Calgary’s housing market saw sales drop year-on-year last month, due to a sharp decline in apartment transactions. But activity is still above typical May levels, which suggests that demand is not gone, it is just normalized.
There were 2,568 homes in May, down 17% from the same period last year. However, sales are still 11% higher than the long-term average of the month than the total in April. The new list continues to surpass sales, bringing inventory levels to a third straight month. But supply remained at 2.6 for several months, indicating that conditions remained relatively balanced.
Creb chief economist Ann-Marie Lurie said the pullback in sales and supply is helping to bring some heat from Calgary’s housing market.
“With uncertainty continuing to weigh on housing demand, mitigating sales and rising inventory is a consistent trend in many cities compared to last year,” she said. “But before economic uncertainty, Calgary was dealing with seller market conditions, and the recent sales and inventory pullbacks have shifted us toward balanced conditions, eased pressure on prices.”
Benchmark price edge lowers, balance returns
In May, Calgary’s benchmark residential prices fell to $589,900, a slight decline from April and more than 2% lower than the same period last year. After nearly two years of continuous growth, this is the second consecutive month of decline.
The city now sees different price trends based on the property type and location. While prices for detached and semi-detached houses remain stable, and in many cases, and high a year ago, apartments and line homes are still showing signs of softening.
Creb notes that improving new home and rental supplies is a key reason behind the shift. In the apartment sector, prices fell to $335,300, down more than 1%, while house prices fell to $453,600, 2% lower than last May. Both categories now experience several months of supply in the 3.5–3.6 range, increasing pressure on resale value.
House prices for independent houses were $769,400, up 1% from last year, while semi-detached units rose nearly 3% to $697,300. But even in these segments, as more and more listings enter markets and sell, some regions, especially the Northeast, are starting to show signs of oversupply.
I visited 38 times today, and 40 times today
Ann-Marie Lurie Calgary Calgary Calgary, Alberta Home Sales Sales Calgary Real Estate Board Creb Prairies Real Esate Regional
Last modified: June 3, 2025
