New listings surge, inventory doubles, but softening demand keeps prices relatively stable
Calgary’s housing market saw a sharp year-over-year decline in sales last month, reflecting the ongoing weight of economic uncertainty, the Calgary Real Estate Board (CREB) reported.
A total of 2,236 homes were sold in April, marking a 22.3% decrease compared to the same month last year, with sales slowing across all property types.
While recent months have shown weakening activity, CREB chief economist Ann-Marie Lurie said the market is still faring better than during the economic downturn that hit the city prior to the pandemic.
“Economic uncertainty has weighed on home sales in our market, but levels are still outpacing activity reported during the challenging economic climate experienced prior to the pandemic,” Lurie said. “This, in part, is related to our market's situation before the recent shocks.
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But she also noted that “previous gains in migration, relatively stable employment levels, lower lending rates, and better supply choice compared to last year’s ultra-low levels have likely prevented a more significant pullback in sales and have kept home prices relatively stable.”
The residential benchmark price for April was $591,100, a 1.4% decrease from the same time last year and a 0.2% month-over-month decline.
The market saw 4,038 new listings in April, up 15.7% from a year earlier. Total inventory climbed to 5,867 homes for sale, more than doubling the supply available at this time last year.
CREB noted that the rise in inventory has shifted the market toward more balanced conditions, with nearly three months of supply now available. However, the supply varies across price ranges and property types.
Lower-priced detached and semi-detached homes are still grappling with insufficient supply. Meanwhile, row homes and apartment-style units are seeing more widespread shifts to balance.
“The additional supply has helped relieve the pressure on home prices following the steep gains reported over the past several years,” CREB wrote in the report. It noted that benchmark prices across property types have remained stable compared to last month.
Calgary has also seen some of the largest year-over-year rental price drops for one-bedroom units in Canada, according to a new report from Zumperrentals.com.
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The online rental platform, which tracks average rents across 23 Canadian cities, reported that the average rent for a one-bedroom apartment in Calgary was $1,650 in April, nearly 10% lower than April 2024. Month-over-month, one-bedroom rents held steady from March.
For two-bedroom units, the average rent fell about 5% year-over-year to $1,990, with a slight month-over-month decline from March.
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