Calgary's Real Estate Market: A 2025 Overview

Calgary's real estate market in 2025 has experienced notable transformations, reflecting a dynamic interplay of supply, demand, and economic factors.

Market Dynamics and Pricing Trends

In 2025, the average residential sale price in Calgary increased by 3.5% across all property types, rising from $621,015 in 2024 to $642,840. However, the number of sales transactions decreased by 15.8%, dropping from 23,864 to 20,082. The total number of listings also declined by 19.2%, from 33,728 in 2024 to 27,243 in 2025. These figures suggest a market adjusting to new economic realities and buyer behaviors.

Supply and Demand Shifts

By mid-2025, Calgary's housing market entered a balanced state for the first time in years. Active listings in June rose by 83% compared to the same month in the previous year, reaching levels not seen since before the population boom of 2022. This surge in available homes coincided with a 16.5% year-over-year drop in sales, indicating a cooling market. The benchmark price for all residential properties dipped slightly to $586,200, a 3.6% decrease from June 2024.

Segment-Specific Insights

Different segments of the market have exhibited varied trends:

Detached Homes: The average detached home price reached $747,500 in December 2024, marking a 7.2% increase compared to the previous year. However, by mid-2025, the benchmark price for detached homes decreased by 3.6% year-over-year to $586,200.

Semi-Detached Homes: This segment showed resilience, with the benchmark price reaching $696,400, up 1.5% from 2024. The average price also rose 5.4% year-over-year to $701,429.

Row Homes: The row home sector continued its strong performance in 2024, achieving 4,647 sales—more than a 2% increase over 2023 and the second-highest annual total on record. The annual benchmark price for row homes increased by 14%. District-specific gains varied, with some areas reporting a 12% increase in the City Centre and others, notably in the North East and East, experiencing increases of more than 20%.

Apartments and Condominiums: The apartment and condominium segment saw a slowdown in sales during the latter half of 2024, resulting in an overall 4% decline in year-over-year apartment transactions. Nevertheless, 7,568 apartment transactions were recorded during the year, making 2024 the second-highest on record. The annual benchmark price for apartments registered a 15% increase. In December 2024, the average apartment price was $332,400, representing a 6.8% rise year-over-year.

Luxury Market: The luxury sector remained robust, with sales over $1.5 million up more than 11% over the previous year's levels. Sixty-eight properties changed hands in the first two months of 2025, up from 61 during the same period in 2024.

Emerging Opportunities

With detached home prices at record highs, more buyers are turning to apartment condos as an affordable alternative. Calgary's condo market is shifting, with rising inventory giving buyers more options and better negotiating power. New condo listings hit a January record of 922 units, increasing total inventory to 1,295 units. Buyers now have more options and less competition.

Future Outlook

Looking ahead to 2026, Calgary is expected to continue as a buyers/balanced market. The top three neighborhoods anticipated to be the most desirable are Springbank Hill, Discovery Ridge, and Rocky Ridge, as the West side of Calgary tends to appreciate at a higher rate than all others, holding value through instability. Single-detached homes are expected to see the strongest demand and sales activity in the region in 2026.

In summary, Calgary's real estate market in 2025 reflects a period of adjustment and opportunity. While certain segments experience cooling, others present new avenues for buyers and investors, underscoring the city's dynamic and evolving housing landscape.