Newsletter

January brought a more measured pace to the Calgary market, especially in the apartment and row-home segments. We saw 1,234 total sales, which is about 15% lower than last year, but honestly, that lines up pretty closely with what we typically see after the holiday slowdown.

What stood out most wasn’t the overall activity, but where the slowdown happened. Higher-density homes saw the biggest pullback. With more listings hitting the market and buyers having more choice, the urgency we saw last year has cooled a bit. The sales-to-new-listings ratio dropped to 44%, and inventory climbed to 4,391 homes. That’s the highest January level we’ve seen since 2020.

From my perspective, this isn’t a red flag. It feels more like buyers and sellers taking a breath before the spring market kicks into gear.

Detached Homes: Balanced Conditions

Detached homes continue to hold relatively steady. There were 657 sales and 1,243 new listings in January, keeping supply under three months, which is still a fairly balanced environment.

The benchmark price landed around $724,000, down slightly from last month and just over three percent lower than last year. Most of that softening reflects the market shifts we saw in the second half of 2025. Some areas held up better than others, with smaller declines in the west compared to larger adjustments in the northeast.

Semi-Detached: Stable and Steady

Semi-detached homes made up about 10% of overall activity. With 118 sales and 251 new listings, supply increased enough to bring a bit more balance to the segment.

Prices have remained relatively stable, with the benchmark sitting around $667,000, only about one percent lower than last January. Increased inventory is helping create a more predictable environment, which can be a good thing for both buyers and sellers.

Row Homes: More Competition

Row homes felt the pressure of rising supply. Sales dropped nearly 25% year over year, while new listings continued to grow. Months of supply pushed past four months, creating more competition.

Even with that added inventory, prices held steady month-to-month, though they’re roughly five percent lower than this time last year. Competition from new-build product, especially in the northeast and southeast, continues to influence this segment.

Apartment Condos: A Buyer’s Market Emerging

Apartments are where we’re seeing the biggest shift. With 787 new listings and only 273 sales, inventory climbed to 1,435 units, the highest January level ever recorded.

With over five months of supply, prices have continued to adjust. The benchmark price now sits around $301,200, down nearly eight percent year over year. Buyers have more options and more leverage right now, which is changing how this segment behaves compared to the past few years.

What’s Happening Outside of Calgary?

Airdrie saw solid activity despite a slight dip from last year. Inventory levels remain healthy, and prices are around $513,900, roughly five percent lower than last January.

Cochrane experienced a surge in new listings, pushing months of supply up to five months. Prices have softened slightly, with the benchmark at $550,800.

Okotoks continues to struggle with low inventory, which is limiting sales but helping keep prices stable. The benchmark price sits around $599,500, only about two percent lower than last year.

My Take

If there’s one theme from January, it’s balance returning to parts of the market. Detached homes remain relatively steady, while apartments and row homes are moving toward more buyer-friendly conditions. Increased supply means more choice and a little less pressure than we saw at the peak.

As always, the real story depends on the property type, price point, and location. If you’re curious how these trends affect your own plans, let’s connect and talk through it.

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.

As we head into the winter months, market conditions in Calgary remain relatively balanced, which is fairly typical for this time of year.

Sales, new listings, and overall activity all slowed in November as expected. We saw 1,553 sales come to market alongside 2,251 new listings. That brought the sales-to-new-listings ratio to 69 per cent, helping absorb some of the inventory that’s been building over the past few months.

That said, inventory is still sitting higher than normal. With 5,581 homes currently on the market, supply is about 28 per cent higher than this time last year and roughly 15 per cent above what we’d typically see in November.

Most of that extra supply is coming from row and apartment-style homes. We’ve seen more choice in these higher-density categories, partly due to new construction that eventually finds its way onto the resale market, especially toward year-end. As a result, apartment and, to a lesser extent, row homes are leaning more toward buyer-friendly conditions.

Detached and semi-detached homes are a different story. Outside of a few specific pockets, those segments remain relatively balanced, with neither buyers nor sellers holding a clear advantage.

Pricing reflects that shift in supply. Apartment and row homes are seeing the biggest pressure, with prices down roughly seven and six per cent year over year. Detached homes are down about two per cent compared to last November, though year-to-date prices are still higher than last year.

Overall, Calgary’s combined residential benchmark price in November came in at $559,000, about five per cent lower than last year.

If you’re wondering how this applies to your specific neighbourhood or property type, that’s where the real story usually lives. Every segment and location behaves a little differently.

Tyler

July brought some interesting shifts to Calgary’s housing market. Inventory hit 6,917 units—levels we haven’t seen since before the pandemic. Most of this growth is coming from Calgary’s newer communities, where new builds continue to roll out.

With more options on the market, prices in some areas have started to soften. The total residential benchmark price has edged down over the past few months and now sits about four per cent below the peak we saw in June 2024.

That said, it’s important to note this isn’t across the board. Detached and semi-detached homes are holding fairly steady, with balanced conditions at about three months of supply. The biggest price adjustments have shown up in apartment and row-style homes—especially in the North East and North districts—where new supply has surged.

Sales have slowed too, dropping 12 per cent compared to last year, while new listings are up just over eight per cent. Combine that with no recent changes to lending rates and some added competition from the new home market, and you’ve got a recipe for more choice—and in some cases, more negotiating power—than we’ve seen in a while.

If you’re wondering what this means for your home or your next move, let’s chat. Every property type and community is different, and I’m here to help you navigate the numbers with confidence.

—Tyler

Spring 2025 Calgary Real Estate Market Update: A Shift Toward Balance

As we move into the back half of 2025, the latest spring market update from the Calgary Real Estate Board (CREB®) offers a fresh look at how things are unfolding in our local real estate landscape. Building on the forecast released in January, this new report digs into sales trends, price shifts, and the bigger economic picture influencing buyer and seller behaviour across the city.

🏠 What’s Happening with Sales?

So far this year, sales have eased more than expected. That’s not too surprising given the current wave of economic uncertainty — interest rates, inflation, and affordability concerns are all weighing on buyer confidence. But here’s the key: while things have cooled, we’re not in a freefall. In fact, we’re seeing activity settle into more typical long-term patterns, still well above the lows we saw between 2015 and 2019.

📈 Inventory Is Climbing — and That’s Not a Bad Thing

The biggest shift right now? Inventory. Years of record-breaking new home starts — especially in higher-density builds like condos and townhomes — are finally starting to hit the market. A lot of these are designed for the rental market, but they’re also giving buyers more options on the resale side.

The result? Inventory levels have more than doubled compared to last year, which is bringing some much-needed balance to the marketplace.

As CREB® Chief Economist Ann-Marie Lurie puts it:

“We’re moving out of a seller’s market and into more balanced territory — in some areas, even tilting in favour of buyers.”

💰 How Are Prices Holding Up?

With more options on the table, we’re starting to see some price softening, particularly in apartment-style condos and row homes. CREB® is forecasting:

• A 2% decline in apartment prices
• A 1% decline for row homes

That said, detached homes are holding relatively steady. In areas where supply is still tight, demand is keeping prices stable — helping offset softer numbers elsewhere in the city.

🧭 What’s Ahead?

While short-term uncertainty still lingers, Calgary’s strong population growth and resilient job market are acting as stabilizers in what could otherwise be a more volatile situation. Looking ahead, policy decisions around energy and the environment will continue to shape our market well beyond 2025.

Final Thoughts

The spring update confirms what many of us have been feeling lately — the market is shifting. Not crashing, not spiraling — just adjusting to a new rhythm. For buyers, this means more choice and negotiation power. For sellers, it means being strategic with pricing and presentation is more important than ever.

If you’re wondering how this shift impacts your goals — whether you’re thinking about buying, selling, or just keeping an eye on the market — I’d love to chat.

Let’s make sense of it together.