Calgary's housing market is showing two very different trends right now
If you’re on the hunt for a home in Calgary, what you’ll find may depend on the type of property you’re looking for.
New February data from the Calgary Real Estate Board (CREB) shows the city’s detached and semi-detached housing market is beginning to tighten, while apartment-style homes are seeing growing supply.
According to the report, the detached home market is the tightest among all property types, with just 2.6 months of supply available, meaning it would take just over two months to sell all of the homes currently on the market.
The benchmark price for a detached home is currently sitting at $734,300, a 3.2 per cent drop compared to last year.
Calgary Real Estate Board
Semi-detached homes are seeing similar conditions, with about 2.4 months of supply and a benchmark price of $682,200. Meanwhile, Calgary’s apartment market is facing the opposite situation.
Apartment-style homes have nearly 4.6 months of supply, the highest among all property types, as inventory continues to grow. On top of this, Apartment sales are also down 27 per cent from last year, leading to a nine per cent drop in benchmark prices to $298,600.
There are currently 1,580 apartments in inventory, and it doesn’t look like that number is going anywhere.
“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.
Across all property types, Calgary recorded 1,526 home sales in February, while inventory climbed to 4,822, a 16 per cent increase from last year.
If you’re wondering how the housing market is shaping up outside of Calgary, we dove into how one nearby town is seeing inventory levels more than double.
You can view the CREB’s full report online.