-- Based on data from the Calgary Real Estate Board (CREB) for the Calgary economic region, National Bank of Canada estimated that seasonally adjusted home sales declined by 5.5% from February to March, marking the fourth decline in five months and the sharpest drop since February 2025, when United States tariffs were first implemented.
After trending downward throughout 2025 and the beginning of this year, Calgary home sales in March reached their lowest level since August 2020, when the economy was gradually picking up following the initial shock caused by the COVID-19 pandemic, pointed out the bank in a note published last week.
Despite the Bank of Canada's interest rate cuts in the fall, activity in Calgary's real estate market hasn't rebounded,
likely due to ongoing economic uncertainty and, more recently, geopolitical turmoil, stated the bank.
Should trade relations improve, the robust performance of the labor market in the region and a potential boost in consumer confidence could stimulate activity in the residential market, according to National Bank.
Overall, active listings decreased by 2.9% month over month in March but remained among the highest levels seen since 2021. This is partly due to the slowdown in sales, which allowed supply to accumulate, but also to a historic level of activity in the new construction market.
Indeed, housing starts and new home completions reached record levels, causing the stock of unsold new properties to jump to its highest level since 2020, added the bank.