Let's talk about what's happening in the Calgary real estate scene. If you're thinking about buying or selling, you'll want to know this stuff.
The Big Picture: Things Are Cooling a Bit, But Not Freezing
So, here's the deal: February 2025 saw a bit of a dip in home sales compared to last year. We're talking a 19% decrease, totaling 1,721 transactions. But, and this is important, sales are still higher than what we'd normally see in February. Basically, things were super hot for a while, and now they're just settling down a bit.
More Homes on the Market? Yes!
Good news for buyers! We're seeing more homes pop up for sale. There were 2,830 new listings in February, keeping pace with historical norms. This helped boost overall inventory to 3,639 homes—a significant 68.6% jump from last year. The sales-to-new listings ratio landed at 61%, which is still above long-term averages but lower than what we’ve seen in the past three years. That means more choices for you! But, even with more homes, it's still kind of a seller's market, especially for certain types of houses.
Prices: Still Going Up, But Not Skyrocketing
Prices are still increasing but at a slower pace. The average benchmark price in Calgary is around $587,600, up 1% from last year. Detached homes and semi-detached homes saw the biggest price jumps.
Detached Homes: Around $760,500 (up 5%)
Semi-Detached Homes: Around $683,500 (up 7%)
Row Houses: Around $446,880 (up 3%)
Apartment Condos: Around $334,200 (up 4%)
What About the Surrounding Areas?
Airdrie: More homes are available, and prices are relatively stable.
Cochrane: Both sales and listings are up, and prices are nearing record highs.
Strathmore: A balanced market with steady growth.
Okotoks: Sales are slightly down, but inventory is still tight, keeping prices pretty steady.
Tips for Buyers
Be Ready to Act: If you see a place you love, jump on it!
Look at All Your Options: Don't just focus on one type of home.
Stay Informed: Keep up with the latest market trends.
Tips for Sellers
Price It Right: A good price will attract buyers.
Make Your Home Shine: A little staging and curb appeal go a long way.
Be Responsive: Answer questions quickly and be flexible with showings.
Mortgage Rates: What's Happening?
Okay, let's talk about mortgages. Fixed rates are down a bit; it dropped by 0.10% to 0.25% in early 2025, but not as much as they could be. Variable rates are a bit tricky, so if you're thinking about one, lock in those discounts sooner rather than later. Also 30 year amortization is now available for first time home buyers, and buyers purchasing newly built homes.
The bottom line? Mortgage rates are still a bit uncertain, so it's a good idea to talk to a mortgage professional.
In a Nutshell
The Calgary real estate market is adjusting. We're seeing more homes available, and prices are still going up, but at a more moderate pace. If you're buying or selling, do your homework and work with a good real estate agent.
Got questions? Don't hesitate to reach out! Click to stay updated on what’s happening in your area.