After years of tight supply and fast-rising prices, Calgary’s housing market is showing signs of stabilization this spring.
According to the Calgary Real Estate Board, inventory levels jumped to 5,876 units in April, more than double what was available at this time last year. While that might sound dramatic, CREB says it’s important to remember that supply in 2024 was exceptionally low, and this year’s inventory is much more in line with historical averages for April.
“Economic uncertainty has weighed on home sales in our market,” said Ann-Marie Lurie, CREB’s chief economist, “but levels are still outpacing activity reported during the challenging economic climate experienced prior to the pandemic.”
In April, 2,236 homes were sold, marking a 22 per cent decline from last year. However, sales are still tracking close to long-term trends, suggesting Calgary’s market may be finding its footing.
The benchmark price for a home dropped 1.4 per cent year-over-year in April, to $591,100.
More listings, slower sales = market stability
The combination of rising listings and easing sales has pushed the market closer to balanced conditions, with nearly three months of supply now available across the city.
That’s giving buyers more choice and taking some of the heat off prices, which had soared during the post-pandemic housing boom. However, the story changes depending on price range and property type. Lower-priced detached and semi-detached homes are still in tight supply, while apartment and row-style homes are seeing more breathing room.
The bottom line
Calgary’s housing market is no longer moving at breakneck speed—and that’s not necessarily a bad thing, CREB notes. Balanced conditions are giving buyers more time, sellers more realistic expectations, and prices some room to breathe.
As Lurie puts it, “Previous gains in migration, relatively stable employment levels, lower lending rates, and better supply choice compared to last year’s ultra-low levels have likely prevented a more significant pullback in sales and have kept home prices relatively stable.”
