Inventory up three-quarters on the year, sales down a fifth, and prices somehow still edging higher.
In February 2025, Calgary’s benchmark home price was $586,300 — up 0.8% from January but only 1.1% above February 2024. Sales fell 19.4% year-over-year to 1,718 while inventory reached 4,147 homes, 75.9% above last February. Supply was 2.4 months and a typical home took 33 days to sell, nine days longer than a year earlier. Apartment condos, at 3.1 months of supply and $329,100, had eased furthest.
February 2025 at a glance
Calgary’s inventory was up 75.9% year-over-year in February 2025, to 4,147 homes, while sales fell 19.4% to 1,718. On those numbers you would expect prices to be dropping. Instead the benchmark rose 0.8% to $586,300. The explanation is that 2.4 months of supply, however dramatic the year-over-year change, is still a tighter market than balanced — and Calgary’s sellers, facing no pressure to accept less, simply didn’t.
Calgary prices over time
| Year | Benchmark price | Change on the year |
|---|---|---|
| 2014 | $459,500 | — |
| 2015 | $448,800 | ▼ -2.3% |
| 2016 | $434,100 | ▼ -3.3% |
| 2017 | $433,200 | ▼ -0.2% |
| 2018 | $424,600 | ▼ -2% |
| 2019 | $415,900 | ▼ -2% |
| 2020 | $421,300 | ▲ +1.3% |
| 2021 | $463,900 | ▲ +10.1% |
| 2022 | $518,800 | ▲ +11.8% |
| 2023 | $565,200 | ▲ +8.9% |
| 2024 | $582,100 | ▲ +3% |
| 2025 (to February) | $586,300 | ▲ +0.7% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| March 2024 | 2,658 | 3,173 | 2,542 | 20 | $589,500 |
| April 2024 | 2,875 | 3,489 | 2,716 | 20 | $596,800 |
| May 2024 | 3,090 | 4,333 | 3,404 | 19 | $602,800 |
| June 2024 | 2,737 | 3,796 | 3,784 | 20 | $605,300 |
| July 2024 | 2,374 | 3,603 | 4,159 | 24 | $604,400 |
| August 2024 | 2,182 | 3,536 | 4,490 | 27 | $600,100 |
| September 2024 | 2,000 | 3,687 | 5,064 | 28 | $595,400 |
| October 2024 | 2,167 | 3,263 | 4,967 | 32 | $590,900 |
| November 2024 | 1,793 | 2,327 | 4,354 | 37 | $586,400 |
| December 2024 | 1,318 | 1,238 | 2,994 | 44 | $582,100 |
| January 2025 | 1,449 | 2,896 | 3,640 | 41 | $581,800 |
| February 2025 | 1,718 | 2,830 | 4,147 | 33 | $586,300 |
The headline numbers
| Metric | February 2025 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $586,300 | ▲ +0.8% | ▲ +1.1% |
| Sales | 1,718 | ▲ +18.6% | ▼ -19.4% |
| New listings | 2,830 | ▼ -2.3% | ▲ +4.4% |
| Inventory | 4,147 | ▲ +13.9% | ▲ +75.9% |
| Days on market | 33 | ▼ -8 days | ▲ +9 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $758,400 | ▲ +5.1% | 764 | 28 | 2.2 |
| Semi-detached | $682,000 | ▲ +6.6% | 164 | 32 | 2.0 |
| Row / townhouse | $446,300 | ▲ +3.2% | 317 | 31 | 2.1 |
| Apartment condo | $329,100 | ▲ +4% | 473 | 42 | 3.1 |
Big percentage changes, modest absolute levels
A 75.9% jump in inventory sounds like a flood. In absolute terms it took Calgary from 2,357 homes to 4,147. For context, a genuinely balanced Calgary market at February’s sales pace would need roughly 7,000 to 10,000 listings.
This is why year-over-year percentages mislead when the starting point was extreme. Calgary was recovering from the tightest market in its history, and even after a 76% increase it was still short of normal.
The seasonal pickup still worked
Sales rose 18.6% from January and days on market fell from 41 to 33. Calgary’s spring market still arrived on schedule; it was simply smaller than in the previous three years.
That seasonal strength is what lifted prices 0.8% on the month. Buyers who had waited out the winter came back, and the additional inventory — while substantial relative to last year — wasn’t enough to absorb them without some upward pressure.
The gap between segments narrowed
Detached homes were up 5.1% year-over-year, semi-detached 6.6%, row homes 3.2% and apartment condos 4%. For the first time in three years, detached homes were outperforming the affordable segments.
That reversal is meaningful. The 2022–2024 pattern, in which rate pressure pushed buyers down the ladder and made cheap homes appreciate fastest, had run its course. With rates lower and supply restored, buyers were moving back up — and condos, at 3.1 months of supply, were left with the slack.
What this meant if you were buying
February offered a balance that hadn’t existed for years: enough choice to be selective, enough activity that good homes still moved, and prices essentially flat year-over-year.
If you were choosing between property types, the numbers argued for looking at condos and townhouses on price and detached homes on momentum. But the more useful question was what you’d actually live in. With the market balanced, the pressure to buy the wrong thing because it’s what you could get had gone.
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Source: CREB, February 2025 (City of Calgary geography). Prices shown are benchmark (HPI) values. Month-over-month compares to the prior month; year-over-year to the same month last year. The board may revise past months as late sales are recorded. Prepared by Mortgages for Less.
