A surge in housing supply is reshaping Calgary’s market, continuing to put downward pressure on prices, according to the latet data from the Calgary Real Estate Board.
The August 2025 report, released Tuesday, shows apartment-style condos and row-style homes are seeing the sharpest drops, while detached and semi-detached properties are posting only modest declines.
The unadjusted total residential benchmark price was $577,200 in last month, down four per cent from August 2024.
“Perspective is needed when it comes to price adjustments,” said CREB chief economist Ann-Marie Lurie, adding that high-density housing like row and apartment-style homes are seeing the biggest drops as those categories are seeing the biggest gains in supply.
“Meanwhile price adjustments in the detached and semi-detached markets range from modest price growth in some areas to larger price declines in areas with large supply growth. Overall, recent price adjustments have not offset all the gains that have occurred over the past several years,” said Lurie.
Unadjusted benchmark prices for row houses were down five per cent year-over-year in August, while condo prices slid six per cent. Detached at semi-detached prices remain flat from 2024.
Sales slow, but remain above longterm trend
August sales reached 1,989, nearly nine per cent lower than the same month last year. Sales activity has eased compared to the highs of the past four years but remains above long-term trends, pointing to ongoing strong demand.
The notable change lies in supply. Elevated new listings have kept the sales-to-new-listings ratio below 60 per cent, pushing inventory to 6,661 units — the highest August level since 2019.
With more choices available and slower sales, months of supply rose to 3.4 in August. This marks a significant shift from the seller’s market conditions of the past four years, though levels remain well below the buyer’s market seen before the pandemic.
While the market overall is more balanced compared to last year, conditions continue to vary depending on property type, price range and location.
