FEBRUARY HOUSING MARKET UPDATE

Sales, new listings, and inventory levels all increased compared to the previous month but remained at the lowest February levels since 2006. Despite higher lending rates having an impact on sales, the greater reduction of new listings in the market has kept supply levels low, causing further upward pressure on home prices. While sales activity outstripped levels seen between 2015 and 2020, the new listings fell short of long-term trends. The market continues to remain at an imbalance, with a sales-to-new-listings ratio of 73% and months of supply of fewer than two months.

It appears that sales and new listings for all types of properties have increased for the month of February compared to last month. However, these levels are still amongst the lowest for this month since 2006. With an imbalance between sales and new listings, supply levels remain low, which has increased the prices of homes over the last month and year. The benchmark prices of all types of properties have seen a rise but remain below the peak levels recorded in May 2022, with the exception of row properties, which have reached a new high.

Regional Market Facts

Airdrie

In February, sales and new listings for all types of properties increased compared to the previous month, though they remain among the lowest levels in February since 2006. This imbalance has kept supply low and caused upward pressure on prices. The benchmark prices of all types of properties have gone up, except for row properties which reached a new high, while they remain lower than the peak seen in May 2022. However, the benchmark price of $487,200 remains below the peak price of $510,600 reached in June of 2022. Inventory levels available in February sat at 178 units and the months of supply remained below two months.

Cochrane

Inventory levels have been on the rise in Cochrane. Despite of this inventory levels remain 40 percent below long-term trends for the month. There is a shift toward a more balanced market due to sales and new listings easing.  

Okotoks

Despite the decline in sales and new listings compared to previous years, conditions remain quite tight with a sales-to-new listings ratio of 90%.In addition, there has been a decrease in inventory levels compared to the previous month and last year, with levels close to the record low of February 2006.

Market Conditions Favour the Seller

Conditions continue to favor the Seller, which drives upward pressure on home prices. In February, the benchmark price reached $550,000. This is 3% higher than last month's and last February's levels. However, like some areas, prices remain just below the May 2022 peak of $560,700.