2,135 units sold. The growth in both new listings and sales maintained a high sales-to-new listings ratio of 79 percent, ensuring that inventories remained at historically low levels.
The unadjusted benchmark price in February surged to $585,000, marking a gain of over two percent from the previous month and an impressive 10 percent increase compared to the same time last year. Notably, the East district, known for its affordability, experienced the highest year-over-year price growth at 25 percent, while the City Centre reported the slowest price growth at under five percent.
Detached Homes
February saw 1,195 new listings for detached homes, with 75 percent priced over $600,000. Although new listings slightly improved compared to the previous month, they remained below typical levels for February. However, sales surged by 20 percent year-over-year to 954 units, driven by the areas witnessing listings growth. Despite this, inventory levels remained near record lows for February, with a sales-to-new listings ratio of nearly 80 percent.
These exceptionally tight market conditions of the Calgary real estate market led to further price growth, with the unadjusted benchmark price for detached homes soaring to $721,300 in February, nearly three percent higher than the previous month and over 13 percent higher than the same period last year. The most significant year-over-year price gains were observed in the North East and East districts.
Semi-Detached Homes
February saw 223 new listings for semi-detached homes, which were met with 191 sales, resulting in a sales-to-new listings ratio of 86 percent. This prevented any significant change to the low inventory situation, maintaining the months of supply at just over one month.
The unadjusted benchmark price for semi-detached homes surged to $639,100 in February, marking a monthly gain of over two percent and a 13 percent increase compared to the previous year. Year-over-year price gains ranged from 10 percent in the City Centre to over 26 percent in the East district.
Row Houses
In February, new listings for row houses increased to 457 units, contributing to a year-to-date increase of 22 percent. The rise in new listings supported sales growth, preventing any significant change to the low inventory situation. For the second consecutive month, the months of supply remained below one month.
The exceptionally tight market conditions propelled strong price growth, with the unadjusted benchmark price for row houses reaching $436,500 in February, over two percent higher than the previous month and nearly 19 percent higher than the previous year. Prices rose across all districts of the Calgary real estate market, with the most significant growth observed in the most affordable districts.
Apartment Condominiums
Sales of apartment condominiums surged to 638 units in February, contributing to a year-to-date sales increase of 39 percent. Relative affordability continued to drive strong demand, with sales growth supported by the continued growth in new listings. Although inventory levels trended up over the last month in line with seasonal expectations, they declined by 12 percent compared to the previous year, resulting in just over one month of supply and favoring sellers.
Persistently tight conditions continued to exert upward pressure on home prices, with prices reaching $329,600 in February, marking a 17 percent gain over the previous year. Prices rose across all districts, with year-over-year gains exceeding 19 percent in all districts except the City Centre.
Regional Market Insights
Airdrie
Airdrie witnessed an improvement in new listings in February, with 182 new listings compared to 135 sales, maintaining a high sales-to-new listings ratio. Inventory levels eased compared to the previous year’s lows, dropping to just over one month of supply. The unadjusted benchmark price rose to $529,700 in February, marking a 10 percent increase over the previous year.
Cochrane
New listings in Cochrane rose to 105 units in February, the highest monthly total since July the previous year. Sales improved over the previous year, with a sales-to-new listings ratio of 62 percent. Although there was some growth in inventory levels compared to the previous year, they remained well below typical levels. The unadjusted benchmark price surged to $548,300 in February, marking an 11 percent increase over the previous year.
Okotoks
For the second consecutive month, Okotoks witnessed an improvement in new listings compared to the previous year. However, inventory levels remained stable, only slightly higher than the previous year’s levels. The unadjusted benchmark price rose to $605,500 in February, marking a 10 percent gain over the previous year.
The Calgary real estate market continued to exhibit strong demand, low inventory levels, and upward pressure on prices in February 2024. With limited supply and demand persisting, the market remained favorable for sellers, underscoring the need for potential buyers to act swiftly in a competitive environment.
