Overview: Calgary's Winter Market Delivers Across-the-Board Price Strength
February 2025 delivered one of the strongest months of price appreciation in recent Calgary real estate history, with all four major property types posting year-over-year benchmark gains ranging from 2.78 to 6.90 percent. According to CREB's monthly statistics released March 3, 2025, total residential sales reached 1,721 units, down 19.3 percent from February 2024's elevated pace. However, new listings came in at only 2,830 and active inventory held at 4,145, keeping months of supply at 2.41 citywide, firmly in balanced territory.
The total residential benchmark price reached $587,600, a 0.93 percent year-over-year gain. This aggregate figure understates the segment-level performance: semi-detached homes appreciated 6.90 percent, detached gained 5.08 percent, apartments gained 3.95 percent, and row homes gained 2.78 percent. February 2025 is the last winter month before the spring listing wave, and the data reflects a market operating with very little inventory pressure in a period of seasonally low new supply.
With overall months of supply at 2.41 and no property type above 3.17 months, February 2025 represents conditions clearly in sellers' favour, despite the year-over-year decline in sales volumes. The volume comparison against February 2024 is misleading as context: the prior year's February was one of the most active winter months on record, driven by buyers front-running anticipated policy rate activity.
February 2025 Calgary by the numbers: 1,721 sales, 2,830 new listings, 4,145 active listings, 2.41 months of supply, and a total residential benchmark price of $587,600.
February 2025 Sales and Listings Activity
The 1,721 residential sales in February 2025 represent a 19.3 percent year-over-year decline, but the absolute level of activity is appropriate for a winter month in a balanced market. February is historically Calgary's slowest month for sales due to weather and seasonal patterns, and the 2025 reading aligns with historical winter activity ranges excluding the anomalous 2022-2024 period. The comparison base from February 2024, which was exceptionally active, amplifies the apparent decline.
Average days on market came in at 33 for February, slightly longer than the spring months but still indicating efficient market function. The sale-to-list price ratio of 99.01 percent confirms that motivated buyers are meeting sellers close to asking price. February's sale-to-list ratio above 99 percent is a strong reading for a winter month and indicates that competitive pressure among buyers has not dissipated despite the lower volume. Well-priced listings are receiving genuine buyer attention rather than lingering unsold.
New listings at 2,830 represent the lowest volume of any month in the early 2025 dataset, consistent with the seasonal pattern of sellers holding properties through the winter and preparing spring listings. This seasonal supply trough, combined with sustained buyer demand, is a primary driver of the strong price performance visible across all property types in February. As spring listings begin to hit the market in March and April, the supply picture will shift meaningfully.
Gold dashed line marks the 4-month buyer's market threshold. All property types are well below buyer's market conditions. Source: CREB Monthly Statistics, February 2025.
Calgary Home Prices by Property Type in February 2025
February 2025 stands out as a month of exceptional price performance across Calgary's housing market. Every property type posted its strongest year-over-year benchmark gains of any point in the 2025 calendar year, a result of the seasonal supply trough combined with sustained buyer demand. The total residential benchmark of $587,600 understates the individual segment strength; looking at the segment-by-segment data reveals a market that, in the winter months, remains firmly tilted in sellers' favour.
Source: CREB Monthly Statistics, February 2025
Detached Homes
Detached homes posted a 5.08 percent year-over-year benchmark price gain in February 2025, reaching $760,500. With only 2.22 months of supply, the detached segment remains in strong sellers' market territory. February's tight supply environment, typical of the seasonal winter period, amplifies the pricing power of detached home sellers who choose to list. Buyers targeting detached properties in February face limited selection and meaningful competitive pressure, conditions that produced the strong benchmark appreciation visible in the data.
Semi-Detached Homes
Semi-detached homes delivered the strongest year-over-year performance of any property type in February 2025, gaining 6.90 percent to reach a benchmark of $683,500. At 1.98 months of supply, the semi-detached segment is operating at the tightest conditions of any property type in the February market, with inventory so constrained that buyers face very limited selection. The combination of strong demand and extraordinarily low supply is producing benchmark price gains that would be difficult to sustain once the spring listing season adds more product to the market.
Row Homes and Townhouses
Row homes gained 2.78 percent year over year in February 2025, with the benchmark reaching $446,800. The 2.06 months of supply places row homes in the upper balanced range, with buyers having more selection relative to semi-detached but still facing a market that is not yet accommodating to extended decision-making. Row homes in Calgary's inner-city communities and newer suburban developments both saw sustained demand through the winter, as the price point attracts buyers who have been priced out of detached ownership but want more space than an apartment provides.
Apartment Condominiums
Apartment condominiums posted a 3.95 percent year-over-year benchmark price gain in February 2025, reaching $334,200. At 3.10 months of supply, apartments remain in balanced territory, though they are the property type with the most inventory relative to demand. February's positive apartment benchmark performance reflects the broader market's strength: even in the segment with the most supply, buyer demand is sufficient to sustain meaningful price appreciation. This condition would change as spring supply arrived and economic uncertainty built through the year.
Source: CREB Monthly Statistics, February 2025
February 2025 marked the peak of Calgary's year-over-year price performance for 2025, with semi-detached homes appreciating 6.90 percent and every property type posting gains of at least 2.78 percent. This winter strength reflected the seasonal supply trough before spring listings arrived.
Calgary Real Estate Prices by District in February 2025
District-level data for February 2025 is overwhelmingly positive, with six of seven districts posting year-over-year total benchmark gains and only the City Centre recording a marginal decline. The South district led all areas with a 3.2 percent gain, reflecting strong demand for its detached and semi-detached housing stock. This broad positive performance across districts reflects the strength of Calgary's overall housing demand in a period of seasonally constrained supply.
Source: CREB Monthly Statistics, February 2025. Total residential benchmark, all property types combined.
West District
The West district posted a 1.4 percent year-over-year total benchmark gain in February 2025, consistent with the positive performance that has characterized this district through the winter. West Calgary's premium detached and semi-detached communities continue to attract motivated buyers, and the tight seasonal supply has amplified pricing power. The West's established amenities, larger lots, and proximity to Calgary's mountain escape routes make it a perennially strong market with limited sensitivity to economic headwinds at the margin.
North West District
The North West posted a 1.1 percent year-over-year total benchmark gain in February 2025. The district's mix of established single-family communities and newer suburban developments supported consistent buyer interest through the winter months. The North West performs reliably as a destination for families seeking quality schools and infrastructure, and February's positive reading reflects that sustained demand base. Like most districts, the North West would see this positive momentum moderate as spring supply built through March and April.
City Centre and South
The City Centre recorded a modest 1.0 percent year-over-year total benchmark decline in February 2025, the only district with a negative reading. The City Centre's heavy concentration of apartment condominiums means it is the first district to feel the effects of condo supply accumulation, even in a winter month when overall supply is at its seasonal minimum. The South district posted a strong 3.2 percent year-over-year total benchmark gain, the highest of any district in February, driven by its large stock of detached and semi-detached homes in high-demand family communities.
South East District
South East delivered a 1.7 percent year-over-year total benchmark gain in February 2025, a solid reading for a district that has consistently performed in the positive range through the early months of 2025. The South East's combination of established family communities and newer townhouse developments has maintained broad buyer appeal, and the February data reflects a district where supply and demand are well-matched. South East buyers in February 2025 faced a competitive environment, particularly for detached properties in established neighbourhoods.
North East and East
Both the North East and East districts posted positive year-over-year total benchmark gains in February 2025, at 1.4 percent and 2.5 percent respectively. This is a noteworthy reading given that by September 2025, both districts would record among the sharpest corrections in the city. In February, the affordability of North East and East housing was driving demand from first-time buyers and investors, with positive price appreciation reflecting that buyer interest. The supply build-up that would drive the later correction had not yet begun in earnest during February's winter market.
What February 2025 Data Means for Calgary Buyers
February 2025 represents the most challenging entry conditions for buyers of any month in the 2025 calendar year. Every property type is appreciating, months of supply is low across all segments, and competition for quality listings is real. Buyers who are ready to transact in February should be fully pre-approved, have a clear understanding of their must-have criteria, and be prepared to move quickly on a property that meets their requirements. Hesitation in this environment costs money as prices trend upward.
Detached buyers in the West, South, and North West face the most competitive conditions. The semi-detached segment at 1.98 months of supply is even tighter than detached by this measure, and buyers targeting semi-detached properties in desirable districts should expect competition. The advantage for buyers in February is knowing that the spring market will bring more listings, which can be motivation to wait. The risk of waiting is that spring competition also intensifies as more buyers enter the market alongside the additional supply.
Apartment buyers in February 2025 have the most supply-side advantage of any property type. At 3.10 months, the apartment segment is more balanced than any other, giving buyers reasonable time to evaluate options. The 3.95 percent year-over-year benchmark gain confirms that apartment prices are still rising, but the rate of change is lower than detached and semi-detached, and the selection available is greater. Buyers who prioritize inner-city location and building quality over size will find the apartment market in February offers meaningful choice.
What February 2025 Data Means for Calgary Sellers
For sellers, February 2025 is an excellent time to be in the market. The seasonal supply trough means reduced competition from other sellers, and motivated buyers are active despite the winter. The 99.01 percent sale-to-list ratio confirms that sellers are achieving near-asking price results across property types, and average days on market at 33 indicates that well-priced listings are not sitting idle. Sellers who choose to list in February benefit from a buyer pool that has been active through the winter and has developed urgency after months of searching.
Semi-detached and detached sellers occupy the strongest positions in February's market. The tight supply dynamics in those segments mean a well-presented listing at current market value is likely to receive genuine buyer attention and achieve a competitive result. Sellers in the premium detached market, particularly in the West and South, can approach the February market with confidence that pricing at or near current comparable sales will produce a strong outcome.
Apartment sellers have an opportunity in February that becomes somewhat harder to replicate as the year progresses. The 3.95 percent year-over-year benchmark gain visible in February would erode substantially through the spring and summer as supply accumulated. Sellers with apartment units who are planning to exit the market in 2025 would benefit from listing early in the year rather than waiting for the spring competition, when additional inventory would reduce their relative advantage.
Outlook: Winter Strength Sets the Stage for Spring Uncertainty
February 2025's exceptional price performance across all property types reflects a market operating under the best possible conditions for sellers: seasonal supply constraints, sustained buyer demand, and limited new competition. These conditions are largely cyclical and will begin to normalize as spring approaches and new listings enter the market at a faster pace. The question is not whether conditions will moderate but by how much.
The trajectory for the spring will be determined by the pace at which new listings accumulate relative to buyer activity. If buyer demand remains firm through March and April, the transition from winter's tight conditions to the spring market will be gradual and prices will remain near February levels. If buyer caution increases, perhaps driven by economic uncertainty or changes in rate expectations, the spring supply wave could create inventory conditions that begin to apply downward pressure to the apartment and row segments first.
February's data provides a useful benchmark for understanding how far conditions shifted through the rest of 2025. The semi-detached segment at +6.90 percent in February would post much more modest readings through the summer and fall. Apartment prices that gained 3.95 percent in February would turn negative by mid-year. The winter strength visible in February 2025 was real, but it was built on seasonal foundations that were not sustainable as the spring listing cycle unfolded.
Data sourced from CREB Monthly Statistics Package, City of Calgary, February 2025. Released March 3, 2025.
