How did the Calgary housing market fare in February?

Calgary Real Estate Board highlights the latest trends in the Albertan market

How did the Calgary housing market fare in February?

The Calgary market saw its residential inventory plunge to its lowest levels for the month of February since 2006, according to the region’s housing industry association.

Latest data from the Calgary Real Estate Board showed that the market saw a total of 2,389 new listings last month, accompanying 1,740 sales in February,

Sales activity remained stronger than long-term trends and levels reported throughout the 2015 to 2020 period, but new listings fell below long-term trends, CREB said, adding that this has pushed the sales-to-new-listings ratio to 73%.

“While higher lending rates are impacting sales activity as expected, we are seeing a stronger pullback in new listings, keeping supply levels low and supporting some stronger-than-expected monthly price gains,” said Ann-Marie Lurie, the CBRE’s chief economist.

The benchmark price across all housing types went up by nearly 2% over both January levels and last year’s prices. Calgary’s benchmark prices for February stood at $635,900 for detached homes, at $568,100 for semi-detached offerings, at $369,700 for rowhouses, and at $286,000 for apartment condo units.

However, “while supply continues to remain a challenge relative to demand for lower-priced homes, we are seeing conditions shift into balanced territory for homes priced above $700,000,” the CREB said.

“Prices are still below the May 2022 peak and it is still early in the year,” Lurie added. “If we do not see a shift in supply, we could see further upward pressure on prices over the near term.”