While real estate stats constantly change, they are also valuable indicators of consumer moods, the economy and trends. Detached versus multi-family. Owning versus renting. And more.
The mid-summer numbers show that Calgary’s residential real estate is experiencing a slowdown, but realtors, builders, analysts and other experts suggest that the Calgary market is still strong, and maybe just cooling off and stabilizing.
Thanks to gains mostly occurring in the newer communities, inventory levels in July were 6,917 units, reaching levels not seen since prior to the pandemic and higher than long-term trends. While supply has improved across all property types and all districts, the largest gains are occurring in the areas where there has been new community growth.
The additional supply has weighed on home prices in some parts of the city. The total residential benchmark price in Calgary has trended down over the past several months and is currently four per cent below last year’s peak price reported in June 2024.
“Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years,” said Ann-Marie Lurie, Chief Economist at CREB®. “The steepest price declines have occurred for apartment and row style homes, mostly in the North East and North districts, which coincides with significant gains in new supply.”
Calgary’s benchmark price is $591,100, a 3.6 per cent drop from last year.
Sales of detached and semi-detached homes in Calgary dropped almost 16 per cent overall, year-over-year. The sales slump was steepest in Calgary apartment-condominiums, showing a 30 per cent drop.
CREB stats also highlight a juxtaposed Calgary real estate positive and negative. While the re-sale of detached homes and semi-detached homes dropped, the number of listings (homes available for sale) has been rising, leading to what analysts and realtors have been hoping for: a more balanced and competitive market for sellers.
The stats track the positive re-sale market trend that in 2025, more than double the re-sale inventory was available, compared with the same time last year, nudging the Calgary market closer to balanced conditions.
CREB points out that lower-priced detached and semi-detached properties are still struggling with a low supply of listings.
“The first half of 2025 began much slower than anticipated, resulting in a delayed spring market,” says the respected Calgary realtor Jared Chamberlain, associate broker and co-owner of Calgary’s Chamberlain Group. “Many buyers and sellers put their plans on hold due to this year’s federal election and ongoing U.S. trade negotiations, waiting to see how these situations would unfold.
“By early summer, the market began to pick up, although it remained slower than last year. Interestingly, while overall city sales declined year-over-year, homes in the $1 million and above price range showed stronger sales compared to last year for several consecutive months.
“Rather than viewing this as either a speed bump or a positive development, I believe we’re witnessing the beginning of a new market phase that will likely move sideways in the coming years,” he says.
When it comes to new builds and re-sales, there have been a lot of changes.
“Homebuyer preferences in Calgary have shifted noticeably,” explains Kristina Plank, marketing manager with Calgary’s Excel Homes. “There’s growing demand for townhomes and semi-detached homes. Smaller units are gaining traction, largely driven by affordability challenges and evolving lifestyle preferences.
“And while demand for single-family homes remains strong, multifamily and rental housing are definitely playing an increasingly central role in the Calgary market.”
Recent Calgary housing trends also reflect a changing consumer perspective. Particularly, younger buyers are not as focused on a traditional single-family home as their parents were at the same age. They are willing to forego space and layout and a backyard for a lively, ‘happening,’ trendy, self-sustaining community (such as East Village and University District) where you live upstairs and go downstairs for a live/play balance.
Calgary’s consistent population growth also gets much credit for the recent positivity of Calgary’s real estate market.
“Migration, both interprovincial and international, has been a major force behind Calgary’s housing demand,” she agrees. “Rapid population growth has added significant pressure to Calgary’s existing housing supply, leading more buyers to consider urban and multifamily options as attainable entry points into the market.”
While Calgary’s relative affordability (compared with other major areas like Toronto and Vancouver) and the population growth it has triggered have been positives, Chamberlain suggests that the migration boost likely won’t last.
“I don’t expect the migration trends we’ve seen in recent years to continue. Calgary has experienced a dramatic growth surge in population over recent years. In Q1 2025, Calgary remained the fastest-growing city in our country, but we can expect this trend to slow down soon.”
He cites several reasons for a potential slowdown. “Many people moved to Calgary due to unaffordability in their cities. As housing prices in those markets adjust and some affordability returns, we could soon see people deciding to stay in their original locations rather than relocating.
“Time will tell, as it’s difficult to predict precisely what will happen with migration patterns.”
Of course, new builds and re-sales are significantly impacted by the various aspects of consumer confidence, including the economy and affordability.
Plank points out, “Calgary’s economy has seen healthy employment growth in 2025, particularly in the private sector. However, consumer confidence has been mixed amid global uncertainty and trade tensions. On a positive note, recent Bank of Canada rate cuts have improved affordability by lowering mortgage rates, leading to a surge in variable rate mortgage uptake over the past 18 months.”
She emphasizes that affordability remains a critical Calgary factor, particularly when compared with markets like Ontario and B.C. “Calgary continues to offer a relatively affordable path to homeownership, especially with Alberta’s low-tax environment.
“But the limited supply of entry level homes has shifted. Many Calgary first-time buyers tend toward townhomes and duplexes, which provide a better value equation in today’s landscape.”
Kristina Plank is gung-ho and proud that 2025 continues a record setting year for Excel Homes, celebrating a major milestone of 15,000 possessions.
The combo of affordability and mortgage rates has spawned a new consumer housing trend. Potential buyers weighing the pros and cons and the cost and cash flow strategy of buying versus renting.
A recent study by national realty firm Zoocasa examined the combined average monthly rents for one- and two-bedroom housing options in more than 20 Canadian cities, and compared the bottom-line numbers with a monthly mortgage payment – based on an average of 20 per cent down payment and a four per cent fixed mortgage – for an average priced home in each market.
Although Calgary stats were not specifically broken out, the report noted that Canada’s average priced ($631,000) home worked out to an approximate $2,667 monthly mortgage payment, and the current national average monthly rent is $1,916.
Judging by the 2025 trends and numbers, Calgary’s 2026 housing market looks positive and encouraging.
For re-sales, Jared Chamberlain is cautiously optimistic and Calgary-realistic. “We will likely move into a flat line market. Prices, inventory and sales will all fluctuate within a specific range. We won’t see significant price spikes in either direction. However, if something economic or political rattles our province, then absolutely we will feel that difference.”
For new builds, Excel’s Kritina Plank is enthusiastic. “We anticipate continued strength throughout the remainder of 2025, with solid demand driven by affordability, migration and evolving buyer expectations.
“Looking into 2026, we remain optimistic and committed to innovation, expanding our product offerings, enhancing customer experience and adapting to shifting market dynamics.”
