March 2025 – Calgary & Area Real Estate Market Report
By Doug Cabral
Let’s kick things off by addressing the elephant in the room—the ripple effects of the Trump Tariff rollercoaster happening south of the border. The uncertainty caused by the back-and-forth announcements and delays has definitely made its way into our local real estate conversations. I’m seeing this impact most clearly with investors, spec builders, those looking to acquire land or infill lots, landlords, and folks already mid-process who are suddenly checking in with their employers to gauge how they might be affected before making a move.
That said, lower interest rates—and the potential for even more cuts—have softened the blow. This has helped keep pricing stable and buyer activity relatively strong, even though we are down year-over-year from 2024. The biggest drop in activity has been in the higher-density housing segments.
As Ann-Marie Lurie, Chief Economist at CREB®, notes:
“It is not a surprise to see a pullback in sales given the uncertainty. However, it is important to note that sales still remain stronger than anything reported throughout 2015 to 2020, where our economy faced significant economic challenges and job loss. Nonetheless, easing demand has been met with gains in new listings and rising inventories, helping our market shift back toward balanced conditions, following four consecutive years where the market favoured the seller.”
Here’s something I remind my clients often: don’t get caught up in national headlines. Just because the Toronto market is cooling doesn’t mean the same is true in Calgary. Alberta’s market has rarely followed the same rhythm as other provinces over the past decade. Stay focused on what’s happening here—read local news, and lean on your real estate pros (hi, that’s me!) and your trusted mortgage broker.
At the end of the day, it’s still a simple supply and demand story. Inventory is up year-over-year, which is giving buyers more options and helping to hold prices steady. Plus, with rates trending lower, affordability and buying power are improving. I’m seeing a growing wave of first-time buyers and move-up buyers who’ve been waiting on the sidelines—they’re ready, and they’re starting to jump in.
Most market segments are still showing signs of balanced to seller-friendly conditions. I’ve personally seen a lot of movement in the $1M+ range. On the flip side, condo apartments are seeing a noticeable slowdown. Inventory in that segment is climbing, and we may start to see price declines there—it’s simply taking longer to move those high-density properties.
The silver lining? Prices across Calgary and the surrounding area have remained stable year-over-year. We weathered those high interest rate quarters in 2024, and came into Q1 of 2025 on solid ground. The Bank of Canada surprised a few people by holding the overnight rate steady this month, even as inflation continues to ease—but I still expect to see rate cuts and lower fixed rates as we head into Q2.
Add to that a little sunshine and warmer weather, and it’s shaping up to be a more traditional spring market: fresh listings, motivated buyers, and a bit more movement all around.
A few key takeaways for this season:
- Buyers: Be ready to compete, especially for turn-key homes that are priced right. Those are still getting snapped up quickly.
- Sellers: Top dollar doesn’t happen by accident. Strategic pricing and proper prep are critical. Make sure your home stands out from the pack.
If you’re thinking about buying or selling this spring or summer, now’s the time to get the ball rolling. Let’s chat and make sure you’re ready when opportunity knocks.
