Calgary Market Update March / April

Calgary Real Estate Market Report – March 2025

Calgary, Alberta – April 1, 2025
Ongoing economic uncertainty, particularly due to tariff threats, has impacted consumer confidence and housing activity in March. Home sales declined by 19% year-over-year, totaling 2,159 units. This slowdown affected all property types, with higher-density segments experiencing the steepest declines.

“It is not a surprise to see a pullback in sales given the uncertainty,” said Ann-Marie Lurie, Chief Economist at CREB®. “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 after four consecutive years of favoring sellers.”

March saw over 4,000 new listings, dropping the sales-to-new-listing ratio to 54%. This contributed to rising inventory levels, which reached 5,154 units, and months of supply increased to 2.4 months. Although this marks a shift from last year, the market still varies significantly based on location, price point, and property type.

Home Prices and Market Conditions

The influx of new listings has alleviated some pressure on home prices after the steep growth of the last four years. The unadjusted residential benchmark price in March was $592,500, remaining stable compared to both the previous month and last year.

• Detached homes: Prices reached $769,800, up over 4% year-over-year, with notable gains in the City Centre.

• Semi-detached homes: Prices increased by over 5% to $691,900, with the largest gains in the City Centre and West districts.

• Row homes: Prices rose 2% year-over-year to $454,000, though still nearly 4% below peak levels from June 2024.

• Apartment condominiums: Prices grew nearly 3% to $336,100 but remain below the August 2024 peak. The highest declines were observed in the North and North East districts.

Breakdown by Property Type

Detached Homes

Detached sales fell 10% year-over-year to 1,035 units. Increased new listings supported inventory growth, with months of supply reaching just over two months. While conditions are shifting toward balance for homes priced above $800,000, demand remains strong for properties below $700,000, where supply is still tight.

Semi-Detached Homes

Sales declined by 11% in the first quarter. However, inventory gains pushed the months of supply up to 2.2 months, the highest level since 2022. While price growth has slowed, semi-detached homes still saw a price increase of over 5% compared to last year.

Row Homes

March saw a surge in new listings, totaling 697 units. With 400 sales, the sales-to-new-listings ratio eased, pushing inventory levels above long-term trends. While this has slowed price growth, the benchmark price remained 2% higher than last year.

Apartment Condominiums

Apartment sales saw the steepest decline, though demand remains above historical averages. Inventory levels climbed to 1,710 units, pushing months of supply above three months. Despite this, prices grew by nearly 3% year-over-year, though they remain below peak levels.

Regional Market Highlights

Airdrie

March sales totaled 160 units, with first-quarter sales down 11% year-over-year. Rising inventory levels are shifting conditions toward balance, easing price pressure. The benchmark detached price reached $651,300, up over 2% year-over-year and narrowing the gap to the June 2024 peak.

Cochrane

Sales remained consistent with last year’s levels, with first-quarter activity above long-term averages. Inventory increased but remained in line with historical trends. Detached benchmark prices reached $686,800, setting a new unadjusted record high.

Okotoks

First-quarter sales reached 129 units, down from 155 last year. Despite improving new listings, inventory remains low, with months of supply below two. The benchmark detached price hit $715,500, a new record high and over 5% higher than last year.

Final Thoughts

While Calgary’s real estate market is shifting toward balance, ongoing economic uncertainty continues to weigh on consumer confidence. Detached and semi-detached homes are holding steady in price, while row and apartment-style homes see slower growth. Regional markets like Cochrane and Okotoks have hit record-high prices, while Airdrie moves toward a more balanced state. As we move into the spring market, rising inventory levels may further ease pricing pressure, but affordability challenges persist in certain segments.