The Big Picture: A Market in Transition

In 2025, the Calgary housing market cooled from the frantic pace of previous years. A combination of record-high housing starts and a 9% increase in new listings (over 40,000 units) finally gave the city the inventory it needed. Meanwhile, demand softened due to slower migration and economic uncertainty.

Total Sales: 22,751 units (down 16% from 2024, but aligned with long-term averages).
Total Benchmark Price: $577,492 (down 2% year-over-year).
Current State: Balanced, though specific conditions vary wildly by property type and neighbourhood.

Property Type Avg. Benchmark Price Price Change (YOY) Market Condition
Detached $752,767 +1% Balanced
Semi-Detached $685,850 +3% Balanced
Row / Townhome Price Eased -2% Balanced to Buyer's
Apartment / Condo Price Eased -3% Buyer's Market

For Buyers
You have significantly more negotiating power and choice than you’ve had in three years. The "Buyer’s Market" conditions in the apartment and row home sectors mean you may find better deals and less competition, especially in northern districts. However, for homes that are well-priced and in desirable locations, multiple offer situations still occur, so be prepared with your finances.

For Sellers
Pricing strategy is now critical. The days of "list it, and it will sell" are over for most. While detached homes are still holding value, sellers in the condo and row home sectors face heavy competition from both the resale and new-build markets.
2025 housing market shifted to more balanced conditions

December 2025

Market Transition to Balance
2025 was a year of transition where record-high housing starts and a 9% increase in new listings (over 40,000 units) helped shift the market from favoring sellers to a more balanced state.

Divergent Price Trends by Property Type
While the overall annual benchmark price fell by 2%, annual prices for detached and semi-detached homes actually rose by 1% and 3%, respectively. These gains were offset by sharp price declines in the apartment (-3%) and row (-2%) sectors.

Inventory Surge and Supply Levels
We are entering 2026 with significantly improved inventory levels for the first time in three years. Total inventory at year-end was 28.9% higher than last year, with the highest growth occurring in the high-density sectors.

Seasonal and Regional Cooling
December sales (1,126 units) were nearly 15% lower than the previous year, with benchmark prices down 4.7% year-over-year to $554,700. The North East reported the steepest price declines across the city during 2025.

Housing Market Facts

Detached

Detached sales totalled 11,328 in 2025, down by nearly nine per cent compared to last year. Sales eased across all districts in the city, with the steepest declines occurring in the North East, East and City Centre districts. However, unlike the City Centre, the North East and East districts also experienced significant gains in inventory compared to long-term trends, driving annual price declines of two per cent. Meanwhile, in the City Centre, detached inventory remained well below long-term averages, which likely prevented stronger sales and contributed to the annual price growth of over three per cent. Despite the differing conditions in different areas of the city, slowing sales and rising supply citywide helped move the market into balanced conditions by the second half of the year. The annual average benchmark price was $752,767, one per cent higher than last year’s annual level.

SEMI-DETACHED

Semi-detached homes represent the smallest segment of the market, accounting for less than 10 percent of all sales activity. Sales in 2025 were 2,159, eight per cent lower than last year, but slightly higher than long-term trends. Trends for semi-detached homes have been relatively consistent with the detached market. However, it took longer for this segment of the market to shift to more balanced conditions, resulting in stronger annual price gains. In 2025, the average annual benchmark price was $685,850, nearly three per cent higher than last year. Prices did ease in the North district as competition for new homes weighed on resale activity, but the decline in this district was more than offset by the four per cent gain in the City Centre.