Calgary Market Update: April 2025
From Sizzle to Simmer: Calgary’s Housing Market Finds Its Balance
April brought more listings to the Calgary real estate market with inventory jumping to 5,876 units (double last year!), but before you liquidate your entire portfolio, remember that last year was about the strongest seller’s market you will ever find, featuring record high sales and record low inventory. This year? We're just back to a normal April levels.
Sales hit 2,236 units—down 22% from last year, but that’s still cruising around long-term averages, not falling off a cliff. As CREB®’s Chief Economist Ann-Marie Lurie put it: “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. 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.”
So yes, there’s economic uncertainty, but it’s not 2008-level chaos. We’re now sitting in “balanced market” territory with nearly three months of supply—translation: it’s no longer a feeding frenzy, but it’s not a buyer’s picnic either. Budget-friendly detached and semi-detached homes are still scarce (hello, cash-flow hunters), but row homes and apartments are finally catching their breath, taking slight longer to sell and for slightly less than peak values from a year ago but this is no crash—more like consolidation before the next move up.
Price-wise? Benchmark levels stayed steady month-to-month. Detached and semi-detached homes are still flexing with a 2%+ gain from last year, while apartments and row-style units are flatlining—in a good way.
Condo Benchmark Price: $334,425 ⬆️ 2.96% YoY
More supply = slower price growth, investor opportunities emerging
Townhome Benchmark Price: $450,775 ⬆️ 2.53% YoY
Inventory gains ease price pressure
Detached Benchmark Price: $762,600 ⬆️ 4.62% YoY
Still tight supply under $700K; balanced market above $800K
Don’t ask me how but the individual gains for each housing type (condo, town, detached) were all positive but the overall residential benchmark fell 1% in April.
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DETAIL BY PROPERTY TYPE
(Statistics from the Calgary Real Estate Board)
Condos
Home sales in April took a breather—down nearly 30% from last year’s turbo-charged record—but they’re still flexing above the city’s long-term average. Listings did hit an all-time high but they were very close to previous years. With about three months of supply on the market, this is no disaster. Calgary’s looking... dare we say it... balanced. 😌
But location still tells its own story. The North East district? It’s swimming in listings with seven months of supply, which dragged prices down 2% from last year—and over 7% below last spring’s peak. Citywide, the benchmark price held steady at $336,000. That’s a flat line from last year (good!), but still 3% shy of the high watermark (not terrible!).
The frenzy is cooling caused by the current global economic uncertainty, but the opportunities are heating up—especially if you’re hunting for the deals.
Townhouses/Row Houses
In April, sales activity slowed, 16% lower than last year. But while buyers pumped the brakes, sellers hit the gas. New listings were well below their record highs but they did kept climbing and pushed the sales-to-new-listings ratio down to 51%. Inventory for row homes hit 1,005 units—the most we’ve seen since 2021—and months of supply nudged up to nearly three - still widely considered a seller’s market.
Price check: April’s unadjusted row home price landed at $457,400—a hair above last month, but basically flat year-over-year and still under the peak we saw last June. Districts like the North and North East dragged the average down, offsetting gains elsewhere.
More listings = less competition. Prices are steady, not spiking and not dropping. If you're looking for long-term potential and you hate bidding wars or overpriced litings, now’s your chance to sneak in while it’s quiet.
Detached Houses
Detached sales in April hit 1,102 units—down 16% from last year. Most areas saw sales cool off, except the South East, which decided to defy the trend and keep the deals flowing.
1,907 new listings came to market, keeping the sales-to-new-listings ratio at 58%. Inventory climbed to 2,511 units, and months of supply rose to 2.3. That’s a big jump from last year’s razor-thin inventory (remember when there was less than one month of supply?!), but we’re still in seller’s market territory—especially for lower-priced homes, where the bidding is still fierce.
As for prices? April’s unadjusted benchmark came in at $769,300—basically unchanged from March, but up more than 2% YoY. The pace of price growth is cooling, thanks to more inventory and a bit of market caution. Detached homes are still hot, just not overheating with more competition.
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