Trends differ based on property type
Supply conditions in the Calgary housing market continued to vary significantly by property type in March. While inventory levels followed the typical monthly increase, they remained well above the 10-year average for row and apartment-style homes and below long-term trends for detached properties. This imbalance reflects last year’s slowdown in detached housing starts alongside record-high construction of apartment-style units.
Sales Activity and Market Trends
Calgary recorded 1,881 home sales in March, an increase from February. However, sales were still 13% lower compared to the same time last year and remained below long-term averages for the month.
The overall decline in sales was largely driven by reduced activity in the apartment sector, where increased supply and slower migration have spread demand across more options. Meanwhile, detached home sales also came in below typical levels, mainly due to limited inventory in certain areas of the city.
Market Conditions Vary by Property Type
“When looking at total residential statistics, conditions appear relatively balanced, as sales, new listings, inventory, and prices all increased compared to the previous month,” said Ann-Marie Lurie, CREB®’s Chief Economist. “However, a closer look shows a market with varying conditions—from tighter supply in the detached segment to more buyer-friendly conditions in the apartment sector.”
These differences are influencing pricing trends, with detached home prices continuing to show upward momentum, while apartment condominium prices face downward pressure.
Price Trends in Calgary
The benchmark home price in Calgary reached $565,600 in March, up nearly 1% from February, but still over 4% lower than last year.
In the first quarter, lower-density housing types such as detached and semi-detached homes maintained relatively stable pricing. In contrast, apartment condominium prices declined further, dropping an additional 3% compared to the fourth quarter of last year.
Key Takeaway
Calgary’s spring market is showing signs of balance overall, but conditions vary widely depending on property type. Detached homes remain supply-constrained, supporting price growth, while apartments face higher inventory levels, creating more opportunities for buyers.
Read the full report on the CREB website!
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