February 7, 2025 — Calgary Real Estate Update

Following three consecutive years of limited supply choice, inventory levels in January rose to 3,639 units. While the 70 per cent year-over-year gain is significant, inventory levels remain lower than the over 4,000 units we would typically see in January.

"Supply levels are expected to improve this year, contributing to more balanced conditions and slower price growth," said Ann-Marie Lurie, Chief Economist at CREB. "We continue to see persistently tight conditions for detached, semi-detached and row properties while apartment condominiums show signs of excess supply for higher priced units."

Citywide, the months of supply reached 2.5 months in January. New listings rose to 2,896 units compared to 1,451 sales. Sales in January were down by 12 per cent compared to last year, but still nearly 30 per cent higher than levels typically recorded in January. The total residential benchmark price in January was $583,000, nearly three per cent higher than last January.

Calgary real estate market chart January 2025

New listings reached 1,228 units in January, 29 per cent higher than last year. Detached conditions remain tight with under two months of supply. Prices continue to be supported by persistent demand, particularly in the lower and mid price ranges.

Calgary real estate chart

Semi-detached homes reported the tightest conditions of all property types, with under two months of supply. This segment continues to see strong demand relative to available inventory, supporting price growth heading into 2025.

Row home inventory levels improved slightly but remain tight relative to demand. This segment continues to favour sellers, though the pace of price growth is moderating as new listings increase.

Apartment-style condominiums are showing the most significant signs of supply improvement. The months of supply reached 3.5 months for this segment in January — the highest of all property types — suggesting conditions are shifting toward balance for higher-priced condos.