Calgary’s real estate market continued to shift in June, with 2,197 sales across the city. That was an improvement over May, but still nearly four per cent lower than this time last year and slightly below the long-term average for June. The bigger story, however, is not just sales. It is inventory, and where that inventory is showing up.
After several years of very tight supply, Calgary now has more choice in the market. That is especially true in higher-density housing, including apartments, row homes, rentals, and new construction. As more of that supply becomes available, buyers have more options and prices are starting to adjust, particularly in the apartment condominium segment.
The citywide benchmark price in June was $572,500. That is up slightly from May, but still about two per cent lower than last June. Detached homes remain the most stable part of the market, with a benchmark price of $750,500, while apartment condominiums saw more pressure, with prices down nearly nine per cent year-over-year to $299,000.
This is a good example of why it is important not to talk about “the Calgary market” as if everything is moving the same way. It is not. Detached homes in certain areas are still performing well, and some districts are even seeing record-high prices. At the same time, apartment condos, especially in areas with more supply, are firmly in buyer’s market territory.
Detached homes saw 1,202 sales in June, which was essentially in line with last year. Activity was strongest at both ends of the market, with more sales under $600,000 and over $1,000,000. Overall, detached conditions remain relatively balanced, although the North East and East districts are seeing more supply and more downward pressure on prices.
Semi-detached homes were also fairly steady. June sales reached 234 units, and with two and a half months of supply, this segment remains balanced. The benchmark price was $694,600, which is very similar to last year. Like detached homes, performance varies by district, with stronger conditions in the North West, West, and City Centre, and softer conditions in the North East.
Row homes are sitting near the upper end of balanced conditions. Sales and new listings both pulled back in June, but inventory remains above long-term trends. Prices have adjusted across all districts compared to last year, with the largest declines in the North East and East districts.
Apartment condominiums continue to face the most pressure. Sales are down 26 per cent year-to-date, and inventory is more than 24 per cent above typical levels. With roughly five months of supply and a sales-to-new-listings ratio of 45 per cent, this segment is clearly favouring buyers. Prices are down across every district, with the steepest declines in the North East and East.
For buyers, this market offers more choice and a little more breathing room than we have seen over the past few years, especially in condos and higher-density homes. For sellers, preparation, pricing, and strategy matter more than they did in the hotter market. The days of simply listing and expecting the market to do the heavy lifting are behind us, at least for now.
The takeaway is simple: Calgary is not in one single market. It depends on what you own, where it is located, what price range you are in, and how much competing inventory exists around you. Some segments remain very healthy. Others are adjusting. And in a more balanced market, good advice matters more than ever.