A really cool stat to kick off the recap: Calgary recorded 1,234 sales in January.
What wasn’t as cool was the 15% year-over-year decline in sales activity. That said, context matters. We started Q1 2025 in a very active seller’s market, and a lot changed as the year progressed. The pace of sales slowed and inventory levels grew.
While sales activity was sluggish across most segments (still respectable when compared to long-term averages), high-density product was hit the hardest.
“Following the typical December slowdown, potential buyers for high-density homes were more hesitant to return to the market in January, as increased supply choice across all aspects of the market has reduced the sense of urgency,” said Ann-Marie Lurie, CREB®’s Chief Economist.
“At the same time, sellers were quick to bring their listings onto the market, causing the sales-to-new-listings ratio to drop to 44 per cent, mostly due to shifts in apartment and row-style homes. Overall, this is not entirely uncommon for January, as both buyers and sellers weigh their options ahead of the spring market.”
We’re currently sitting at the highest inventory levels for this time of year since 2020. One thing I’m noticing on the ground is that buyer demand is starting to get a bit of a boost.
The month did see fresh inventory come to market, and buyers appear to be starting the year more optimistic and motivated to make a move in 2026. This includes move-up buyers with mortgages set to renew in 2026, as well as first-time buyers who are no longer waiting on lower interest rates.
Buyers
If you’re thinking of making a move in 2026, Q1 may offer a more relaxed pace, mixed with new inventory coming to market and—what I believe to be—the most negotiating room you’ll have in the first three quarters of the year.
Sellers
We’re finally returning to typical real estate seasonality post-COVID. That means we should see the usual bump in activity through the spring, and the 2026 spring market is already in its infancy.
If you’re considering selling this year, now may be the time to reach out, build a strategy, and start taking steps to get list-ready. There can be real benefits to listing before all the new kids come to the yard.
