Detached market tightens while apartments remain oversupplied

Calgary’s housing market continued to show different conditions across property types in February. The tightest market conditions were seen in detached and semi-detached homes, both reporting less than three months of supply. Row homes had slightly more supply compared to demand but remained relatively balanced overall. In contrast, apartment-style properties are experiencing higher inventory levels, creating conditions that currently favor buyers.

“Slowing migration levels are coming at a time when supply for apartment-style homes is rising. Calgary reported record high starts last year, mostly due to gains in apartment starts where there are nearly 18,000 units currently under construction. While a large share of the units is targeted for rental, this also impacts condo ownership markets,” said Ann-Marie Lurie, CREB®’s Chief Economist. “Meanwhile, on the opposite end of the spectrum, the detached market remains relatively balanced in the higher price ranges and continues to struggle with limited supply for homes priced below $700,000.”

Read the full report on the CREB website!

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