07:32 AM EST, 02/03/2026 (MT Newswires) -- Based on data from the Calgary Real Estate Board (CREB) for the Calgary economic region, home sales in January fell by 13.6% compared with January 2025, slipping to their lowest level for this period of the year since 2023, said National Bank of Canada.

Nonetheless, the level of sales remained in line with its historical average for the month of January, noted the bank.

On the supply side, active listings were up 21.5% year-over-year. 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, stated National Bank.

Indeed, housing starts and new home completions reached record levels, causing the stock of unsold new properties in 2025 to jump to its highest level since 2020, it pointed out.

On a monthly basis, National Bank's preliminary estimate indicates that home sales rose by 4.0% from December to January, recovering some of the previous month's 5.7% decline.

As a result, the level of sales in Calgary has remained relatively flat since March of 2025. This lack of momentum comes amid a less favorable demographic landscape, despite the Bank of Canada's interest rate cuts in the fall, added the bank.

On the supply side, National Bank estimates that the number of new listings jumped 13.1% in January, a rebound following three consecutive months of contraction. As a result, market conditions, as defined by the new-listings-to-sales ratio, loosened in the month.