CALGARY — The Calgary Real Estate Board says January home sales dropped 12 per cent from last year but remained nearly 30 per cent higher than levels typically recorded for the month.
The board says 1,451 homes changed hands last month, as the residential benchmark price was $583,000 — relatively stable compared to price levels reported at the end of last year and 2.8 higher than January 2024.
There were 2,896 new listings on the market last month, up 35.5 per cent from a year earlier.
The board says January inventory levels skyrocketed to 3,639 units, representing a 68.6 rise from a year ago, with some of the largest gains driven by apartment-style condominiums. While the board called it a significant increase, it says inventory levels remain below the 4,000-plus units typically seen in January.
Ann-Marie Lurie, chief economist at CREB, says Calgary's supply levels are expected to improve in 2025 after three consecutive years of limited choice, contributing to more balanced conditions and slower price growth.
She cautions that supply increases won't be equal across all property types and that the board continues to see "persistently tight conditions" for detached, semi-detached and row properties while apartment condominiums "show signs of excess supply" for higher-priced units.
This report by The Canadian Press was first published Feb. 3, 2025.
The Canadian Press
