Calgary Real Estate Market Update- May 2025

MARKET UPDATE FOR CALGARY REAL ESTATE IN MAY 2025

May was an exciting, active month in the marketplace, both for our clients and market players, generally. We are expecting June to be marginally slower for new listings and sales, as this year shapes up to be a pretty "normal" year. If that plays out, July will be markedly slower. Breanna has been very busy listing & selling, and I have been very steady. Specific listing outcomes have become more predictable as the market settles into a familiar seasonal rhythm.

• Sales down 17% year-over-year, mostly due to weaker apartment and row home activity. They are, however, 11% above long-term May norms.
• Listings are up, boosting inventory: +10-25% for properties without condo fees, and +25-40% for apartments/row homes. Overall, Calgary is now in a more balanced market (2.6 months of supply).
• Detached & semi-detached prices are flat or slightly up year-over-year.
• Row and apartment prices are down, with inventory rising and competition from new builds and rentals impacting demand.

• Detached: $769K avg. price, stable. NE Calgary is seeing softening due to high supply. This is one area of Calgary which, in our opinion, saw irrational exuberance during the last part of the COVID & post-COVID boom.
• Semi-detached: Tight in NW, soft in NE. City-wide prices up ~3% vs last year.
• Row: Inventory highest since 2021. Prices down ~2% YoY.
• Apartments: Sales way down, prices down 1% YoY. High rental inventory is undercutting investor demand.

• Airdrie: Listings up, sales down. Prices down 2% YoY.
• Cochrane: Sales down 17%, listings way up. Prices still +4% YoY.

• Okotoks: Strong demand, low supply = prices up 2% YoY

• These areas continue to perform well due to scarcity and pricing being "low" relative to "comparable" neighbourhoods in Vancouver/Toronto, with certain product types & price ranges seeing gentle appreciation. Inner-city builders are building fewer semi-detached homes in favor of townhomes.