Calgary Real Estate Blog

Balanced conditions take pressure off prices – April 2025 Real Estate Statistics

May 20th, 2025 by Susanita de Diego

Balanced conditions take pressure off prices

City of Calgary, April 2025

A boost in new listings this month relative to sales caused April inventories to rise to 5,876 units. Although this is more than double the number reported last year, last year’s supply was exceptionally low, and current inventory levels are consistent with what we typically see in April. April sales reached 2,236 units—22 per cent below last year’s levels but in line with long-term trends.

“Economic uncertainty has weighed on home sales in our market, but levels are still outpacing activity reported during the challenging economic climate experienced prior to the pandemic,” said Ann-Marie Lurie, Chief Economist at CREB®. “This, in part, is related to our market’s situation before the recent shocks. Previous gains in migration, relatively stable employment levels, lower lending rates, and better supply choice compared to last year’s ultra-low levels have likely prevented a more significant pullback in sales and have kept home prices relatively stable.”

The rise in inventory levels helped the market shift to balanced conditions with nearly three months of supply. However, conditions vary depending on price range and property type. Lower-priced detached and semi-detached properties continue to struggle with insufficient supply, while row and apartment-style homes are seeing more broad-based shifts to balanced conditions.

The additional supply has helped relieve the pressure on home prices following the steep gains reported over the past several years. Benchmark prices for each property type have remained relatively stable compared to last month. However, compared to last year, detached and semi-detached prices are over two per cent higher than last year’s levels, while apartment and row-style home prices have remained relatively unchanged.

View the full report here: April 2025 Statistics Report

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Uncertainty weighing on housing market – March 2025 Real Estate Statistics

April 13th, 2025 by Susanita de Diego

Uncertainty weighing on housing market

City of Calgary, March 2025

Ongoing economic uncertainty, driven by tariff threats, has weighed on consumer confidence and impacted housing activity in March. Sales declined by 19 per cent year-over-year, totaling 2,159 units. Sales slowed across all property types, with the steepest declines seen in higher-density segments.

“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, following four consecutive years where the market favoured the seller.”

March reported over 4,000 new listings, causing the sales-to-new-listing ratio to drop to 54 per cent, low enough to support further inventory gains. Total residential inventory levels reached 5,154 units, and the months of supply pushed up to 2.4 months. While this is a significant change from last year, with limited supply options across all property types and price ranges, conditions reflect a better balance between a seller and a buyer today. However, the market significantly varies depending on location, price point, and property type.

Improving supply has taken the pressure off home prices following the steep gains reported over the previous four years. In March, the unadjusted residential benchmark price reached $592,500, relatively stable compared to both last month and prices reported last March. Both detached and semi-detached prices remain consistent with peak prices and continue to rise, while apartment and row-style homes continue to report prices slightly lower than last year’s peak.

View the full report here: March 2025 Statistics Report

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Sales remain above long-term trends despite declines – February 2025 Real Estate Statistics Report

March 24th, 2025 by Susanita de Diego

Sales remain above long-term trends despite declines

City of Calgary, February 2025

For the second month in a row, inventory levels saw substantial year-over-year growth, rising by 76 per cent to 4,145 units in February. While inventory increases were seen across all price ranges, the largest increases were in homes priced under $500,000; this increase was driven by substantial growth in the more affordable apartment and row/townhouse sectors. The overall months of supply were 2.4, similar to last month but more than double this time last year. Apartment-style units remained the most well-supplied at 3.1 months.

There were 1,721 sales in February, which was above historical averages for the month but 19 percent lower than levels seen last year and significantly lower than the record levels seen in the post-pandemic period. New Listings in February reached 2,830, roughly in line with historical averages for the month. The sales-to-new listings ratio for the month was 61 per cent, higher than historical averages but below levels seen in each of the last three years.

“Even though more people listed their homes for sale, there were actually fewer sales than in February 2024. So, we’re seeing the seller’s market of the past two or three years ease off,” said Alan Tennant, President and CEO of CREB®. “In turn, that’s caused the pace at which prices are increasing to slow down a bit, which should come as welcome news for buyers.”

The total residential unadjusted benchmark price in February was $587,600, relatively stable compared to late-2024 and roughly one per cent higher year-over-year. Price changes varied across the city, with the City Centre and North districts seeing declines, while the East district saw the largest price growth at over three per cent.

View the full report here: February 2025 Statistics Report

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Supply Levels Improve in January – January 2024 Real Estate Statistics Report

February 16th, 2025 by Susanita de Diego

Supply Levels Improve in January

City of Calgary, January 2024

Following three consecutive years of limited supply choice, inventory levels in January rose to 3,639 units. While the 70 per cent year-over-year gain is significant, inventory levels remain lower than the over 4,000 units we would typically see in January. Inventories rose across all property types, with some of the largest gains driven by apartment-style condominiums.

“Supply levels are expected to improve this year, contributing to more balanced conditions and slower price growth,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, the adjustment in supply is not equal amongst all property types. Compared with sales, we continue to see persistently tight conditions for detached, semi-detached and row properties while apartment condominiums show signs of excess supply for higher priced units.”

Citywide, the months of supply reached 2.5 months in January, an improvement over the one month of supply reported last year, but it is still considered low for a winter month. The month of supply ranged from under two months for semi-detached properties to 3.5 months for apartment-style units.

Rising supply resulted from a boost in new listings compared to sales. New listings rose to 2,896 units in January, compared to 1,451 sales. Sales in January were down by 12 per cent compared to last year. However, even with a pullback in sales, levels remained nearly 30 per cent higher than levels typically recorded in January.

The total residential benchmark price in January was $583,000, which is relatively stable compared to levels reported at the end of last year and nearly three per cent higher than last January. Price growth ranged across districts within the city as well as property types.

View the full report here: January 2025 Statistics Report

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2024 marks another strong year for sales and price growth – December 2024 Real Estate Statistics Report

January 17th, 2025 by Susanita de Diego

2024 marks another strong year for sales and price growth

City of Calgary, December 2024

The year ended with 1,322 sales in December, a three per cent decline over last year, but nearly 20 per cent higher than long-term trends. Overall sales in 2024 were just shy of last year’s levels, as gains for higher-priced homes offset pullbacks in the lower price ranges caused by supply challenges.

“Population gains over the past several years have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher priced homes.”

As of December, there were 2,989 units available in inventory, still below long-term trends for the month but a significant improvement over the lower levels reported last December and levels reported early this year. Improved rental choice and significant gains in new home activity helped boost new listings in the resale market, driving higher inventories in the year’s second half.

While conditions vary depending on price range and property type, more housing options have helped to take some of the pressure off home prices, which stabilized in the second half of the year following steep gains in the spring. Overall, on an annual basis, total residential benchmark prices improved by over seven per cent.

As we move into 2025, supply will continue to be a dominant theme. However, how they impact prices will ultimately depend on the type of supply being added and how demand holds up in the face of a changing economic climate. On January 21, CREB® will release its forecast report, highlighting the expectations and risks facing the market in the coming year.

View the full report here: December 2024 Statistics Report

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Supply on the rise, but not across all price ranges – November 2024 Real Estate Statistics Report

December 9th, 2024 by Susanita de Diego

Supply on the rise, but not across all price ranges

City of Calgary, November 2024

As we transition into winter, Calgary’s housing market is following typical seasonal trends, with activity slowing compared to the fall. However, year-overyear demand remains relatively strong. In November, increased sales in detached, semidetached, and row homes offset a decline in apartment condominium sales. The 1,797 sales for November mirrored last year’s levels and remained 20 per cent above long-term trends for the month.

The significant shift lies in supply. Inventory levels rose to 4,352 units in November, a notable increase from the 3,000 units reported last year. Despite the recent gains, inventory levels remain below long-term trends for the month.

“Housing supply has been a challenge over the past several years due to the sudden rise in population,” said Ann-Marie Lurie, Chief Economist at CREB®. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type.”

The months of supply have increased to over two months, representing a shift away from the extremely low levels seen earlier this year and in the past three Novembers, which reported under two months of supply. While these more balanced conditions are promising for potential buyers, many market segments still favour sellers.

Improved supply options have tempered the pace of price growth. Year-over-year gains range from nearly seven per cent for row homes to nine per cent for apartment-style units. The total residential benchmark price reached $587,900, reflecting a year-over-year increase of just under four per cent. This slower growth reflects a shift toward more affordable row and apartmentstyle units. Seasonally adjusted prices have remained stable over the past four months despite unadjusted prices trending down in line with seasonal patterns.

View the full report here: November 2024 Real Estate Statistics Report

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Supply levels improving for higher-priced homes – October 2024 Real Estate Statistics Report

November 12th, 2024 by Susanita de Diego

Supply levels improving for higher-priced homes

City of Calgary, October 2024

Sales gains for homes priced above $600,000 offset declines at the lower end of the market, resulting in October sales that were similar to last year. The 2,174 sales in October increased over September and stood 24 per cent above long-term trends for the month. “Housing demand has stayed relatively strong in our market as we move into the fourth quarter, with October sales rising over last month,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, activity would likely have been stronger if more supply choices existed for lower-priced homes. Supply levels in our market are improving relative to the ultra-low levels experienced last year, but much of the gains have been driven by higher-priced units for each property type. This results in conditions far more balanced in the upper end of the market versus the seller’s market conditions in the lower to mid-price ranges of each property type.”

The gains in new listings relative to sales over the past six months have supported inventory gains in the city. As of October, 4,966 units were available, a significant improvement over the near-record low of 3,205 units reported last October. While inventories are starting to reach levels more consistent with long-term trends, the inventory composition has changed as nearly half of all the residential inventory is now priced above $600,000.

Adjustments in supply are helping move the market away from the tight market conditions experienced in the spring. However, conditions remain relatively tight, with 2.3 months of supply and a 67 per cent sales-to-new listings ratio, and the months of supply does vary significantly by price range and property type. For example, detached homes priced below $700,000 are reporting less than two months of supply, while homes priced over $1,000,000 are reporting over three months of supply. This is likely resulting in different price pressures depending on price range and property type.

Overall, the total residential benchmark price was $592,500 in October, over four per cent higher than last October and on a year-to-date basis, averaging over eight per cent higher than last year’s levels. The unadjusted benchmark prices did ease slightly over last month due to seasonal factors, as seasonally adjusted prices remained relatively stable in October compared to September.

View the full report here: 2024 October Real Estate Statistics Report

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New Listing Growth Driven by Higher-Priced Homes – September 2024 Real Estate Statistics Report

October 6th, 2024 by Susanita de Diego

New Listing Growth Driven by Higher-Priced Homes

City of Calgary, September 2024

Rising sales in the upper price ranges were not enough to offset the pullback occurring in the lower price ranges, as sales in September were 2,003, 17 per cent below last year’s record high. Despite the decline, sales this month were still over 16 per cent higher than levels traditionally achieved in September.

“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market. While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year.”

New listings in September rose to 3,687 units, the highest September total since 2008. This rise in new listings compared to sales did support some inventory growth. September inventory levels pushed up to 5,064 units, nearly double the exceptionally low levels reported in the spring, but remain below the 6,000 units we typically see in September.

Improving inventory levels compared to sales is continuing to shift our market toward more balanced conditions. In September, the months of supply reached 2.5 months. While this is a gain over last year’s record low, conditions are still tilted in favour of the seller.

Additional supply in the market has taken some of the pressure off home prices over the past few months, following stronger-than-expected gains throughout the spring. In September, the unadjusted benchmark price was $596,900, slightly lower than last month but over five per cent higher than last year’s levels. Year-over-year gains ranged from nearly nine per cent growth for detached homes to nearly 14 per cent gains in the apartment condominium market. The gains for each property type outpaced the growth in total residential prices, mostly due to the shifting composition of sales.

View the full report here: Monthly Statistics Report September 2024

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Calgary Housing Market Sees Shifts – August 2024 Real Estate Statistics Report

September 6th, 2024 by Susanita de Diego

Calgary Housing Market Sees Shifts

City of Calgary, August 2024

With the busy spring market behind us, we are starting to see some shifts in supply levels. With 2,380 sales and 3,604 new listings, the sales-to-new listings ratio fell to 66 percent, supporting a gain in inventory.

Inventories rose to 4,158 units, still 33 percent below what we typically see in July, but the first time they have pushed above 4,000 units in nearly two years. Although the majority of supply growth occurred for homes priced above $600,000, the rise has helped shift the market away from the extreme sellers’ market conditions experienced throughout the spring.

“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month,” said Ann-Marie Lurie, Chief Economist at CREB®. “This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices.”

July sales eased by 10 percent over last year’s record high but were still higher than long-term trends for the month. Like last month, the pullback in sales has been driven by homes priced below $600,000. Nonetheless, the gain in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still low enough to favour the seller but a significant improvement from the under one month reported earlier this year.

Improved supply helped slow the pace of monthly price growth for each property type. In July, the total residential benchmark price was $606,700, similar to last month and nearly eight percent higher than last year’s levels.

View the full report here: August 2024 Real Estate Statistics Report

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Supply levels improve, taking some pressure off prices – July 2024 Real Estate Statistics Report

August 11th, 2024 by Susanita de Diego

Supply levels improve, taking some pressure off prices

City of Calgary, July 2024

View the full report here: July 2024 Real Estate Statistics Report

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