Calgary Home Sales Dip Amid Economic Uncertainty From Tariffs, as Supply Grows: Board

A mural is seen through high-rises in Calgary, on June 28, 2022. The Canadian Press/Jeff McIntosh

The Calgary Real Estate Board says home sales in the city dropped last month as economic uncertainty took a toll on consumer confidence.

The board says 2,159 homes changed hands in March, down 18.8 percent compared with the same month last year, as sales in Calgary slowed across all property types.

CREB chief economist Ann-Marie Lurie says it’s not surprising to see a pullback in sales given the uncertainty caused by the threat of tariffs, however she notes that activity remains stronger than it was between 2015 and 2020, when Calgary saw significant economic challenges and job losses.

There were 4,019 new listings on the market last month, up 26.7 percent from a year earlier, as the city’s inventory reached 5,154 homes for sale—more than double the supply available at the same time last year.0.

The residential benchmark price remained relatively stable at $592,500, marking a 0.8 percent month-over-month increase from February and a 0.1 percent year-over-year uptick from March 2024.

The board says improving supply has taken the pressure off home prices following steep gains over the previous four years, with apartment and row-style homes reporting prices slightly lower than last year’s peak levels.