The Calgary Real Estate Board says last month's inventory levels were among the lowest the market has seen in February since 2006 as sales were almost halved from a year ago.
The board says sales for the month totalled 1,740, a 47 per cent fall from February 2022.
However, the board says last month's sales were consistent with typical seasonal behaviour and along with new listings and inventory, trended up from January's levels.
February's new listings amounted to 2,389, a 49 per cent drop from a year earlier.
The market's benchmark price edged up almost two per cent from last February to $530,900, but the average price was down nearly eight per cent to $506,685.
The board's chief economist Ann-Marie Lurie says prices are still below their May 2022 peak and if supply levels do not change, there could be further upward pressure on prices.
She said, “While higher lending rates are impacting sales activity as expected, we are seeing a stronger pullback in new listings, keeping supply levels low and supporting some stronger-than-expected monthly price gains."
This report by The Canadian Press was first published March 1, 2023.