Calgary Real Estate Market Update – March 2025

March 2025 brought significant changes to Calgary’s housing market, with ongoing economic uncertainty influencing buyer confidence and sales activity. The impact of tariff concerns and broader economic factors led to a 19% drop in home sales compared to the previous year, with a total of 2,159 transactions recorded. While this slowdown affected all property types, the most significant declines were seen in higher-density segments, such as apartments and row homes.

Despite this decline, Ann-Marie Lurie, Chief Economist at CREB®, emphasized that sales remain stronger than they were during the economic challenges of 2015 to 2020. The pullback in demand has been met with an increase in new listings, leading to higher inventory levels. This shift is helping the market transition from a strong seller’s market into more balanced conditions.

Inventory and Pricing Trends

March saw over 4,000 new listings, reducing the sales-to-new-listing ratio to 54%. This rise in available properties pushed total residential inventory to 5,154 units, increasing the months of supply to 2.4 months. Although this represents a shift from last year’s tighter conditions, supply remains limited in many segments, particularly in sought-after price points. These changes indicate a healthier balance between buyers and sellers, reducing the aggressive competition that characterized the previous four years.

With inventory levels improving, home price growth has started to stabilize. The unadjusted residential benchmark price for March stood at $592,500, holding steady compared to both the previous month and March 2024. Detached and semi-detached home prices remain at or above peak levels, while apartment and row-style homes continue to sit slightly below their highs from last year.

Detached Homes Market Overview

Detached home sales totaled 1,035 units in March, marking a 10% decline year-over-year. However, new listings increased, contributing to a rise in inventory levels compared to the exceptionally low supply last year. This improvement has pushed the months of supply to just over two months, a significant shift from the less than one month recorded last spring.

Homes priced below $700,000 continue to see strong demand, keeping supply conditions tight. However, in the $800,000+ range, we are seeing a move toward balanced conditions. The unadjusted benchmark price for detached homes rose to $769,800 in March, a 4% increase from last year. The most significant price gains were recorded in the City Centre, where limited supply is maintaining upward price pressure.

Semi-Detached Homes Market Overview

The semi-detached segment also experienced a sales decline, with a first-quarter drop of 11% compared to last year. However, a surge in new listings in March helped boost inventory levels, bringing the months of supply up to 2.2 months—the highest since late 2022.

This increase in supply is slowing price growth compared to last year’s rapid gains. However, semi-detached homes continue to appreciate, with March’s unadjusted benchmark price reaching $691,900—more than 5% higher than last year. The strongest price increases were seen in the City Centre and West districts, where demand remains robust despite rising inventory levels.

Row Homes Market Overview

Row homes saw a surge in new listings, with 697 properties hitting the market in March. This increase was met with 400 sales, which helped ease the sales-to-new-listings ratio and push inventory levels higher. By the end of March, there were 826 row home units available, bringing inventory closer to long-term trends but still below pre-pandemic highs.

With supply improving across most price ranges, especially in the North East, North, and South East districts, the market for row homes is shifting toward balanced conditions. This change has slowed price growth, with the March unadjusted benchmark price sitting at $454,000—a 2% increase from last year but nearly 4% below the June 2024 peak.

Apartment Condominiums Market Overview

The apartment condo segment saw the sharpest sales decline among property types in March. However, this comes after record-breaking sales in 2024, and first-quarter transactions (1,383 units) remain well above long-term averages.

New listings increased significantly, causing the sales-to-new-listings ratio to drop below 50% and pushing inventory levels higher. March ended with 1,710 units in inventory, increasing the months of supply to just over three months. While this is a notable shift from the ultra-low supply of the past three years, inventory levels are still well below the six-month averages seen between 2015 and 2020.

More supply has slowed price growth in the apartment segment. The unadjusted benchmark price for March was $336,100—up 3% from last year but still below the peak reported in August 2024. Price movements vary by district, with the largest declines occurring in the North and North East areas.

Regional Market Insights

Airdrie

Airdrie’s housing market saw 160 sales in March, bringing first-quarter sales to 395 units, an 11% decline from last year. Despite slowing sales, new listings increased, pushing inventory levels up to 398 units—much higher than the 164 available last year. The sales-to-new-listings ratio dropped to 57%, indicating a move toward balance.

This shift has alleviated some of the pressure on home prices. The benchmark price for detached homes in Airdrie reached $651,300 in March, up 2% from last year and narrowing the gap from the June 2024 peak of $657,400.

Cochrane

Cochrane’s market remained stable, with March sales aligning with last year’s levels. First-quarter activity was slightly higher than in 2024 and well above historical averages. New listings increased, but strong demand kept the sales-to-new-listings ratio at 67%, slowing inventory growth.

Inventory levels reached 213 units, marking an increase from last year but staying in line with long-term trends. With inventory improving and sales holding steady, Cochrane is shifting toward balanced conditions, which has tempered the pace of price growth. In March, detached home prices hit a record high of $686,800, up more than 5% from last year.

Okotoks

Okotoks recorded 129 home sales in the first quarter, down from 155 last year. While new listings have improved, the sales-to-new-listings ratio remained above 60%, and inventory levels remain exceptionally low. March ended with just 96 available units, keeping months of supply below two months.

Due to ongoing supply shortages, home prices in Okotoks continue to rise. The benchmark price for detached homes reached $715,500 in March, setting a new record high and reflecting a 5% year-over-year increase.

Final Thoughts

The Calgary real estate market is transitioning toward more balanced conditions, but trends vary by property type and price range. Detached and semi-detached homes remain in demand, particularly in the more affordable price points. Meanwhile, apartment and row home inventory growth is helping ease price pressure.

Navigating today’s shifting market requires expert guidance. If you’re considering buying or selling, reach out to Nasiri Property Group for personalized insights and professional support.

*Information used from CREB Talk and CREB Housing Statistics. Direct link to CREB TALK HERE