After several years of strong price growth, 2025 became a year of transition for Calgary’s housing market.
Strong demand and limited supply defined the early part of the year, but record-high housing starts helped improve supply levels across most segments of the market. At the same time, demand pressures eased due to lower migration levels and ongoing economic uncertainty throughout the spring. Together, these factors shifted the resale market from a clear seller’s market toward more balanced conditions.
Total residential sales in 2025 reached 22,751 units, down 16 per cent from the previous year but still in line with long-term averages. The slowdown was driven primarily by a significant increase in supply. More than 40,000 new listings entered the market, a nine per cent increase year over year, which pushed inventory levels higher and eased competitive pressure.
“Supply levels were expected to rise in 2025, but the growth exceeded expectations, particularly for apartment condominiums and row homes,” said Ann-Marie Lurie, Chief Economist at CREB. “This weighed on prices in those sectors enough to offset annual gains in detached and semi-detached homes. Market conditions varied across the city, with some areas remaining seller-friendly while others shifted in favour of buyers, resulting in different price trends by location, price range, and property type.”
The annual average residential benchmark price in 2025 was $577,492, a two per cent decline from last year. Detached home prices rose by one per cent, while semi-detached homes saw a three per cent increase. In contrast, apartment and row home prices declined by three and two per cent respectively.
The North East district experienced the largest price decline in 2025. While improved supply played a role, it is worth noting that the North East also recorded the strongest price growth over the previous two years.
For the first time in three years, Calgary is heading into the new year with healthier inventory levels.