MARKET UPDATE FOR CALGARY REAL ESTATE IN JULY 2025
Calgary Area
Freehold (Mainly Detached & Semi-Detached) - Balanced, Monitoring
The detached market remains broadly balanced, with more affordable price ranges generally more competitive and higher price ranges offering buyers more choice. One exception has been a particularly active pocket around $2.5M-$3M.
Location matters enormously. Areas with enduring underlying value and limited new supply have, in some cases, continued to see moderate price growth. This includes parts of the City Centre and West Calgary. Conversely, prices in the North East are down approximately 6% year-over-year, while some newer communities on the city's outskirts continue to experience modest price pressure.
Last month, we suggested that the freehold market was gradually tightening. July bucked that trend. For the first time in several months, sales slowed faster than inventory declined, pushing months of inventory from approximately 2.2 to 2.8 months.
For now, we view this as a balanced market experiencing normal month-to-month movement rather than a material change in direction — but we'll be watching it closely. Importantly, overall demand remains stronger than during Calgary's more difficult 2015–2019 market.
Apartments - The Big Story
Calgary's apartment buyer's market became more pronounced in July.
Apartment sales are now down approximately 26% year-to-date, while benchmark prices are more than 8% below last year and 13% below their 2024 peak. Confidence remains relatively low.
The underlying issue is supply and demand. Lower migration has reduced demand at the same time that significant new rental and apartment supply is coming onto the market. While rent declines appear to have moderated recently, we continue to see more downside risk than upside risk for apartment values in the near term.
Importantly, this market varies enormously by location and price. Newer suburban areas and luxury inner-city apartments generally have substantially more supply, while affordable, livable apartments in highly walkable City Centre communities such as Mission and Kensington remain much more balanced.
Townhomes - Now Favouring Buyers
Townhomes are experiencing similar, but less pronounced, pressure.
Overall, the market has shifted toward buyers, with sales slowing and months of inventory rising. However, conditions remain considerably more balanced than apartments, and there are still locations and price ranges performing well.
The greatest pressure tends to be in areas with substantial competing townhouse and new-construction inventory, particularly in newer suburban communities.
Fort McMurray - Seller's MarketLast month, we noted that Fort McMurray's seller's market was being supported by unusually low inventory and restrained new listings.
That story continued in July.Inventory fell from
309 homes to 266, while sales were relatively steady at
151 versus 144, tightening the market slightly from
2.0 to 1.8 months of inventory.
Freehold remains particularly tight at around 1.9 months. We would normally expect activity to slow as we move toward the fall, but with inventory this low, we expect conditions to remain favourable for sellers.
Canada-wide 
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