Economic uncertainty tied to ongoing tariff threats weighed heavily on Calgary’s housing market in March, with sales activity declining across all property types, the Calgary Real Estate Board reports. While the 2,159 units sold represent a 19 per cent drop year-over-year, analysts say the market is still faring better than during previous downturns.
“It is not a surprise to see a pullback in sales given the uncertainty,” says Ann-Marie Lurie, chief economist of CREB. “However, it is important to note that sales still remain stronger than anything reported throughout 2015 to 2020, where our economy faced significant economic challenges and job loss.”
Despite the dip in sales, a jump in new listings—over 4,000 in March— helped ease supply constraints. The sales-to-new-listings ratio dropped to 54 per cent, signalling a move toward balanced conditions after a prolonged seller’s market.
Total residential inventory reached 5,154 units last month, while months of supply rose to 2.4—up from the extremely tight levels seen recently. That shift, CREB notes, has taken some pressure off home prices.
The unadjusted residential benchmark price in March held relatively steady at $592,500. Detached and semi-detached homes maintained near-peak prices, while apartment and row housing segments saw modest price declines from last year’s highs.
Lurie notes, “Easing demand has been met with gains in new listings and rising inventories, helping our market shift back toward balanced conditions, following four consecutive years where the market favoured the seller.”