It’s March already, and it’s hard to believe how fast 2025 is moving, especially with the volume of headlines dominating the conversation. Today’s update breaks down Calgary’s February housing statistics, what I’m seeing on the ground with my clients, and how broader economic forces, including tariffs and interest rates, are shaping buyer and seller behaviour.
Before diving into the numbers, it’s important to understand one word that continues to define this market: uncertainty.
What I’m seeing right now is a glitchy, hit-or-miss market. Pricing and location matter more than ever. Certain price ranges are moving incredibly fast, while others feel sluggish. Realtors can control exposure and marketing, but we can’t control buyer demand, and demand is influenced by factors far beyond any one listing.
With my clients, February was busy but unpredictable. Detached homes under $650,000 remain highly competitive across Calgary, often attracting multiple offers. The apartment sector, however, has slowed, and townhouses are entirely dependent on location and price. Homes above $750,000, including luxury properties, are also inconsistent. Some sell quickly, others stall, even with strong fundamentals. That unpredictability is why I recommend builders and sellers allow extra time when planning upcoming possessions.
Now let’s look at the data.
Inventory rose to 4,145 units in February, up 76% from last year, with the largest increase in homes priced under $500,000, largely apartments and townhouses. Months of supply sits at 2.4 months, more than double last year’s levels, yet still reflective of a seller-leaning market. Sales were 19% lower year-over-year but remained above long-term February averages.
Detached homes saw slower sales but rising inventory, creating better conditions for buyers than last spring. Even so, benchmark prices increased nearly 5% year-over-year, with the strongest gains in the inner city. Semi-detached homes followed a similar pattern, with pricing up almost 7% year-over-year, despite growing inventory in some districts. Townhouses and apartments saw softer conditions, with inventories rising sharply, slowing price growth, and creating opportunities buyers haven’t had in years.
Zooming out, Calgary remains well-positioned compared to the national market. While Canada as a whole sits at roughly 4.2 months of supply, Calgary remains closer to 2.4 months, highlighting continued demand driven by affordability, population growth, and employment stability.
Tariffs, however, remain the largest wildcard. Their biggest impact isn’t pricing alone, but consumer confidence. Even if interest rates continue to fall, hesitation around job security and rising costs elsewhere can stall housing decisions. That said, Alberta’s economy remains resilient, with ongoing investment, population growth, and diversification beyond energy.
Markets like this don’t reward hesitation. They reward clarity, preparation, and decisiveness. While uncertainty creates noise, it also creates opportunity, especially for buyers and investors willing to act when others pause.
As Warren Buffett famously said, “Be fearful when others are greedy and greedy when others are fearful.” Opportunities are emerging in Calgary that we haven’t seen in years, and they may not last as long as many expect.
Stay tuned for next month’s update, and if you’re trying to decide what makes sense in today’s market, that conversation is worth having.
