Calgary ranked as the second-best city to buy real estate in MoneySense’s 2015 edition of Where to Buy Real Estate. While a lot has changed in ten years, one thing hasn’t: Calgary homes remain one of the best values in Canada. In the 2025 edition, Calgary once again claimed the number two spot, reaffirming its strength as a top real estate market.
Still, the city’s real estate landscape hasn’t stood still. Here are five key ways Calgary real estate has transformed from 2015 to 2025.
1. Detached Homes in Calgary Are Nearly 50% More Expensive Than in 2015
In June 2015, the benchmark price of a single-family home was $477,300, while condo apartments were nearly half that at $270,300. Over the past ten years, the price of a single-family home has risen by 45.4%, reaching $694,000.
The challenge for home buyers is that incomes have not kept pace with rising home prices. In 2015, the median household income in Calgary was $102,700. By 2022, the most recent year of available data, it had increased by just 7.6% to $110,550. According to the National Bank of Canada, a household now needs a qualifying annual income of at least $152,735 to purchase the median-priced detached home in Calgary.
Condo prices, on the other hand, have remained relatively accessible. Over the past decade, condo prices have risen by just 26%, bringing the benchmark to $340,500. Based on the same affordability index, a household earning $90,169 annually would qualify to purchase a condo apartment.
2. Calgary Emerged as the Hottest Market Post-Pandemic
Before the pandemic, Calgary’s real estate market was slowly recovering from the impact of plummeting oil prices and a prolonged economic downturn. Home prices plateaued or softened from 2015 to 2020, with the benchmark price dropping by 6%.
But then everything changed after 2020. Calgary’s economy improved, and homebuyers from across the country started to see the value in moving to Canada’s third-largest city, particularly as Toronto and Vancouver home prices skyrocketed to over $1 million. Another major benefit of moving to Calgary is its lower property taxes, which could save homeowners thousands of dollars a year compared to other Canadian cities.
From 2015 to 2021, interprovincial migration had little impact on Calgary’s real estate market. In 2015/2016, just 16,163 Ontarians moved to Alberta. Ten years later, that number has nearly doubled, with 30,612 Ontarians relocating to Alberta in 2023/2024.
Interprovincial migration from British Columbia to Alberta also nearly doubled from 2015 to 2024, rising from 15,933 to 30,675 migrants. At the same time, more Albertans have stayed put.
In 2015/2016, 19,421 Albertans moved to Ontario, and 29,304 moved to British Columbia. In 2023/2024, the number of Albertan migrants to Ontario and British Columbia dropped to 11,942 and 18,290, respectively.
As a result, the benchmark price in Calgary surged by 13.6% from 2020 to 2021, and then again by 13.7% from 2021 to 2022. With Calgary’s population projected to surpass 1.6 million by 2027, the city’s real estate market will continue to see housing demand grow.
3. The Market Finds Its Balance After a Decade of Change
There were 1,991 home sales in June 2015, compared to 2,286 in June 2025. While this marks a slowdown from the peak activity seen between 2021 and 2024, sales remain 14.8% higher than in 2015.
This slower pace, combined with improved inventory, has helped shift the market toward more balanced conditions. In June 2025, the sales-to-new-listings ratio (SNLR) was 54%, signaling a balanced market. In contrast, June 2015 saw a much tighter market with an SNLR of 70%, firmly in seller’s territory.
Notably, condo apartment sales have increased the most from 2015 to 2025. Apartment condo sales rose from 399 to 532, representing a 33.3% increase, while detached and attached sales both decreased. As condo prices have increased only modestly, the uptick in sales suggests 2025 buyers are prioritizing affordability.
4. Inventory Has Improved Dramatically Thanks to Increased Construction
Canada needs more homes, and few cities are building as fast as Calgary. For the first time in a Q1 period, Calgary’s housing completions surpassed Toronto’s, reaching 4,415 units in Q1 2025.
In the latest CREB release, months of supply was at 3.04 months, a whopping 119.3% increase from 2024. In June 2015, months of supply was at just 2.3 months. New listings have also surged, increasing from 3,920 in June 2015 to 5,459 in June 2025.
While all property types have seen an improvement in supply over the last decade, condo apartments in particular have benefited from increased construction. In June 2015, apartment new listings totalled just 612, and by June 2025, new listings nearly doubled to 1,024. At the same time, total apartment inventory has increased by 76.6% from 1,196 to 2,112.
So what’s Calgary’s secret? The city has introduced a number of initiatives to speed up building timelines and increase housing supply, including an office-to-residential conversion project, citywide rezoning, and streamlining permit approvals.
5. Luxury Real Estate Takes Off in Calgary
While Toronto and Vancouver have long held the spotlight for luxury homes in Canada, Calgary’s luxury market is beginning to emerge as one to watch.
In June 2015, there were only 75 home sales above $1 million in Calgary. In comparison, there were 224 sales above $1 million in June 2025, a 198.7% increase. Year-to-date June sales of homes above $1 million have reached a peak in 2025 with 1,157 sales. In 2015, year-to-date June sales above $1 million were a meager 292.
Homes selling for above $2 million in Calgary were even rarer in 2015, with just 5 sales in June 2015. Fast forward to 2025, and 22 homes sold for above $2 million, marking a rise in the ultra-luxury market.
Whether you’re buying or renting, the right real estate agent will help you navigate your next move with confidence. Start your search today.