Calgary Mid-Month Market Overview – March 2025

From March 1 to 15, 2025, Calgary’s housing market saw a surge in new listings and active inventory, giving buyers more options. However, sales have slowed compared to the same period last year. Despite this, prices continued to rise, reflecting strong ongoing demand.

What This Data Tells Us

1️⃣ Inventory Is Rising Sharply

Active listings nearly doubled year-over-year, and new listings surged 30.5%, increasing choices for buyers.

2️⃣ Sales Activity Is Slowing

Sales dropped 18.2%, leading to longer days on market and more unsold inventory.

3️⃣ Prices Continue to Increase

Both median and average prices rose by approximately 6%, indicating that demand remains strong despite slower sales.

Why Are Prices Still Rising?

Pent-Up Demand:

Migration, job stability, and population growth continue to drive buyer interest.

Higher-Quality Listings:

More desirable and updated homes are hitting the market, pushing prices upward.

Delayed Market Adjustment:

Prices typically lag behind changes in supply.

Interest Rate Expectations:

Buyers anticipating rate cuts may be willing to pay more now.

Segmented Market:

Mid-to-upper price ranges remain competitive.

Market Outlook

Short-Term

• If inventory continues to grow while sales remain slow, price increases may moderate, especially for higher-priced homes.

Long-Term

• Buyers may gain negotiating power, but continued migration and possible interest rate cuts could keep pricing stable.

Advice for Buyers and Sellers

• Buyers: More listings mean greater choice and potential negotiating power.

• Sellers: Competitive pricing is key as buyers gain more leverage.

Work with Greater Calgary Real Estate

For expert advice on navigating Calgary’s evolving market, contact Greater Calgary Real Estate. Our team can help you make informed decisions whether you’re buying or selling.

The Calgary real estate market has undergone noticeable changes in February 2025, with a shift toward more balanced conditions. Although sales remain above long-term trends, several key factors indicate that the market is cooling off compared to the peak activity seen during the pandemic.

Inventory Growth and Slower Sales

Inventory levels surged by 76% year-over-year, reaching 4,145 units in February. While inventory increases were observed across all price ranges, the most significant growth occurred in homes priced under $500,000. This trend was driven largely by an uptick in more affordable apartment and row/townhouse sectors, which has contributed to the overall rise in available listings.

The increase in inventory, coupled with a decline in sales, resulted in a months of supply at 2.4, more than double the 1.1 months seen this time last year. Despite the rising inventory, February still saw 1,721 sales, which is above historical averages but 19% lower than last year, signaling a slowdown from the post-pandemic boom.

Price Movements Across Property Types

The total unadjusted benchmark price for February was $587,600, representing a modest 1% increase year-over-year. While prices remained stable overall, they varied across Calgary’s districts. The City Centre and North saw price declines, while the East district experienced the most significant price growth, with a 3% increase compared to February 2024.

Detached Homes: Detached home sales slowed by nearly 20%, but new listings saw a 6% increase year-over-year. This has led to a rise in inventory by 61%, pushing the months of supply higher. The unadjusted benchmark price for detached homes rose to $760,500, a 5% increase from last year, with the City Centre seeing the largest price hike at nearly 8%.

Semi-Detached Homes: Semi-detached homes saw a 14% drop in sales but experienced a 7% increase in prices, reaching $683,500. The City Centre and South districts saw the most significant price growth in this category, with price increases approaching 8%.

Row/Townhouses: Row homes also faced a decline in sales, down by 9%, though inventory levels more than doubled compared to last year. Prices saw a 3% increase, with the East district leading the way at a 12% increase.

Apartments: Apartment-style condominiums, which traditionally have a longer supply period, saw a major 90% year-over-year inventory increase. Despite a 26% decline in sales, the sector still remains well above long-term averages. Prices for apartments rose nearly 4%, with the West district showing the most growth at over 8%.

Regional Market Insights

Airdrie: Sales in Airdrie declined by 9%, while new listings and inventories rose to typical February levels. The months of supply increased to nearly 3 months, in line with long-term averages. The benchmark price remained flat at $537,600, a slight 1.6% increase from last year.

Cochrane: Cochrane’s market remained relatively tight with a 48% year-over-year increase in inventory, pushing months of supply to 2.6. Prices rose by 5% to a benchmark of $577,100, nearing the record-high levels seen during the summer of 2021.

Okotoks: In Okotoks, sales were down by 4%, but new listings increased by 7%. The months of supply remained low at just 1.5 months. The benchmark price stayed relatively flat compared to January, with a minor year-over-year increase of less than 1%.

In February 2025, the Calgary real estate market is transitioning from a seller’s market to a more balanced market. Inventory levels are rising, providing more choices for buyers, while sales are slowing. Prices are generally stable, with some areas seeing growth while others experience price declines. These market dynamics suggest a return to more typical conditions, offering both opportunities and challenges for buyers and sellers alike.

For those navigating Calgary’s real estate landscape, understanding these trends is crucial to making informed decisions. As always, staying updated with the latest market insights will help you strategize whether you’re buying, selling, or investing.