The real estate market in Calgary, Canada, is experiencing seller-favorable conditions due to low inventory levels and a relatively high sales-to-new listings ratio, which has resulted in limited choices for buyers and driven up prices.

Residential home prices in Calgary rose by two percent to reach $541,800 in March, and the pace of price growth over the first quarter has been stronger than expected due to persistent seller’s market conditions.

The detached property type has seen a steep decline in sales due to lower listings and higher lending rates. Despite this, inventory levels remain comparable to the lowest March levels recorded in 2006, and conditions are much tighter at the lower end of the market as supply levels have shifted.

Like other property types, semi-detached sales and new listings have declined compared to levels seen last year, leaving the market exceptionally tight, particularly for properties priced below $600,000.

Row sales, new listings, and inventory levels have all trended up compared to levels seen at the beginning of the year. However, like other property types, levels are much lower than last year, and conditions continue to favor the seller.

The apartment condominium market reported a decline of 11 percent in sales compared to last year's record high. New listings also eased by eight percent compared to last year, and inventory levels remained low, ensuring the market continued to favor the seller.

Airdrie saw improvements in sales and new listings, pushing the sales-to-new listings ratio up to 76 percent. However, inventory levels fell to the lowest levels for the month since 2014, causing prices to trend up compared to levels seen at the end of 2022.

Cochrane saw improvements in sales and new listings compared to levels seen over the past several months, but they are still lower than last year's levels. The months of supply in Cochrane have remained below two months since January 2021, and persistent tightness has caused prices to trend up again compared to levels seen at the end of 2022.