As Calgary moves into the second half of 2025, its residential housing market is shifting gears. The conditions of 2023 and 2024, which were marked by record-low inventory, double-digit price growth, and intense bidding competition, have given way to a more balanced environment and new opportunities to buy. New listings have grown compared to last year, while sales activity is moderating, so buyers now have more leverage than at any point in the past two years. The market is not in retreat, but entering a new, more sustainable phase, driven by strong fundamentals.
Calgary’s Fundamentals Continue to Hold
In May 2025, Calgary’s active housing inventory nearly doubled to 6,740 units, up from 3,412 in May 2024, according to the Calgary Real Estate Board (CREB). This surge drove the months of supply to approximately 2.6, a rise from about 1.1 months a year earlier. As Jesse Davies, leader of the Jesse Davies Team with Century 21, notes, “While buyers are no longer facing the severe scarcity seen over the past two years, Calgary is still in a tighter-than-average market, just on the cusp of what’s typically regarded as a balanced market.”
Despite growing inventory, prices have remained remarkably stable. Calgary’s overall benchmark price was $589,900 in May, down slightly year-over-year but unchanged from the prior month. Detached homes—still the most sought-after product type—posted modest month-over-month gains and remain well above pre-pandemic levels. Semi-detached homes also held their value, with year-over-year growth of approximately 3%.
The more affordable segments of the market have been slower. Apartments and row houses saw mild price declines in May, with apartment benchmarks down around 2% from last year to $335,300.
Strong Fundamentals Still Support Demand
Population growth remains a key pillar of market strength. Calgary’s metro population passed 1.6 million in 2024, up approximately 6% from the previous year. The labour market remains equally robust; Calgary had a 4.4% increase in jobs in 2024, which was higher than the national average of 1.8%.
Davies confirms that Calgary’s continuing fundamentals ensure Calgary remains an excellent location to buy, and adds that within the Calgary market, “Transit and amenity-rich hot spots, such as Bridgeland, Beltline, and Sunnyside, which are known for their high walkability, proximity to the River pathways and LRT access, continue to show rental demand resilience and provide pockets of upside due to ongoing densification.”
Supply Side Catching Up for Greater Choices
After years of underbuilding, Calgary is now in the middle of a boost in construction. Over 21,000 units were completed in 2024, for a 69% increase year-over-year, with multi-family projects accounting for the bulk of the new inventory. This means buyers can enjoy more choices and opportunities to ensure properties align with their personal and investment goals.
Rental Market Resilience in Key Neighbourhoods
Vacancy trends vary by segment: Detached rentals in suburbs like Evanston, Tuscany, and Panorama Hills continue to maintain rent levels up to $2,800, with relatively low turnover, offering a steadier yield profile. Davies recommends careful selection of locations and properties to ensure leveraging those that offer continued resilience and better performance.
Price Growth Paths
Calgary’s price trends in 2025 reflect a shift from rapid growth to steadier, more sustainable gains. Detached homes in established suburbs and high-demand urban areas continue to see moderate appreciation, supported by low supply and solid rental demand.
Davies foresees this rebalancing as creating strategic entry points for buyers and investors. Some neighbourhoods are currently affordable but show potential for appreciation. Prices have levelled off even as demand remains strong, suggesting these areas may be undervalued. With ongoing absorption and steady population growth, they’re well-positioned for future price gains once market conditions tighten again.
For investors, these cooling pockets offer a chance to buy ahead of the next growth cycle, at prices that still reflect short-term supply conditions rather than long-term fundamentals.
A Market Resetting on Solid Ground
Calgary’s housing market in 2025 is no longer accelerating, but neither is it contracting. Although there are economic risks and uncertainties currently, Calgary’s employment growth, demographic support, and relative affordability mean it can offer resilience and continued opportunities.
Davies comments, “What’s emerging is a more balanced and durable real estate environment. That equilibrium is rooted in supply catching up to demand, while fundamentals remain intact. This balance creates actionable opportunities for the future.”
In key suburban neighbourhoods, residential detached homes continue to deliver strong rental yields alongside steady, moderate appreciation potential. Similarly, certain condo and townhouse markets in amenity-rich corridors offer more negotiable pricing today, with longer-term growth potential supported by ongoing densification and steady tenant demand. Additionally, there are entry-level opportunities in select undervalued communities where prices have stabilized but absorption remains strong, presenting potential rewards for well-timed buyers.
Strategic Neighbourhood Picks Based on Current Market Trends
Of the neighbourhoods emerging as promising, Davies shares his picks.
Brentwood: Stable Demand Near Key Institutions
Brentwood continues to be one of Calgary’s most consistently strong-performing neighbourhoods for both price stability and rental demand. Its proximity to the University of Calgary, Foothills Medical Centre, and multiple LRT stations ensures steady demand from students, healthcare professionals, and academics. Despite its central location, property values remain accessible relative to the inner core, particularly for condos and older detached homes. Median rents remain above $2,200 per month, and vacancy rates are low. For investors, Brentwood offers stable cash flow and long-term appreciation supported by institutional anchors and future densification.
Mahogany: High-Quality Inventory with Long-Term Upside
Mahogany is one of Calgary’s premier lake communities, and it continues to show strong potential for long-term investment. Detached homes and townhouses in the area are well-built, family-oriented, and benefit from high livability scores. Average prices for detached homes are around $826,800, while one-bedroom units rent for approximately $1,549 per month. Despite higher purchase prices, the combination of low turnover, strong tenant retention, and growing demand for suburban amenities gives this community a solid outlook. Investors looking for appreciation and consistent occupancy will find Mahogany a strong candidate.
Seton: Undervalued Growth Node in the Southeast
Seton is a newer, rapidly developing community in southeast Calgary that is anchored by the South Health Campus and growing commercial infrastructure. The area continues to see strong absorption rates even as prices have plateaued, making it an attractive opportunity for value-seeking investors. Townhouses and condos are the dominant forms of new housing here, with continued support from ongoing infrastructure and service expansion. Rental demand is strong due to the area’s employment base, and pricing remains accessible compared to other newly built suburbs. Seton presents long-term upside as a still-emerging hub.
Bridgeland: Resilient Urban Infill with Lifestyle Appeal
Bridgeland offers a mix of walkability, proximity to downtown, and access to parks and river pathways, making it one of the most resilient urban markets in Calgary. While Calgary’s downtown condo market has seen some softening, Bridgeland has held its value better due to its village-like character and strong tenant demand. Condos and low-rise multifamily units are common in the area, and the rental market remains competitive. Investors benefit from strong resale liquidity, reduced vacancy risk, and a steady stream of lifestyle-oriented renters who are less sensitive to interest rate fluctuations.
Northern Suburbs: Family-Oriented Stability
Calgary’s northern suburban communities, such as Evanston, Tuscany, and Panorama Hills, continue to perform well, especially for detached rental properties. These neighbourhoods offer large homes, good schools, and established amenities that attract stable, long-term family tenants. Rents for detached homes in these areas are consistently strong, often ranging between $2,300 and $2,800 per month. These areas offer a strong balance of affordability and livability, making them ideal for investors prioritizing rental yield and lower tenant turnover.
Copperfield and McKenzie Towne: Entry-Level Opportunities
Copperfield and McKenzie Towne can offer entry-level properties with future appreciation potential. Both neighbourhoods have seen price flattening in the past year, which has opened up an opportunity for value-oriented buyers. Townhomes and condos dominate the market, and demand remains healthy from young professionals and newcomers to the city. With rents holding relatively steady and prices still below peak levels, these communities are well-positioned for modest appreciation. Investors benefit from strong absorption and access to southeast Calgary’s employment corridors.
Increasing Need for Deeper Local Knowledge
As Calgary’s market moves toward greater balance, opportunities persist in neighbourhoods where rents remain stable, demand comes from diverse sources, and pricing reflects short-term supply shifts rather than long-term value. Choosing the right investment approach—whether focused on rental income, capital appreciation, or a blend of both—depends on individual goals. Calgary’s strong fundamentals and recent price softening offer a valuable window for acquiring quality assets before conditions tighten again with easing interest rates and ongoing population growth.
Navigating this evolving landscape requires deep local insight and investment expertise. Leveraging detailed knowledge of community dynamics alongside robust market data, a top Calgary realtor like Jesse Davies helps investors identify properties that align precisely with their objectives. Through tailored strategies and comprehensive market intelligence, Davies supports clients in building resilient portfolios positioned for long-term success.