In short, Calgary’s housing market transitioned toward more balanced conditions in 2025.
The year began in a strong seller’s market, driven by high demand and low inventory. However, momentum slowed mid-spring as a “trifecta” of uncertainty emerged: a federal election, U.S. tariff concerns, and interest rates failing to ease as quickly as anticipated. Together, these factors created hesitation among buyers and effectively stalled what is typically the most active portion of the spring market.
As the year progressed, conditions continued to normalize. Many areas moved firmly into balanced territory, while select segments (particularly apartment condominiums) shifted into buyer-friendly conditions. Additional factors contributing to the slowdown included buyers waiting on lower interest rates, many move-up buyers being more attached to their existing mortgage than motivated by a change in home, and sellers who were slow to adjust pricing expectations to reflect current market realities. Toward the end of the year, new-home sales activity also softened, prompting builders to reintroduce incentives, adjust pricing, and offer new promotions.
Supply & Sales Snapshot
In 2025, total sales reached 22,751 units, representing a 16% decline from the previous year, though still in line with long-term trends. Much of the shift stemmed from increased supply. More than 40,000 new listings entered the market (9% higher than in 2024) leading to rising inventory levels and driving more balanced market conditions across the city.
“Supply levels were expected to rise in 2025. However, the growth was higher than expected especially for apartment condominium and row homes. This weighed on prices in those sectors enough to offset the annual gains reported for both detached and semi-detached homes,” said Ann-Marie Lurie, CREB®’s Chief Economist. “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. This resulted in different price trends based on location, price range and property type.”
Pricing & Regional Performance
Despite increased inventory, Calgary performed relatively well given how quickly market conditions shifted. Overall pricing remained stable, with the 2025 benchmark price just shy of $580,000, only 2% lower than the 2024 annual average.
Compared to other districts, the North East reported the largest price declines in 2025. While some of this was tied to improved supply across all areas of the city, it’s also important to note that the North East experienced some of the strongest price growth over the prior two years. As with the broader market, performance varied by product type, location, and price point. In fact, certain semi-detached and detached segments still recorded 1-3% price increases over the course of the year.
Looking Ahead to 2026
So, what does all of this mean for 2026?
Stay tuned. CREB® will be releasing its 2026 Market Forecast in the third week of January, and I’ll be sharing my own insights and on-the-ground perspective on what we’re likely to see in Calgary and the surrounding areas as we move forward.
Product Type Summaries
Detached Homes
Detached home sales softened in 2025 as rising supply and slower demand moved the market toward more balanced conditions by the second half of the year. Performance varied meaningfully by district, with inventory levels playing a major role in price outcomes across the city.
- Sales: 11,328 units, down nearly 9% year-over-year
- Inventory: Increased citywide, with the largest gains in the North East and East
- Pricing:
- North East & East: ~2% annual price decline due to higher supply
- City Centre: Inventory remained well below long-term averages, supporting over 3% price growth
- Benchmark Price: $752,767, up 1% from 2024
- Market Trend: Shifted into balanced conditions by mid-to-late 2025
Semi-Detached Homes
Semi-detached homes remained one of the more resilient segments of the market in 2025. While sales declined modestly, this segment took longer to move into balanced conditions, which helped support stronger price growth overall.
- Sales: 2,159 units, down 8% year-over-year
- Market Share: Less than 10% of total sales activity
- Pricing:
- City Centre: ~4% annual price increase
- North District: Modest decline due to competition from new homes
- Benchmark Price: $685,850, up nearly 3% year-over-year
- Market Trend: Shift to balanced conditions lagged detached homes, supporting prices
Row Homes
Row homes continued to grow in importance within Calgary’s housing mix, accounting for a larger share of overall activity. However, increased supply and competition from new builds eased price pressure as the year progressed.
- Sales: 3,838 units, down 17% year-over-year but still above long-term trends
- Inventory: Rose faster than sales, easing price pressure
- Market Conditions:
- Balanced early in the year
- Shifted toward buyer-friendly in some districts by Q4
- Pricing:
- Stable in City Centre, North West, West, and East
- Down ~4% in North East and North due to added resale and new-home supply
- Benchmark Price: Down 2% year-over-year
Apartment Condominiums
Apartment-style homes experienced the most pronounced adjustment in 2025. A significant rise in supply (for both resale and purpose-built rentals) shifted conditions firmly in favour of buyers and placed sustained downward pressure on prices.
- Sales: Down 28% year-over-year, though still 28% above long-term trends
- Supply:
- Increased condo resale listings
- Continued growth in purpose-built rental projects adding competition
- Market Conditions:
- Shifted to buyer’s market in most districts by mid-to-late 2025
- Elevated months of supply citywide
- Pricing:
- Citywide benchmark down nearly 3%
- North East: Largest decline at nearly 5%
- West District: Relative price stability
- Key Theme: Supply growth outweighed demand strength
Regional Market Summaries
Airdrie
After several years of exceptionally tight conditions, Airdrie saw a meaningful rise in resale inventory in 2025. Increased competition from new homes and nearby resale markets shifted conditions closer to balance.
- Inventory: Reached highest levels since pre-pandemic years
- Sales: Declined year-over-year but remained in line with long-term trends
- Market Conditions: Months of supply increased steadily throughout the year
- Pricing: Annual benchmark price down 2%
- Key Driver: New-home competition and broader resale choice
Cochrane
Cochrane remained one of the stronger-performing regional markets in 2025. Demand stayed resilient, and while supply increased, the shift to balanced conditions occurred later in the year, limiting downward price pressure.
- Sales: In line with 2024 and above long-term trends
- Supply: Steady gains throughout the year
- Pricing: Benchmark price of $578,325, up nearly 3% year-over-year
- Market Characteristic: Higher share of newer resale homes supporting pricing
- Market Trend: Balanced conditions emerged late in the year
Okotoks
Okotoks continued to experience tight market conditions despite notable year-over-year inventory growth. Limited supply relative to long-term trends helped support prices, though gains varied by property type.
