March is Micro-markets!
It’s as simple as supply and demand… or is it? Broad, city-wide stats don’t tell the full story in today’s Calgary real estate landscape. What we’re seeing right now is a true patchwork of micro-markets, where conditions shift depending on property type and location. In March, inventory followed its typical seasonal climb, but the split is clear—row homes and apartments are sitting above long-term averages, while detached inventory remains tight. That imbalance largely stems from last year’s slowdown in detached construction, contrasted with a surge in apartment-style development.
Sales activity picked up from February, reaching 1,881 transactions, but still trailed last year by 13% and came in below typical March levels. The biggest drag has been the apartment segment, where increased inventory and more balanced migration patterns are spreading buyer demand across a wider pool of options. Detached homes are telling a different story—sales are also below long-term norms, but more so due to limited availability in certain pockets of the city rather than a lack of demand.
“When considering total residential housing statistics, conditions appear to be relatively balanced as sales, new listings, inventories and prices all trended up over the previous month as we start to move into the spring market,” said Ann-Marie Lurie, CREB®’s Chief Economist. “However, when we look deeper, we are seeing a market that ranges from tighter conditions for detached homes to the apartment sector, where conditions tend to favour the buyer. As expected, this is supporting upward momentum in detached prices and downward pressure in the apartment condominium sector.”
Now, if we zoom out and look at the broader picture, the total unadjusted benchmark price across Calgary came in at $565,600—up nearly one per cent from February, but still down more than four per cent year over year. Through the first quarter, we’ve seen relatively stable conditions in lower-density segments like detached and semi-detached homes, while apartment-style condos have continued to soften, with prices slipping another three per cent compared to the fourth quarter of last year.
We’ve touched on product types here, but the reality is you need to go even deeper when it comes to valuations—whether you’re buying or strategically positioning your home for sale. It’s not just about detached versus condo; the market shifts within each category depending on price range, location, and even specific pockets within the city. Understanding those layers is where the real opportunity lies to make informed decisions and get ahead of the market.
Detached
The detached segment remains the tightest market in the city, with limited supply continuing to support pricing in many areas. While overall prices are slightly below last year’s peak, strong demand in several districts is still creating upward pressure in select pockets.
- 982 sales and 1,614 new listings in March
- Sales-to-new-listings ratio: 61%
- Just over 2 months of supply (tight conditions)
- Less than 2 months of supply in NW, West, South, SE, and East districts
- More balanced conditions in City Centre and North
- Higher supply relative to demand in North East
- Benchmark price: $741,300
- Down ~3% from last year’s peak
- Strongest quarterly gains in West, City Centre, and South districts
Semi-Detached
The semi-detached market is showing steady, balanced conditions, with consistent sales activity and stable pricing. Performance varies by district, but overall this segment is holding relatively firm compared to others.
- 193 sales and 480 units in inventory
- Conditions aligned with long-term averages
- Balanced market conditions overall
- Benchmark price: $686,100
- Slight increase month-over-month
- ~1% below last year
- Price growth in most districts in Q1
- Year-over-year gains only in City Centre, NW, and West
Row
Row homes are shifting toward more balanced—and in some areas, buyer-favoured—conditions due to rising inventory and slower sales. Prices have softened year-over-year, though quarterly trends are more stable.
- 778 sales in Q1 (down 19% year-over-year)
- 1,581 new listings in Q1
- Sales-to-new-listings ratio: just under 50%
- 960 units in inventory (25% above long-term trends)
- Nearly 3 months of supply
- Buyer-favoured conditions in North East
- Benchmark price: $423,900
- Similar to last month, down 6% year-over-year
- Quarterly declines in NE, North, SE, and East
- Gains in City Centre and West
Apartment Condominium
Apartments continue to face the most pressure, with rising inventory and slower absorption weighing on prices. This remains the most buyer-friendly segment in the market right now.
- 1,774 units in inventory (near 2008 highs)
- Sales-to-new-listings ratio: ~40%
- Nearly 5 months of supply
- Significant increase in resale inventory
- Benchmark price: $300,300
- Slight monthly increase
- Down 9% year-over-year
- Down ~3% compared to Q4 last year
- Largest declines in South and North districts (over 4%)
Regional Market Facts
Airdrie
Airdrie is moving into more balanced territory, with increased supply giving buyers more options and stabilizing pricing after recent declines.
- 135 sales and 251 new listings
- Sales-to-new-listings ratio above 50%
- Around 3 months of supply
- Balanced market conditions
- Benchmark price: $512,800
- Stable month-over-month
- Down 5% year-over-year
- Increased competition from new builds and north Calgary
Cochrane
Cochrane is trending toward balanced conditions as new listings outpace sales. Prices are seeing typical seasonal lift but remain below last year.
- 235 sales in Q1 (similar to last year)
- Rising new listings
- Sales-to-new-listings ratio below 50%
- Inventory and supply increasing
- Balanced market overall
- Benchmark price: $561,200
- Down 4% year-over-year
- Seasonal gains not enough to offset earlier declines
Okotoks
Okotoks remains relatively tight despite improving supply, with low inventory continuing to support pricing. The market is stabilizing, though still slightly below last year’s levels.
- Sales improved in March but slightly down in Q1 year-over-year
- Increasing new listings
- Just over 2 months of supply
- Inventory remains relatively low
- Benchmark price: $618,100
- Trending up compared to end of 2025
- Modest quarterly gains
- Still down just over 1% year-over-year
