March data showed a two-speed market where product type mattered more than headline stats
Supply in Calgary’s housing market continued to depend heavily on property type in March, with detached homes remaining tight even as row and apartment-style inventory stayed well above long-term norms.
Detached housing starts pulled back last year, even as apartment construction hit record highs – a shift now echoing through resale conditions.
Data from the Calgary Real Estate Board (CREB) showed there were 1,881 sales in March. That's up from February but 13% below last year and below typical March levels, with most of the decline tied to softer apartment activity.
Detached sales and prices under pressure, but not everywhere
Detached homes still showed the tightest conditions. March saw 982 detached sales against 1,614 new listings, pushing the sales-to-new-listings ratio to 61% and leaving just over two months of supply, similar to a year earlier.
That picture masked sharp regional differences, from sub‑two‑month supply in the North West, West, South, South East and East districts to more balanced conditions in the City Centre and North, and lingering oversupply in the North East.
The detached benchmark price stood at $741,300 in March, about 3% below last year’s peak, yet quarterly gains were already emerging in the West, City Centre and South.
Higher‑density segments tip toward buyers
By contrast, higher‑density product continued to absorb the brunt of the adjustment.
Row inventory climbed to 960 units in March, roughly 25% above long‑term trends. Months of supply edged up to nearly three months as first‑quarter row sales fell 19% year over year. The row benchmark price hovered at $423,900, more than 6% below last year.
Apartments faced even steeper headwinds. Inventory reached 1,774 units, just shy of a March record set during the 2008 financial crisis. The sales‑to‑new‑listings ratio hovered near 40% with almost five months of supply.
The apartment benchmark price was $300,300. That's slightly above February but more than 9% lower than a year earlier and roughly 3% below the fourth quarter of 2025.
“When considering total residential housing statistics, conditions appear to be relatively balanced as sales, new listings, inventories and prices all trended up over the previous month as we start to move into the spring market,” said Ann‑Marie Lurie, chief economist at the CREB.
“However, when we look deeper, we are seeing a market that ranges from tighter conditions for detached homes to the apartment sector, where conditions tend to favour the buyer. As expected, this is supporting upward momentum in detached prices and downward pressure in the apartment condominium sector.”
Regional markets follow the same split
Surrounding centres broadly followed that pattern of balance with a tilt toward softer prices in higher‑density stock.
Airdrie recorded 135 sales and 251 new listings, leaving about three months of supply and a benchmark price of $512,800. That's flat on the month but more than 5% lower year over year.
Cochrane’s benchmark price sat at $561,200 in March, about 4% below last year despite seasonal firming, while Okotoks remained comparatively tight at just over two months of supply and a $618,100 benchmark that edged higher quarter over quarter but stayed slightly below year‑earlier levels.
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