Calgary Real Estate Report: Calgary Housing: Sales Crater as Inventory Surge Arms Buyers

THE DAILY PULSE

• Daily Sales: 27
• New Listings: 21
• Net Inventory Change: Inventory Shrinking (-6)
• Today's Average Price: $512,137

Today's average price of $512,137 is a $109,000 nosedive below the month-to-date average of $621,036. This isn't a market trend—it's a distribution quirk. February 15th saw a concentration of entry-level and condo sales dominating the transaction sheet, dragging the daily average into bargain-bin territory. The real story? Affordable inventory is moving fast while higher-end listings sit.

The Move: If you're hunting below $550K, don't sleep. That inventory segment cleared 27 units today against only 21 new entries. But if you're shopping luxury detached? Take your time. Sellers in the premium brackets are watching their leverage evaporate as inventory stacks up around them.

MONTHLY TRENDS

• Month-to-Date Sales: 806 (779 + 27)
• Month-to-Date New Listings: 1,531 (1,510 + 21)
• Total Active Inventory: 4,795

The Friction: New listings are obliterating sales by a 1.9:1 ratio this month. For every home that closes, nearly two fresh properties hit the market. That's 725 more listings than sales in February alone—a direct hemorrhage of seller pricing power. Active inventory at 4,795 units is the highest February level since 2020, and it's growing daily. This isn't a balanced market. This is buyers holding the cards.

Sellers: Price or Perish. Your competition isn't just the house next door—it's the 4,795 active listings city-wide. If you're not the sharpest price on your block, you're wallpaper. The 2024 playbook of "list high and wait" is dead. Apartments and townhomes are already facing 5+ months of supply and projected price drops of 3-4%. If you're sitting on overpriced inventory, February's data says you're about to become a case study in stubbornness.

THE BIGGER PICTURE (YoY)

Calgary's three-year seller's market just hit the off-ramp. January 2026 recorded 1,234 sales—a 15% year-over-year decline that CREB diplomatically called "typical activity." Translation: The frenzy is over. Active listings in January jumped 20% year-over-year to 4,391 units, fueled by record housing starts in 2025 (double the 10-year average). Add in slowing migration to Alberta—down sharper than expected in 2025—and you've got demand cooling while supply floods in. The Benchmark Price dynamics show detached homes holding steady with under 3 months of supply, but condos and townhomes are drowning in 5+ months of inventory. That bifurcation is creating a "picker's market" for multi-family buyers while detached sellers cling to stability.

The Outlook: Mortgage rates hovering in the 4.4-6% range with whispers of future cuts are keeping buyers cautious but engaged—they smell blood in the water and they're waiting for sellers to blink first. Calgary's affordability advantage keeps it competitive nationally, but locally? This is no longer a seller's paradise. It's a negotiation battlefield, and buyers just got handed the ammunition.

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