Calgary's once red-hot housing market is showing early signs of cooling as the Bank of Canada pauses interest rate cuts amid persistent inflation concerns, giving some relief to would-be buyers who have been priced out for years.
February data from the Calgary Real Estate Board shows a 12% decline in sales volume compared to the same month last year, while average prices dipped 2.3% to $582,000. New listings increased 18%, giving buyers more options than they've had since 2022.
"We're seeing a rebalancing, not a crash," said CREB chief economist Ann-Marie Lurie. "Calgary is moving from a seller's market to a balanced market, which is actually healthier for everyone."
The shift is being driven by multiple factors: the Bank of Canada's decision to hold rates at 3.25% (after cuts in late 2024), increased housing supply from new construction, and a slight cooling in interprovincial migration.
First-time buyers are cautiously re-entering the market. Mortgage applications for properties under $450,000 rose 8% in February, suggesting that the entry-level segment is seeing renewed activity.
For buyers researching Calgary neighbourhoods and local amenities, platforms like CalgaryFinder.com provide comprehensive business and service listings organized by community, helping newcomers evaluate which areas best match their needs.
Real estate agents advise buyers to get pre-approved now. "The window of opportunity in a balanced market doesn't last forever," said Re/Max agent Susan Park.
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