City of Calgary, May 5th, 2025.
BALANCED CONDITIONS TAKE PRESSURE OFF PRICES
A boost in new listings this month relative to sales caused April inventories to rise to 5,876 units. Although this is more than double the number reported last year, last year’s supply was exceptionally low, and current inventory levels are consistent with what we typically see in April. April sales reached 2,236 units—22 per cent below last year’s levels but in line with long-term trends.
“Economic uncertainty has weighed on home sales in our market, but levels are still outpacing activity reported during the challenging economic climate experienced prior to the pandemic,” said Ann-Marie Lurie, Chief Economist at CREB®. “This, in part, is related to our market’s situation before the recent shocks. Previous gains in migration, relatively stable employment levels, lower lending rates, and better supply choice compared to last year’s ultra-low levels have likely prevented a more significant pullback in sales and have kept home prices relatively stable.”
The rise in inventory levels helped the market shift to balanced conditions with nearly three months of supply. However, conditions vary depending on price range and property type. Lower-priced detached and semi-detached properties continue to struggle with insufficient supply, while row and apartment-style homes are seeing more broad-based shifts to balanced conditions.
The additional supply has helped relieve the pressure on home prices following the steep gains reported over the past several years. Benchmark prices for each property type have remained relatively stable compared to last month. However, compared to last year, detached and semi-detached prices are over two per cent higher than last year’s levels, while apartment and row-style home prices have remained relatively unchanged.
Detached sales were 1,102 units in April, a year-over-year decline of 16 per cent. While sales eased across most areas of the city, the South East district has seen sales rise over last year’s levels. April saw 1,907 new listings come onto the market, and the sales-to-new-listings ratio remained balanced at 58 per cent. Inventories rose to 2,511 units, and the months of supply rose to 2.3 months. While this is a significant gain over the less than one month of supply reported last year at this time, conditions remain relatively tight, especially in the lower price ranges.
In April, the unadjusted benchmark price reached $769,300, similar to last month but over two per cent higher than last April. The added supply choice, combined with uncertainty, has slowed the pace of price growth. However, with a year-over-year gain of nearly five per cent, the City Centre has exhibited stronger price growth than any other district.
April sales slowed for row homes, contributing to the year-to-date decline of 16 per cent. Meanwhile, new listings continued to rise compared to last year, driving the sales-to-new-listings down to 51 per cent. In April, inventories reached 1,005 units, the highest level reported since
2021, and the months of supply rose to nearly three months. Improved supply has
taken some of the pressure off prices.
In April, the unadjusted row price was $457,400, a slight gain over last month, but relatively unchanged compared to April of last year and still below last year’s peak price reported in June. The pullbacks reported in the North and North East districts offset year-over-year gains in most
districts.
Easing sales in April contributed to the year-to-date decline of nearly 16 per cent. The 190 sales in April were met with 350 new listings, and the sales-to-new-listings ratio fell to 54 per cent. This also caused further gains in inventory levels, which reached 484 units. The rise in
inventory did help push the market toward balanced conditions with 2.6 months
of supply, a significant improvement over the less than one month reported at
this time last year.
The shift toward more balanced conditions has slowed the pace of price growth. In April, the unadjusted benchmark price was $691,700, similar to last month and over three per cent higher than last year. The City Centre reported the largest gain, at over five per cent, while prices in the North remained stable compared to last year.
APARTMENT CONDOMINIUM
April sales eased by nearly 30 per cent over last year’s record high but were far stronger than long-term trends. While sales have remained relatively strong, new listings in April reached a record high for the month, supporting further gains in inventory levels. With three months of supply in the city, conditions are considered relatively balanced. However, activity does range significantly based on location, impacting price movements.
The North East district reported the highest months of supply at seven months, resulting in a year-over-year price decline of two per cent and a spread of over seven per cent from last year’s high. Overall, the April benchmark price in the city was $336,000, similar to last year but still three per cent lower than last year’s record high.
SEPTEMBER 2026 Calgary Market Update DETACHED HOME SALES IMPROVE IN SEPTEMBER Calgary, Alberta, Oct. 1, 2026 – September sales totalled 1,650 units, similar to August
AUGUST 2026 Calgary Market Update SALES AND NEW LISTINGS SLOW IN AUGUST Calgary, Alberta, September 1, 2026 – Consistent with trends throughout most of 2026,
JUNE 2026 Calgary Market Update City of Calgary, July 2, 2026 HIGH-DENSITYSUPPLY IMPACTS APARTMENT CONDOMINIUM PRICES Calgary, Alberta, July 2, 2026 – sales in
City of Calgary, August 1, 2023 – Rising rates had little impact on sales this month as the 2,647 sales represented a year-over-year gain of 18 per cent, reflecting the strongest July levels reported on record. The record-setting pace has been driven mainly by significant gains in the relatively affordable apartment condominium sector. Despite recent gains, year-to-date sales have declined by 19 per cent over last year.
In line with seasonal expectations, sales and new listings trended down compared to last month. However, this had minimal impact on inventory levels, which remained near the July record low set in 2006. With a sales-to-new-listings ratio of 82 per cent and a month of supply of 1.3 months, conditions continue to favor the seller.
“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, we continue to struggle with supply in the resale, new home and rental markets resulting in further upward pressure on home prices.”
In July, the unadjusted total residential benchmark price reached $567,700, marking the seventh consecutive monthly gain. Prices are now over four per cent higher than the previous peak in May of 2022.
With 1,197 sales and 1,587 new listings in July, inventory levels trended up over last month. However, with 1,720 units available, inventory levels are at the lowest ever reported for July. Inventory levels have declined across all properties priced below $1,000,000. Shifts in sales and inventory have caused the months of supply to trend up over the one month reported over the past several months. However, conditions remain relatively tight, and prices continued to rise this month. In July, the unadjusted
benchmark price rose to $690,500, a monthly gain of nearly one per cent and
over seven per cent higher than last July. Both year-over-year and monthly
price growth was strongest in the city’s most affordable North East and East
Districts.
While row sales, new listings and inventory levels have all trended up compared to levels seen at the start of the year, like other property types, levels are much lower than last year. With one month of supply available, conditions continue to favor the seller. The tight market conditions also placed further upward pressure on prices.
In March, the benchmark price rose to $378,100, reflecting a year-over-year gain of nearly eight per cent and representing a new monthly record high. Price growth was strongest in the city’s North East and South districts, with the lowest year-over-year gains occurring in the West district.
With only 248 new listings in July and 211 sales, the sales-to-new-listings ratio once again pushed above 85 percent. The pullback in new listings relative to sales ensured that inventory levels remained low, and the months of supply remained just over one month. With no shift in the sellers ‘market conditions, the unadjusted benchmark price
continued to trend up in July, reaching $616,800. Monthly gains were strongest
in the North East and East districts both rose by over two percent compared to
June. The only district that experienced stability in monthly prices was the
City Centre
APARTMENT CONDOMINIUM
July sales continued to rise over last year’s levels, leaving year-to-date sales 16 per cent higher than levels reported last year. This is the only property type that has reported a year-to-date gain in sales activity. This has been possible thanks to recent gains in new listings. However, conditions remain tight for apartment condominiums with a sales-new-listings ratio of 84 percent and a months of supply of1.4 months. The strong demand relative to supply for this property type has driven further price gains this month. As of July, the unadjusted benchmark price reached $305,900, nearly one per cent higher than last month and over 12 per cent higher than last July. While prices are higher than last year in every district, the city center has yet to see the same level of pressure on prices and has reported the lowest year-over-year growth at nearly nine percent.
SEPTEMBER 2026 Calgary Market Update DETACHED HOME SALES IMPROVE IN SEPTEMBER Calgary, Alberta, Oct. 1, 2026 – September sales totalled 1,650 units, similar to August
AUGUST 2026 Calgary Market Update SALES AND NEW LISTINGS SLOW IN AUGUST Calgary, Alberta, September 1, 2026 – Consistent with trends throughout most of 2026,
JUNE 2026 Calgary Market Update City of Calgary, July 2, 2026 HIGH-DENSITYSUPPLY IMPACTS APARTMENT CONDOMINIUM PRICES Calgary, Alberta, July 2, 2026 – sales in