January 6, 2025 - CALGARY REAL ESTATE UPDATE

Following several years of strong price growth, 2025 marked a year of transition thanks to strong demand and limited supply. Due to record high starts, supply levels improved across all aspects of the housing market, just as demand pressure eased due to a reduction in migration levels and heightened uncertainty that persisted throughout the spring market. This helped shift the resale market from one that favoured the seller to one that was more balanced.

In 2025, sales reached 22,751 units, down 16 per cent over last year, but in-line with long-term trends. Much of the shift came from the growth in supply. 2025 saw over 40,000 new listings come onto the market, nine per cent higher than last year, causing inventories to rise and driving more balanced conditions. " Supply levels were expected to rise in 2025. However, the growth was higher than expected especially for apartment condominium and row homes. This weighed on prices in those sectors enough to offset the annual gains reported for both detached and semi-detached homes , " said Ann-Marie Lurie, CREB ® ’s Chief Economist. " Adjustments in both supply and demand varied across the city, with pockets of the market continuing to experience seller’s market conditions versus some areas where the conditions favoured the buyer. This resulted in different price trends based on location, price range and property type. ” Overall, the annual average total residential benchmark price in 2025 was $577,492, two per cent lower than last year’s annual average. However, annual detached and semi-detached prices rose by a respective one and three per cent, while apartment and row homes saw prices fall by a respective three and two per cent. Compared to other districts, the North East reported the largest decline in prices this year . While some of this is related to improved supply across all areas of the city, it is also important to note that the North East district also reported the strongest price growth over the past two years.

Detached sales totaled 11,328 in 2025, down by nearly nine per cent compared to last year. Sales eased across all districts in the city, with the steepest declines occurring in the North East, East and City Centre district. However, unlike the City Centre, the North East and East districts also experienced significant gains in inventory compared to long-term trends, driving annual price declines of two per cent. Meanwhile, in the City Centre detached inventory remained well below long-term averages, which likely prevented stronger sales and contributed to the annual price growth of over three per cent. Despite the differing conditions in different areas of the city, slowing sales and rising supply citywide helped move the market into balanced conditions by the second half of the year . The annual average benchmark price was $752,767, one per cent higher than last year’s annual level.

Semi-detached homes represent the smallest segment of the market, accounting for less than 10 per cent of all sales activity. Sales in 2025 were 2,159, eight per cent lower than last year, but slightly higher than long-term trends. Trends for semi-detached homes have been relatively consistent with the detached market. However, it took longer for this segment of the market to shift to more balanced conditions , resulting in stronger annual price gains. In 2025, the average annual benchmark price was $685,850, nearly three per cent higher than last year. Prices did ease in the North district as competition for new homes weighed on resale activity, but the decline in this district was more than offset by the four per cent gain in the City Centre.

November sales eased to 257, however, last year was a record high for the month and current sales remain above long-term trends. There continues to be more notable shifts is in supply. New listings remained comparable to last year and inventories, while reporting the typical seasonal decline, were at November levels not seen since 2018. The additional supply has caused the months of supply to remain slightly elevated, especially over the past three months. This has been placing some downward pressure on prices. In November, the unadjusted benchmark price was $424,400, down over last month and over six per cent lower than last year. While some of the monthly decline is seasonal, more persistent price declines have caused the year-to-date price to fall by nearly two per cent.

Apartment-style homes reported the largest adjustment in price in 2025. Sales declined by 28 per cent compared to the near record high levels achieved last year. While the decline was significant, sales were still over 28 per cent higher than long-term trends. The main cause of the shift in conditions was due to the supply. Over the past three years, there has been a rise in apartment-style starts. While most of the apartment starts were purpose-built rental, they are adding to the supply choice and weighing on the resale market. Resale condominiums saw the market shift in favour of buyers by the second half of the year, with elevated months of supply being reported in most districts of the city. This resulted in relatively persistent downward pressure on prices, causing the annual average benchmark price to decline by nearly three per cent. Price declines were the steepest in the North East nearing five per cent. The only area to report relative stability in the annual price was in the West district.

✨ JANUARY IN CALGARY ✨ This January brings some seasonal favourites and some new & incredible experiences...

🏍️ The Calgary Motorcycle and Powersport Show

A must-attend for enthusiasts , featuring the latest motorcycles, gear, and thrilling demonstrations.

Where: BMO Centre, Calgary Stampede Park When: January 30 - February 1

🎷 Decidedly Jazz Danceworks Presents: Rare Beauties

Step into a bold world of movement, light, and costume with Rare Beauties. This High Performance Rodeo show dives deep into powerful emotions and stunning jazz choreography.

Where: Decidedly Jazz Danceworks When: January 15-25

🎶 Moulin Rouge! The Musical

Broadway Across Canada brings Moulin Rouge! The Musical to Calgary . Step into a world of glitz, grandeur, and romance. Where: Southern Alberta Jubilee Auditorium When: January 6-11

🛷 Servus Tube Park at WinSport

Rip down one of the fastest tube parks in Western Canada with the Servus Tube Park at WinSport. The tube park is located on the main hill with eight lanes and a magic carpet to bring you to the top.

Where: WinSport When: Until March 30

🤠 High Performance Rodeo (HPR)

One Yellow Rabbit’s High Performance Rodeo returns for its 40th season with a mix of bold performances and crowd favourites.

Where: Various locations When: January 13-31

🏒 Calgary Flames Home Games

Experience the heat of NHL action at the Scotiabank Saddledome with Calgary Flames Home Games this month.

Where: Scotiabank Saddledome When: January 3, 5, 17, 19, 21, 23, 25, 31