Not All Homes Are Created Equal in Calgary’s Market
You’ve likely heard me say this before, but it bears repeating: while citywide and regional stats are helpful, the real story of our market lies in the details—specifically, how different property types and price segments are performing. Calgary has always been a detached-home-driven market. The further you move away from detached—into semi-detached, row housing, and apartment condos—the more reactive those segments become. When Calgary heats up, it starts with a drop in detached inventory, increased buyer activity, and rising prices. Condos are typically the last to feel that lift. Conversely, when the market cools or begins to rebalance, it’s the condo and row home segments that show it first, with rising inventory and softening prices. This pattern isn’t consistent across all Canadian markets, but it’s a hallmark of how things tend to unfold here in Cowtown.
What’s Happening Now – And Where We’re Headed
So how does all of this tie into today’s market? We’re currently seeing a more pronounced pullback in the apartment and rowhome condo segments. Inventory levels in these categories have climbed, and in some areas and price points, values are now slightly below where they were a year ago. On the other hand, the semi-detached and detached segments remain relatively stable. Even though inventory has risen there as well, prices have held firm.
City-wide, sales remain relatively strong—especially compared to what we’ve seen over the past five years—and Calgary is finding itself in a more balanced market overall.
“Compared to last year, easing sales and rising inventories are consistent trends across many cities, as uncertainty continues to weigh on housing demand. However, prior to the economic uncertainty, Calgary was dealing with seller market conditions, and the recent pullbacks in sales and inventory have helped shift us toward balanced conditions taking the pressure off prices,” said Ann-Marie Lurie, Chief Economist at CREB®. “This is a different situation from some of the other larger cities, where their housing markets were struggling prior to the addition of economic uncertainty.”
We’re also beginning to see the effects of more new home inventory hitting the market. After years of record-low supply, the increase in building starts over the past couple of years is starting to show up—and it’s beginning to influence not only the resale market, but the overall conditions in Calgary and surrounding areas.
Take Calgary’s Northeast district, for example. This area saw some of the highest year-over-year price growth in early 2024, but it’s now leading the city in pullbacks, with slower sales and modest price declines in some segments. Rowhomes—one of the most popular new-build product types in recent years—have now returned to inventory levels we last saw in 2021. Meanwhile, apartment condos have experienced a noticeable drop in buyer activity, resulting in longer days on market and a continued rise in supply.
On the rental front, there’s more inventory available now as well. New purpose-built rental developments are contributing to an increase in vacancy rates and a slight easing in rental prices. For investors, this is an important trend to watch.
Looking just outside of Calgary, Airdrie and Cochrane are following a similar trajectory. Okotoks, however, remains an outlier—supply challenges there continue to push prices upward. In fact, Okotoks’ benchmark price is up from last month and sits 2% higher than this time last year.
Calgary’s luxury market is also holding strong. One could argue that inflation, interest rates, and tariffs have a lesser impact on this buyer segment, which may explain its continued resilience.
Looking Ahead
As we move through the rest of the year, I expect Calgary and the surrounding areas to continue trending toward balanced conditions—still outperforming many other major Canadian markets. Sales should stay steady, new listings will keep hitting the market, and hopefully, we’ll see some movement on interest rates. If inflation stays under control and tariff-related uncertainty subsides, buyer confidence could rebound further.
Overall, we’re in a market that offers opportunity for both buyers and sellers. It’s a more manageable pace, especially for first-time buyers, and a great time to explore your options. If you’re thinking about making a move or just want to talk through what this means for you, I’m always happy to connect.
Quick Market Summary – May Recap
The Calgary real estate market continued to show signs of balancing in May, with conditions varying significantly by product type and district. Detached and semi-detached homes remain relatively stable, while rowhomes and apartment condos are experiencing growing inventory and softer prices in several areas. Outside the city, surrounding markets like Airdrie and Cochrane are seeing more supply, while Okotoks remains constrained with limited inventory and stronger price growth.
Detached Homes
Detached market remains stable overall, with slight price softening in areas seeing more competition from new builds.
- New listings rose to 2,419, mostly over $600K.
- Sales slowing in most price ranges, moving toward balanced conditions.
- City-wide benchmark price: $769,400 — flat month-over-month, up 1% year-over-year.
- North East showing biggest pullback in sales + highest inventory gains.
- Sales-to-new listings ratio: 41%
- Months of supply: ~4
- Prices softening in NE, offsetting gains in West, NW, and City Centre.
- Sales-to-new listings ratio: 41%
Semi-Detached Homes
Stable performance continues with tighter market conditions in some districts.
- New listings: 428 | Sales: 256
- Sales-to-new listings ratio: 60%
- Inventory growth slowing, months of supply just over 2.
- Construction shift toward rowhomes limiting inventory growth in this segment.
- North East: ~3 months supply + some price declines.
- North West: tightest conditions + continued price gains.
- Benchmark price: $697,300 — up <1% from April, up 3% year-over-year.
Row Homes
More inventory, less demand — prices easing in some districts.
- Sales remain above long-term trends, but down from last year’s highs.
- Inventory over 1,000 units for 2nd month in a row — highest since 2021.
- North East: 3.5 months of supply + downward price pressure.
- North, NW, South: reporting price pullbacks due to new build competition.
- Benchmark price: $453,600 — down from last month, down ~2% year-over-year.
Apartment Condominiums
Experiencing the steepest shift toward a buyer’s market.
- Sales: 579 (down significantly from 907 last May).
- Sales-to-new listings ratio: 47%.
- Inventory and months of supply rising — now at 3.6 months.
- Renters have more options with new purpose-built rental units.
- Benchmark price: $335,300 — down MoM and ~1% YoY.
- North East & South East: seeing steeper price declines from new build competition.
Regional Market Summary
Airdrie
More supply, softer prices.
- Sales down 10% YTD, but still on pace with long-term trends.
- Sales-to-new listings ratio: 58% (down from 90%+ last year).
- Inventory: 468 units — highest May since pre-pandemic.
- Benchmark price: $540,600 — down 1% MoM, down 2% YoY.
Cochrane
Recent softening after a strong run.
- Sales down 17% YoY in May, causing a dip in YTD numbers.
- New listings up, pushing sales-to-new listings ratio to 55%.
- Inventory: 293 units; months of supply near 3.
- Benchmark price: $589,400 — still up 4% YoY.
Okotoks
Limited supply keeps market tight.
- Sales strong, sales-to-new listings ratio: 74%.
- Months of supply: under 2 months.
- Inventory still 28% below long-term trends.
- Benchmark price: $633,900 — up MoM and 2% YoY.
