Supply Levels Improve, Creating a More Balanced Market
Calgary’s housing market is seeing a much-needed shift as inventory levels continue to improve. Following three years of limited supply, January recorded 3,639 available units—marking a significant 69% year-over-year gain. However, despite this increase, inventory levels remain below the typical 4,000+ units we would expect for January.
The supply boost has been seen across all property types, with apartment-style condominiums contributing the most to the overall inventory increase.
“Supply levels are expected to improve this year, contributing to more balanced conditions and slower price growth,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, the adjustment in supply is not equal amongst all property types. Compared with sales, we continue to see persistently tight conditions for detached, semi-detached, and row properties, while apartment condominiums show signs of excess supply for higher-priced units.”
Market Trends in January
• Inventory Levels: 3,639 units available, a 70% increase from last year.
• Months of Supply: Reached 2.5 months, up from the one month recorded last January.
• Semi-detached homes saw the lowest months of supply, while apartment condos had the highest at 3.5 months.
• New Listings: 2,896 new listings in January, significantly outpacing the 1,451 sales.
• Sales Activity: Sales declined by 12% compared to January 2024, but remained nearly 30% above long-term averages.
Price Stability and Growth
The rise in inventory has helped stabilize home prices. The total residential benchmark price in January was $583,000, holding steady from the end of last year and nearly 3% higher than January 2024. However, price movements varied by property type and district, with some areas experiencing stronger growth than others.
What This Means for Buyers and Sellers
With inventory levels improving, buyers are starting to see more options, particularly in the apartment condo segment. However, detached, semi-detached, and row homes remain competitive, with supply still relatively low compared to demand.
For sellers, balanced conditions mean strategic pricing and preparation are more important than ever to attract buyers in a shifting market.
Thinking of Buying or Selling? Let’s Talk!
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