Calgary Real Estate Market Update - Is now the time to buy?

Calgary Real Estate Market Update – Is Now the Right Time to Buy?

As we step into 2025, Calgary’s real estate market is showing signs of change. After three years of low inventory and fast-rising prices, January saw a 70% increase in inventory levels compared to last year. But what does this mean for homebuyers looking to enter the market? Let’s break it down.

More Homes on the Market – More Choices for Buyers

With inventory levels rising to 3,639 units in January, buyers now have more options than in previous years. The biggest gains are coming from apartment-style condominiums, but detached, semi-detached, and row homes are also seeing increased availability. While supply is still below traditional January levels, this shift is expected to create a more balanced market and ease rapid price growth.

Is It Still a Seller’s Market?

The months of supply—the time it would take to sell all current listings at the current sales pace—reached 2.5 months in January. While this is higher than last year’s extremely low one-month supply, it’s still considered relatively tight, meaning buyers need to act strategically. Detached and semi-detached homes remain in high demand, whereas higher-priced condominiums are seeing some excess supply.

Price Trends – What to Expect

The citywide benchmark price in January was $583,000, up nearly 3% from last year. Detached home prices continue to rise, with an unadjusted benchmark price of $750,800—7% higher than last January. Semi-detached and row homes also saw annual price increases of over 8% and 14%, respectively. However, price growth has begun to slow, offering some relief to buyers.

Airdrie, Cochrane, and Okotoks – What’s Happening in the Surrounding Markets?

For those considering nearby cities, Airdrie, Cochrane, and Okotoks are seeing similar trends:

• Airdrie: Inventory has improved, and the months of supply now sit at 2.6, helping ease price pressure. The benchmark price is $537,300—up nearly 4% from last year.

• Cochrane: Increased listings have brought inventory to 156 units, helping balance the market. The benchmark price is $565,900, up nearly 5% from last year.

• Okotoks: Inventory remains tight with only 68 available homes, keeping prices higher. The benchmark price is $614,900, up 5% from last year.

What Does This Mean for Buyers?

If you’ve been waiting for more options before entering the market, 2025 could be your year. With inventory levels improving and price growth slowing, now is a great time to explore your options. However, demand remains strong in many segments, meaning acting quickly on desirable properties is still crucial.

Ready to Find Your New Home?

Navigating Calgary’s evolving real estate market requires expert guidance. Whether you’re a first-time buyer or looking for an investment, I’m here to help you find the right home at the right price. Let’s start your home search today!

Contact me for personalized advice and property recommendations tailored to your needs.