Calgary Market Update: July 2025
Calgary Housing Inventory Hits Pre-Pandemic Levels: What This Means for Your Investment
As a real estate investor focused on Calgary, I always aim to provide you with an honest picture of the market. Right now, we’re in a period of adjustment and while that may feel unsettling, it’s important to separate short-term fluctuations from long-term fundamentals.
Inventory Levels Are Rising – But It's Not All Bad News
In July, inventory in Calgary climbed to just under 7,000 units - levels we haven’t seen since before the pandemic. Most of this increase is happening in newer communities where active development is adding supply at a rapid pace. This is key context: the rise in listings isn’t due to general panic selling or a market crash, it’s being driven by growth in new construction and new supply.
Price Adjustments Are Localized and Sector-Specific
Overall benchmark prices have pulled back slightly, now sitting just 4% below the peak we saw at the peak in June 2024. But this doesn’t mean the sky is falling. These price changes are not universal across all property types or areas of the city.
The most noticeable declines have been in the condo and townhome segments, particularly in Calgary’s North East and North districts, areas where new construction has significantly increased supply. Detached and semi-detached homes, on the other hand, are holding steady and remain in balanced territory.
What’s Driving the Shift?
There are a few contributing factors:
Sales are slowing: July saw 2,099 homes sold, a 12% drop from the same time last year.
More listings hitting the market: New listings rose by over 8%, reaching nearly 4,000 units.
Borrowing costs remain unchanged: The Bank of Canada hasn’t made any further cuts to interest rates, keeping affordability somewhat constrained.
Increased competition from new builds: Many buyers are exploring brand-new homes, adding more competition to the resale market.
Economic Uncertainty: there is still huge economic uncertainty related to tariffs and the Trump TACO Trade. People are frozen, business is frozen, trade is frozen.
Spillover from the GTA Market: The GTA pre-construction market is a dumpster fire and the effects are being felt in the Calgary market, even though it is much healthier. This is an external effect that is unrelated to the fundamentals of the Calgary market.
Where Do We Go From Here?
The increase in supply has brought much-needed breathing room to a market that was extremely tight over the past few years. While this has put pressure on some price points, it’s also creating new opportunities for buyers and investors to find value. For investors, this is a time to be highly selective - some districts still offer solid value and resilience, while others may present buying opportunities at a discount if you're thinking long-term. Inventory will take time to be absorbed but Calgary is still growing and virtually no new pre-construction projects have launched over the past 18 months which will put a lid on future supply after 2026.
Right now, many Toronto investors are trying to raise cash anywhere they can to close on properties in the GTA which means liquidating at any price and their Calgary holdings are usually the first to go because they are remote investments and prices have held up much better than the GTA where I’m regularly seeing pre-construction buyers trying to assign units at $200k - $300k losses.
This is not a crash - it's a rebalancing.
It’s more important than ever to be strategic. Some areas and property types are seeing softening, but others are holding strong. If you’re considering your next move - whether to buy, sell, or hold - I’m here to help you make informed, confident decisions based on real data.
Considering An Investment?
Investing in Calgary right now is about finding the value deals - developers are offering incredible sales on many of their projects—unheard of a year ago.
With cash flow positive properties, deposits as low as 5%, and closings as late as 2028, it’s definitely worth consdiering.
DETAIL BY PROPERTY TYPE
(Statistics from the Calgary Real Estate Board)
Condos
In July, Calgary’s condo market saw 1,014 new listings but only 508 sales, resulting in a sales-to-new listings ratio of 50%. This has kept inventory levels high, with 2,097 units currently on the market. As a result, the months of supply climbed to over 4 months—the highest level we’ve seen since 2021. The surge in available inventory, combined with rising rental vacancy rates and increased competition from brand-new developments, is placing noticeable pressure on the resale condo market (especially new developments where there are dozens of units available).
Condos have seen the most pronounced pricing adjustments among all property types. In July, the benchmark apartment price fell to $329,600—down more than 1% from the previous month and nearly 5% lower than this time last year. However, when looking at the broader picture, year-to-date prices have remained relatively flat.
Townhouses/Row Houses
Much like other segments of the Calgary market, townhomes are experiencing a shift. Sales have slowed compared to last year, while both new listings and inventory levels have increased year-over-year. As of July, the months of supply remained just over 3 months—similar to the previous month. However, supply levels continue to vary across the city. Tighter conditions are still present in areas like the City Centre, North West, South, and South East, where supply remains under 3 months. In contrast, the North East is facing nearly five months of supply, reflecting a softer market in that district.
Over the past three months, townhome prices have been gradually declining. They’re currently about 4% lower than they were at this time last year. That said, when looking at the year-to-date numbers, prices have held relatively steady overall as well. District-level data tells a more nuanced story: year-to-date price declines have been recorded in the North East and North, while all other districts have seen price growth. This highlights the importance of taking a local, targeted approach when evaluating opportunities in the row home segment.
Detached Houses
For the first time since 2020, Calgary’s detached housing market is showing signs of balance. In July, months of supply for detached homes reached three months—a key threshold that indicates a shift away from the extreme seller’s market we’ve seen in recent years. Sales activity slowed to 1,031 units in July, and while new listings came in slightly below last month’s pace, they were still nearly 10% higher than the same time last year and well above long-term averages. This widening gap between sales and new listings has pushed inventory levels up and contributed to the return of more balanced market conditions.
While the citywide months of supply sits at 3 months, conditions vary significantly by district. In higher-demand areas like the North West, West, and South, inventory levels remain tight—well below 3 months of supply. Meanwhile, the North East is seeing the highest months of supply, exceeding 4 months, driven largely by new construction and slower absorption.
The shift toward balance has taken some pressure off detached home prices. As of July, the benchmark price for detached homes was $761,800—down less than 1% compared to last year. While that’s a modest adjustment overall, some areas are seeing more noticeable shifts. The North East and East districts posted the largest year-over-year price declines at around 5%. On the other hand, prices in the City Centre actually rose by nearly 2%, proving that demand remains strong in certain pockets of the city.
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