NEIGHBORLY ADVICE

2025 CALGARY REAL ESTATE OUTLOOK

City of Calgary, January, 2024 – S

In 2025, housing demand is expected to remain above long-term trends, supported by past gains in population and employment, easing lending rates, and better supply options . However, factors such as slowing migration from record highs, increased competition from new home construction, and heightened economic uncertainty are likely to limit further growth in resale activity . Despite this, the forecasted sales of over 26,000 units reflect a strong housing market, with activity levels over 20 per cent higher than long-term trends . Market shifts in 2025 Calgary’s housing market is expected to stay strong in 2025, with sales forecasted 20% above long-term trends. While overall sales levels are expected to remain stable, the distribution of sales may change . Easing rental rates, driven by higher completions and slower international migration, are anticipated to impact the condominium market . Meanwhile, lower lending rates, improved supply, and continued, though slower, migration from other provinces are expected to support growth in detached home sales . Record-high new construction levels are adding supply to the market, contributing to an increase  in resale listings . As more new homes are completed in 2025, the overall supply is projected to grow .  This shift should help the market move toward more balanced conditions, slowing price growth to an annual gain of three per cent . PRICE GROWTH VARIATIONS FOR 2025 Citywide price growth in 2025 is expected to moderate compared to the seven per cent increase reported in 2024 . However, price changes will vary across market segments . Higher-priced resale homes Increased competition from new, higher-priced units may lead to slower resale price growth  in districts where more supply is being added . Lower-priced resale homes Driven by location, these are expected to see stronger price growth, supported by steady demand and limited supply options . Despite some adjustments within specific market segments, continued population growth should maintain strong absorption levels across Calgary . However, the market is likely to exhibit a more balanced state compared to the past three years

Calgary Real Estate Market Statistics August 2025

City of Calgary, September, 2025 – 

 Improving supply choice has changed the dynamics of the Calgary market driving price declines over the past several months.

Higher price adjustments are occurring for apartment and row style properties while detached and semi-detached properties have reported modest declines. As of August, the unadjusted total residential benchmark price was $577,200, down over last month and nearly four per cent lower than levels reported last year.

“Perspective is needed when it comes to price adjustments. The most significant price adjustments are occurring for row and apartment style homes as they are also the product type that are facing the largest gains in supply choice,” said Ann-Marie Lurie, Chief Economist at CREB®. “Meanwhile price adjustments in the detached and semi-detached markets range from modest price growth in some areas to larger price declines in areas with large supply growth. Overall, recent price adjustments have not offset all the gains that have occurred over the past several years.”

August reported 1,989 sales, nearly nine per cent lower than last year. Sales have slowed compared to the high levels reported over the past four years. However, activity is still above long-term trends, reflecting relatively strong demand. What has changed is the supply situation. New listings remain elevated, keeping the sales-to-new-listings ratio below 60 per cent and pushing inventory to 6,661, the highest August amount since 2019. 

More inventory choice coupled with lower sales has caused the months of supply to rise to 3.4 months in August, much higher than the sellers' market conditions reported over the previous four years, but still well below the buyer market conditions observed prior to the pandemic. While the market is much more balanced compared to last year, there is significant variation depending on property type, price range and location.   

City of Calgary Housing Statistics August

Detached

Detached home sales eased to 995 units in August, while new listings rose to 1,748 units, keeping the sales-to-new listings ratio below 60 per cent. This prevented any significant shift in inventory, as the 3,051 units were the highest levels reported in August since 2020. Higher inventory levels and easing supply have helped balance out the detached market. However, districts like the North East, North and East are experiencing buyer market conditions.   

The unadjusted benchmark price in August was $755,600 down by nearly one per cent over last month and last year's levels. While prices have eased there is significant variation depending on location. Compared to last year, prices reported the largest decline in the North East and East district at five per cent, while prices in the city centre were over two per cent higher. As many of the adjustments have occurred over the past few months, year-to-date Calgary prices remain two per cent higher than last year.

Semi-Detached

August sales improved over last year’s levels, but it was not enough to offset earlier pullbacks with year-to-date sales of 1,557—eight per cent lower than last year—but higher than long-term trends. At the same time, new listings slowed compared to sales pushing the sales-to-new listings ratio up to 67 per cent and preventing any further monthly inventory gains. Inventory gains have not been as high for this product type, and the months of supply remained below three months in August. This is one of the reasons that the prices have not seen the same adjustment.

In August the unadjusted benchmark price was $687,200 down over last month, but nearly one per cent higher than last year, and nearly four per cent higher on a year-to-date basis. Price growth has varied across the city, with the largest year-over-year gains occurring in city centre. Meanwhile the largest declines have occurred in the North East, East and North districts.

Row

Sales in August slowed, contributing to the year-to-date decline of nearly 16 per cent. While new listings did ease in August compared to last year and last month, they have generally been on the rise pushing up inventory levels. In August, there were 1,103 units in inventory, reaching the second highest level on record for August, only slightly lower than the record high in reported in 2018. Due to the relatively strong sales, the months of supply has only pushed slightly above three months, far more balanced than last year, but not as high as the 6.4 months report back in 2018.

Nonetheless, additional supply choice has weighed on prices. In August, the unadjusted benchmark price in the city was $439,600, reflecting the fourth consecutive monthly decline and nearly five per cent lower than last August. While prices eased across all districts, price declines exceeded five per cent in the North East, North, South and East districts. These districts generally reported high levels of supply in the resale sector or had significant competition from new home supply.

Apartment Condominium

Sales continue to slow in August contributing to a year-to-date pullback of nearly 30 per cent. While sales are still above long-term trends, they have not been high enough to offset the level of new listings in the market. In August alone there were 877 new listings compared to the 449 sales, keeping the sales-to-new-listings ratio relatively low at 51 per cent. The low ratio that has persisted throughout this year has contributed to the higher inventory levels seen in the market. While August inventory levels did not rise over last month, with 1,979 units available, this is the highest August inventory ever reported.

The months of supply for apartment condos have remained around four months since June. The excess supply relative to demand has been weighing on prices. As of August, the unadjusted benchmark price was $326,500, reflecting the fifth consecutive monthly decline and nearly six per cent lower than levels reported last August. Most of the supply is concentrated in the City Centre, which reported a year-over-year decline of five per cent, slightly higher than the rate of decline reported in the West district at three per cent. Meanwhile, the highest price declines occurred in the North East district at over 11 per cent.

REGIONAL MARKET FACTS

Airdrie

Easing sales in August contributed the year-to-date decline of 12 per cent for 1,248 sales so far this year. The 152 sales this month was met with 265 new listings, pushing the sales-to-new listings ratio up to 57 per cent and preventing any further monthly inventory gains. As of August, there was 535 units in inventory, above long-term trends and the highest levels reported since before the pandemic. The rise in supply has helped shift the market to more balanced conditions. However, with more supply options in both the new home, resale markets and in competing locations, there has been some downward pressure on prices in Airdrie. In August, the unadjusted total residential benchmark price was $531,100, down over last month and four per cent lower than levels reported last August.

Cochrane

The 70 sales this month were met with 139 new listings causing the sales-to-new listings ratio to fall to 50 per cent, the lowest ratio reported for August since 2015. The pullback in sales compared to new listings prevented any significant shift in inventory levels, pushed the months of supply up above four months. Despite the shift this month, prices in Cochrane remained relatively stable in August, with the unadjusted benchmark price sitting at $589,100, similar to last month and nearly two per cent higher than last year. On a year-to-date basis prices are four per cent higher than the previous year.

Okotoks

New listings in August reported a significant pullback relative to sales and the sales-to-new-listings ratio pushed up to 80 per cent. While sales have generally remained in line with long-term trends, new listings have not had the same increase that other areas have reported, preventing significant gains in inventory levels. As of August, there was 116 units in inventory, a 29 per cent gain over last year, but still 30 per cent lower than levels traditionally seen in August. Despite tighter conditions, prices have reported some monthly declines. However, year-to-date benchmark prices remained two per cent higher than last year’s levels, with gains reported across each property type.

Supply growth weighs on home prices

City of Calgary, August, 2025 –

Thanks to gains mostly occurring in the newer communities, inventory levels in July were 6,917 units, reaching levels not seen since prior to the pandemic and higher than long-term trends. While supply has improved across all property types and all districts, the largest gains are occurring in the areas where there has been new community growth.  
The additional supply has weighed on home prices in some parts of the city. The total residential benchmark price in Calgary has trended down over the past several months and is currently four per cent below last year's peak price reported in June 2024.  

"Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years," said Ann-Marie Lurie, Chief Economist at CREB®. "The steepest price declines have occurred for apartment and row style homes, mostly in the North East and North districts, which coincides with significant gains in new supply."  

The rise in supply occurred as sales continued to slow and new listings improved. In July, there were 2,099 sales, a 12 per cent decline over last year, while new listings reached 3,911 units, an over eight per cent increase over last year. In addition to the persistent economic uncertainty due to tariffs, sales and new listings were impacted by no further reductions in lending rates and added competition from the new home market. Apartment-style homes are reporting the highest months of supply with over four months, while both detached and semi-detached homes are seeing conditions remain relatively balanced at just three months of supply.   

Monthly Housing Stats July

Detached

For the first time since 2020, the months of supply for detached homes rose to three months. Sales activity slowed to 1,031 units in July, while the number of new listings, despite being slower than last month, was still nearly 10 per cent higher than last year's levels and above long-term trends. The wider gap between sales and new listings led to a significant adjustment in inventory levels and, with slower sales, the months of supply rose to three months. However, conditions did vary significantly depending on location. In the North West, West and South districts, the months of supply remained well below three months, whereas the North East reported the highest months of supply at over four months.  

A shift to balanced conditions has taken much of the pressure off home prices. As of July, the detached benchmark price was $761,800, down less than one per cent over last year. However, there was a significant range of price adjustments. Both the North East and East districts have reported the largest decline in price at five per cent, though prices still rose in the City Centre by nearly two per cent.  

Semi-Detached
Sales activity in July continued to slow, contributing to the year-to-date decline of 11 per cent. At the same time, new listings have generally been higher this year compared to last year, supporting inventory gains. With 549 units in inventory and 187 sales, the months of supply in July rose to three months, something that has not happened since 2021.  

Although supply is improving in relation to sales, prices have remained relatively stable. As of July, the benchmark price in the city was $697,500, one per cent higher than last July. Price growth did range throughout each district, with the highest gains occurring in the City Centre, with nearly three per cent growth. Meanwhile, prices declined over last year in the North East, East and North districts.

Row
Like other styles of homes, sales have eased compared to last year, with new listings and inventories rising over last July. The months of supply in July was similar to last month at over three months, with a range of under three months of supply in the City Centre, North West , South and South East, to nearly five months of supply in the North East district.

Row prices have generally been trending down over the past three months, and while they are nearly four per cent lower than last year at this time, on a year-to-date basis they have remained similar to last year. When considering activity by district, year-to-date price declines have been reported in the North East and North, while prices have risen in all other districts.

Apartment Condominium
There were 1,014 new listings in July relative to 508 sales, keeping the sales-to-new listings ratio at 50 per cent and inventory levels elevated at 2,097 units. Higher inventories and slower sales caused the months of supply to push above four months in July, the highest it has been since 2021. Added competition for new product combined with rising rental vacancy rates has impacted the resale condominium market.

The additional supply choice is having a more significant impact on apartment style prices over any other property type. In July, the benchmark price was $329,600, which is down over one per cent compared to last month and nearly five per cent lower than levels reported last year. However, when considering year-to-date figures, prices have remained stable compared to last year as gains in the West, South and North West have offset declines occurring in the North East, North, South East and East districts.

REGIONAL MARKET FACTS
Airdrie
Due to declines in both row and apartment sales, July sales slowed by 14 per cent compared to last July, contributing to the year-to-date decline of 12 per cent. While sales have slowed, activity remains higher than levels reported prior to 2021. What has changed is the significant improvement in new listings, resulting in inventory gains. As of July, inventory levels rose to 543 units, the highest July reported since the peak in 2018. The higher inventory levels kept the months of supply above three months in July, placing some downward pressure on home prices. In July, the benchmark price was $532,800, nearly four per cent lower than levels reported last year at this time. However, last year's gains were exceptionally high earlier in the year, and on a year-to-date basis prices are only slightly lower than last year. 
 
Cochrane
Unlike other areas, Cochrane has not seen the same level of pullback in sales compared to long-term trends. While July sales were down by seven per cent, year-to-date sales are two per cent lower than last year and 23 per cent higher than long-term trends. New listings in July did reach a record high for the month, causing inventories to push to the highest level reported for the month since 2019 and causing the months of supply to rise above three months. While this likely contributed to some of the monthly decline in price, unlike other areas the July benchmark price of $590,000 was over two per cent higher than last year, and four per cent higher on a year-to-date basis.

Okotoks
This market continues to exhibit tighter market conditions than both Airdrie and Cochrane with a sales-to-new-listings ratio of 71 per cent and months of supply at just over two months. This is a significant improvement compared to the previous four years, where the months of supply in July was just over one month. In July, the benchmark price in the area was $628,500, slightly lower than last month, but higher than last year's level. Despite some monthly fluctuations, year-to-date prices are over two per cent higher than last year.