A Year of Transition Toward More Balanced Conditions
After several years of rapid price growth, 2025 marked a clear transition year for Calgary’s housing market. Strong construction activity combined with easing demand helped shift conditions away from a seller-dominated environment toward a more balanced market across much of the city.
Record-high housing starts significantly improved supply across resale, new home, and rental markets. At the same time, demand pressures eased due to slower population growth and heightened economic uncertainty, particularly during the spring market. Together, these factors reshaped market dynamics throughout the year.
Total sales in 2025 reached 22,751 units, down 16% from 2024, but still in line with long-term averages. The more significant change came from the supply side, as over 40,000 new listings entered the market, a 9% increase year-over-year, allowing inventory levels to recover and creating more balanced conditions.
According to CREB Chief Economist Ann-Marie Lurie, supply growth in 2025 exceeded expectations, particularly for apartment condominiums and row homes. This added supply weighed on prices in those segments enough to offset gains seen in detached and semi-detached homes. Market conditions varied widely by location, price range, and property type, with some areas remaining seller-leaning while others shifted in favor of buyers.
Overall Pricing Trends
The annual average total residential benchmark price in Calgary for 2025 was $577,492, representing a 2% decline from last year’s average.
Detached homes: +1%
Semi-detached homes: +3%
Row homes: –2%
Apartment condominiums: –3%
The North East district experienced the largest price declines in 2025. While this was partly due to improved supply, it also followed exceptionally strong price growth in the prior two years, making the area more susceptible to adjustment.
For the first time in three years, Calgary entered the new year with healthier inventory levels, setting the stage for a more stable outlook heading into 2026.
Detached Homes
Detached home sales totaled 11,328 units, down nearly 9% from 2024. Sales eased across all districts, with the steepest declines in the North East, East, and City Centre.
Inventory growth played a key role in price performance. In the North East and East districts, inventories rose well above long-term averages, contributing to annual price declines of 2%. By contrast, detached inventory in the City Centre remained below historical norms, supporting price growth of over 3%.
Despite varying local conditions, the detached market as a whole shifted into balanced territory by the second half of the year. The annual average benchmark price for detached homes was $752,767, up 1% from last year.
Semi-Detached Homes
Semi-detached properties accounted for less than 10% of total sales activity in 2025. Sales reached 2,159 units, down 8% year-over-year, but slightly above long-term trends.
This segment took longer to transition into balanced conditions, which helped support stronger price growth. The annual average benchmark price rose to $685,850, nearly 3% higher than last year.
While prices eased in the North district due to competition from new homes, those declines were more than offset by 4% growth in the City Centre, resulting in solid overall performance for the year.
Row Homes
Row home sales declined 17% to 3,838 units, though activity remained above long-term averages as this housing type continues to represent a growing share of Calgary’s market.
Rising new listings led to inventory gains and reduced upward pressure on prices. Market conditions shifted to balanced relatively early in the year, and by the final quarter ranged from balanced to buyer-favouring depending on district.
Overall, row home prices declined 2% on an annual average basis. Prices were generally stable in the City Centre, North West, West, and East, but additional resale supply and competition from new homes led to 4% declines in the North East and North districts.
Apartment Condominiums
Apartment condominiums experienced the largest market adjustment in 2025. Sales fell 28% compared to last year’s near-record levels, though they remained 28% above long-term averages.
The primary driver of changing conditions was supply. Over the past three years, apartment construction—largely purpose-built rental—has expanded significantly. While these units are not direct resale listings, they increased overall housing choice and reduced urgency among buyers and investors.
By the second half of the year, most districts had shifted into buyer-favouring conditions, with elevated months of supply placing persistent downward pressure on prices. The annual average benchmark price declined by nearly 3%, with the steepest drops in the North East at close to 5%. The West district was the only area to report relative price stability.
Regional Market Highlights
Airdrie
Improved supply from both the new home market and competing resale areas pushed inventory to its highest level since before the pandemic. While sales remained aligned with long-term trends, rising supply led to a 2% decline in the annual average benchmark price.
Cochrane
Sales remained strong and above historical norms. Supply growth gradually shifted the market into balanced conditions later in the year, limiting price pressure. The annual benchmark price increased nearly 3% to $578,325.
Okotoks
Despite a 40% increase in inventory, supply levels remained 30% below long-term averages, keeping market conditions relatively tight. Overall prices posted modest gains, with performance varying by housing type. Apartment condominiums saw the strongest growth, rising nearly 8%.
Looking Ahead
2025 represented a structural reset for Calgary’s housing market.
Supply improved meaningfully
Price growth moderated
Market conditions normalized across most segments
Detached and semi-detached homes demonstrated resilience, while higher-density housing absorbed most of the adjustment. With healthier inventory levels entering 2026, the market is positioned for greater stability, improved choice for buyers, and more sustainable pricing trends moving forward.