MARKET UPDATE FOR CALGARY REAL ESTATE IN JUNE 2025
Calgary is sitting in a balanced market overall, but what’s happening under the surface is more interesting/nuanced.
At the citywide level, inventory continues to build. Sales were down 17% from the same time last year, while new listings rose 11%, pushing months of supply to 3.0. That’s right in line with historical balance (roughly 2.5 to 4.0 months), but the sentiment shift is real: buyers are more cautious, and sellers can no longer rely on momentum alone. We don't mind this!
Detached homes are holding relatively firm. The benchmark price is $764,000, basically flat year-over-year. But beneath that average, we’re clearly seeing a flight to quality, both in terms of location and housing type. The North East, for example, is now in buyer’s territory (4 months of supply, prices down 4% year-over-year). At the same time, more central areas (which hollowed out 2014-2021) are seeing steady sales and stronger price resilience, due to their relative affordability vis-à-vis central Vancouver/Toronto.
Among the four surrounding bedroom communities, Okotoks is the tightest market, still showing under two months of supply and nearly 3% price growth year-over-year. Cochrane follows, with months of supply just below three and moderate price growth continuing. Chestermere (not included in the June stats release, but previously balanced) likely remains in the middle of the pack. Airdrie, on the other hand, has seen the sharpest shift - months of supply is now above three (buyer's market) for the first time since 2020, and benchmark prices have declined for the second month in a row. Each market is behaving a little differently, but all four reflect the broader trend toward normalization.
Semi-detached homes show a similar pattern. Conditions are balanced, with 2.6 months of supply, and prices are still slightly up year-over-year, especially in the City Centre, which hit a new high. Luxury duplexes are in a class of their own, and for good reason. Some outer districts are seeing extremely slow depreciation.
Townhome/row home inventory has jumped, and months of supply have now crept above 3.0. Prices are down about 3% from last year. The story here, again, is location: some newer suburban areas are showing early signs of oversupply, while the City Centre remains stable.
Apartments are now in a buyer’s market - plain and simple. Inventory is high, sales are slowing, and prices are down 3% year-over-year. But interestingly, this isn’t just a low-end story. From $200k to $700k, the months of supply are relatively flat. What matters more right now is geography - distant suburbs are struggling, while inner-city pockets are faring better. Interestingly, we have a good few buyer clients active in the higher price ranges, typically, but not always, at the retirement stage.
As agents who’ve seen a few cycles, we view this mid-year cooling as normal. With Canada’s underlying housing shortage unresolved and no major shifts in migration policy, we expect things to move again in the other direction eventually (let's wait and see! For now, there’s more patience in the market - and more thought going into timing. Some sellers will benefit from waiting until next year, while others have strategic reasons to list sooner. We’re helping clients navigate both sides carefully. More than ever, it depends on your life and what you have.
We've also been active in the higher price ranges lately and continue to be surprised by how much confidence, wealth, and liquidity are present in that segment. There's no question some families are doubling down on Calgary and planning for the long haul. "It's a good time to move" is a cliche, but it is true that conditions are nicely set up for people to sell and buy right now.
And personally? We’re enjoying things! We'll take any market, but helping excellent people make thoughtful decisions, without pressure, is probably our favourite market of all. We're quite busy, and it's lovely! So, thank you.
As always, we’re here if you want to talk.