If you’ve been following the Calgary real estate market over the past few months, you’ve probably noticed things feel a little different.
Buyers have more options.
Sellers are facing more competition.
And depending on what type of property you’re looking at, the market can feel very different from one neighbourhood to the next.
Inventory continues to build across Calgary, with over 6,700 homes currently available for sale. That’s about 11% higher than what we would typically expect to see at this time of year. Much of that increase is coming from condos and row-style homes, while detached home inventory remains relatively tight.
Sales activity has slowed compared to last year, down approximately 16%, which has helped shift the overall market away from the strong seller conditions we experienced through much of 2024 and into a more balanced environment.
What does that mean in practical terms?
For detached homes, particularly in desirable areas of southwest Calgary, well-priced properties are still selling and prices have remained relatively stable. In fact, detached benchmark prices have climbed from January levels and are holding up well despite the increase in inventory.
The condo market tells a different story.
Condominium inventory remains elevated and buyers have significantly more choice than they did a year ago. As a result, condo prices have softened, with benchmark prices now sitting roughly 9% below where they were this time last year. In many areas of the city, condos have shifted firmly into buyer’s market territory.
Row homes and semi-detached properties continue to sit somewhere in the middle. Inventory has increased, but conditions remain relatively balanced and prices have generally held up better than the condo sector.
One thing worth remembering is that Calgary is no longer moving as a single market.
A detached home in West Calgary may still attract multiple interested buyers, while a condo in another part of the city could sit on the market longer and face downward pressure on pricing. The days of using one headline to describe the entire market are behind us.
My advice remains the same.
If you’re buying, there are more opportunities today than we’ve seen in quite some time, particularly in the condo and townhouse segments.
If you’re selling, pricing strategy matters more than ever. Buyers have choices, and the homes that are attracting the most attention are the ones that enter the market positioned correctly from day one.
As always, if you’re curious about what these market conditions mean for your specific neighbourhood or property, I’m always happy to chat.