CALGARY — After flying high for the last three years, Calgary’s real estate market came in for a bumpy landing in 2025 with a 16% drop in sales, year-over-year.
“In 2025, sales reached 22,751 units, still in line with long-term trends,” said Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB).
“Much of the shift came from the growth in supply, with 2025 seeing over 40,000 new listings come onto the market, nine percent higher than last year, causing inventories to rise and driving more balanced conditions.”
Last year was one of transition, said Lurie.
“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.”
“Supply levels were expected to rise in 2025, however, the growth was higher than expected especially for apartment condominium and row homes,” added Lurie.
“This weighed on prices in those sectors enough to offset the annual gains reported for both detached and semi-detached homes. 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, resulting in different price trends based on location, price range and property type.”
City-wide, the annual average benchmark price in 2025 was $577,492, down two percent from 2024, even though single-family and detached home prices increased by one percent and three percent, respectively. Apartment and row homes saw prices fall by a respective three and two percent.
“Compared to other districts, the northeast reported the largest decline in prices,” said Lurie. “While some of this is related to improved supply across all areas of the city, it is also important to note that the northeast district also reported the strongest price growth over the past two years.”
Here are Lurie’s market overviews by housing type.
Single-family
Total sales for 2025 were11,328, down by almost nine percent from 2024, with the deepest declines in the northeast, north and city centre districts.
"However, unlike the city centre, the northeast and east districts also experienced significant gains in inventory compared to long-term trends, driving annual price declines of two percent,” said Lurie.
“In the city centre inventory remained well below long-term averages, which likely prevented stronger sales and contributed to the annual price growth of over three percent. The annual average benchmark price was $752,767, one percent higher than 2024’s annual level.”
Semi-Detached
Sales of semi-detached homes comprise less than 10% of all sales in Calgary, reaching 2,159 homes in 2025, eight percent lower than 2024.
“Trends for semi-detached homes have been relatively consistent with the detached market,” said Lurie. “The average annual benchmark price was $685,850, nearly three percent higher than last 2024.”
“Prices eased in the north district (due to) competition for new homes, but the decline in this district was more than offset by a four percent gain in the city centre.”
Row/townhomes
Sales of 3,838 were 17% lower than 2024, but still higher than long-term trends, as row homes are starting to account for a larger share of the overall activity in the city, said Lurie.
“At the same time, new listings also rose relative to sales, driving inventory gains and taking the pressure off prices,” she said. “Conditions shifted to more balanced levels relatively early in the year, and by the last quarter conditions ranged from a balanced to a buyer’s market depending on the districts of the city.”
“Overall, this contributed to the annual average benchmark price of $421,300, a two percent decline, while prices were relatively stable in the city centre, the northwest, west and east districts.”
Apartment Condominium
Sales declined by 28% from near record high levels in 2024.
“While the decline was significant, sales were still over 28% higher than long-term trends,” said Lurie. “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.”
“The condo market shifted into buyers’ territory with elevated months of supply being reported in most districts of the city,” added Lurie. “This resulted in relatively persistent downward pressure on prices, causing the annual average benchmark price to decline by nearly three percent to $303,600. Price declines were the steepest in the northeast, nearing five percent. The only area to report relative stability in the annual price was in the west district.”
