Supply conditions in March varied notably by property type. While inventory levels followed the typical seasonal increase, they remained above the 10-year average for row and apartment-style homes and below long-term norms for detached properties. This trend reflects last year’s slowdown in detached housing starts, contrasted with record-setting construction in the apartment segment.
A total of 1,881 sales were recorded in March—an increase from February, but still 13% below last year’s levels and under historical averages for this time of year. Much of the slowdown is tied to the apartment sector, where higher inventory and slower migration have dispersed demand across more available options. Detached home sales have also eased compared to long-term trends, largely due to limited supply in several areas of the city.
“When reviewing overall residential data, the market appears relatively balanced, with sales, new listings, inventory, and prices all trending upward month-over-month as we enter the spring market,” said Ann-Marie Lurie, CREB®’s Chief Economist. “However, a closer look reveals differing conditions—tight in the detached segment and more buyer-friendly in the apartment market. This dynamic continues to support price growth for detached homes while placing downward pressure on apartment condominium values.”
The citywide unadjusted benchmark price reached $565,600 in March, up nearly 1% from February but more than 4% lower than last year. Through the first quarter, prices for lower-density housing remained relatively stable, while apartment condominium values continued to soften, declining an additional 3% compared to the previous quarter.
Detached
Detached homes continue to face the tightest market conditions among all property types. In March, 982 sales and 1,614 new listings resulted in a sales-to-new-listings ratio of 61%, with inventory levels similar to last year. With just over two months of supply, conditions remain comparable to those seen at this time in 2025. That said, supply varies by district—falling below two months in the North West, West, South, South East, and East, while more balanced conditions are seen in the City Centre and North. The North East continues to experience relatively higher supply levels.
The detached benchmark price was $741,300 in March, approximately 3% below last year’s peak of $766,600. Despite this, persistently tight conditions across many districts are supporting price growth, with the strongest quarterly gains occurring in the West, followed by the City Centre and South.
Semi-Detached
The semi-detached segment has shown steady improvement, with sales surpassing last year’s levels for the second straight month. Gains in new listings have helped boost inventory, keeping conditions balanced overall. With 480 units in inventory and 193 sales, activity aligns closely with long-term trends.
As of March, the benchmark price stood at $686,100—up slightly from February and just 1% below last year’s level. While most districts have seen price increases over the first quarter, year-over-year values remain lower in most areas, with the exception of the City Centre, North West, and West.
Row
Row home activity has slowed compared to last year, contributing to a 19% decline in first-quarter sales. A total of 778 sales were met with 1,581 new listings, pushing the sales-to-new-listings ratio to just under 50% and allowing inventory to build.
March inventory reached 960 units—25% above long-term trends—resulting in nearly three months of supply. While conditions are generally balanced citywide, the North East district continues to favour buyers. The benchmark price in March was $423,900, relatively unchanged from February but more than 6% below last year. Overall, first-quarter prices remained stable compared to the previous quarter, as gains in some districts offset declines in others.
Apartment Condominium
Apartment-style inventory continues to climb, reaching 1,774 units in March—just shy of the record highs seen during the 2008 financial crisis. Increased supply, combined with softer sales activity, has driven a rise in resale inventory.
With a sales-to-new-listings ratio near 40% and close to five months of supply, pricing pressures persist. The March benchmark price was $300,300, slightly higher than February but over 9% below last year’s level. Quarter-over-quarter, prices have declined by nearly 3%, with the most significant drops occurring in the South and North districts, both exceeding 4%.
REGIONAL MARKET FACTS
Airdrie
Airdrie’s market remains relatively balanced, supported by a sales-to-new-listings ratio above 50% in March. With 135 sales and 251 new listings, inventory levels have improved modestly, resulting in about three months of supply.
The benchmark price was $512,800, consistent with February but more than 5% lower year-over-year. Increased options in both the new-home segment and nearby north Calgary markets have contributed to recent price adjustments.
Cochrane
After a strong February, sales activity in Cochrane moderated in March. First-quarter sales totaled 235 units, in line with last year, while new listings increased at a faster pace. As a result, the sales-to-new-listings ratio has remained below 50%, allowing inventory levels to rise and supply conditions to loosen slightly.
Despite this shift, the market remains broadly balanced. Seasonal price gains have been observed, though not enough to offset earlier declines. The March benchmark price came in at $561,200, down 4% compared to last year.
Okotoks
While March saw some improvement in sales, it was not sufficient to fully offset earlier declines, leaving first-quarter activity slightly below last year’s levels. Rising new listings have helped ease the previously tight conditions, though inventory remains relatively low, with just over two months of supply.
The benchmark price reached $618,100 in March, showing upward momentum from late 2025 and supporting a modest quarterly increase. However, prices are still more than 1% below levels recorded at this time last year.
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