Calgary, Alberta, June 30, 2025 — The Calgary Real Estate Board (CREB®) has released its spring 2025 housing market update, an overview of the state of the real estate landscape in Calgary and surrounding areas. The report updates the forecast for 2025 that CREB® released in January, highlighting trends in sales, pricing, the economic forces that are currently affecting the market, and how they may shape activity for the rest of the year.

Sales activity so far this year has eased more than expected as economic uncertainty has weighed on consumer confidence. However, this easing comes from a relatively high starting point and has brought sales to a level that is more consistent with long-term trends and higher than the lows reported during the economic slowdown of 2015 -2019.

Meanwhile, record high new home starts over the past few years are contributing to supply gains. Most of this supply is higher density in nature and targeted to the rental market but is still causing inventory to rise in the resale market as renters and buyers have more options. This has contributed to the doubling of inventory over 2024, which is bringing resale supply back in line with normal levels.

“Uncertainty has weighed on housing sales at a time when supply levels are rising, creating much concern over a market correction. However, context is needed as we are moving from a market that favoured sellers for most of the past three years, to one that is more balanced and, in some cases, favouring buyers,” says Ann-Marie Lurie, CREB®’s Chief Economist and author of the report.

“More supply choice in resale, new homes and rental markets is taking pressure off home prices, but not in a uniform manner across the city, and not enough to offset the multiple years of double-digit growth.”

Additional higher-density supply relative to demand is expected to weigh on prices for apartment and row style homes, with annual declines of two per cent expected for apartment style properties and one per cent for row homes in 2025. Meanwhile, detached home prices are expected to remain relatively stable as price growth in locations with limited supply are expected to offset the declines occurring in pockets of the market that facing rising competition from new homes.

While uncertainty risk remains over the short term, supportive population growth in Calgary and resiliency in the city’s job market are helping prevent a more severe outcome in our market. Moving forward, clarity surrounding energy/environmental policy will be an important factor influencing the housing market beyond 2025.