Market Update: Calgary Real Estate Begins to Balance Out This Spring

As a REALTOR® who’s been active in Calgary real estate for over 15 years, I’ve seen our market shift through many different phases — from red-hot to rock-bottom and everything in between. If there’s one thing I’ve learned, it’s that real estate is always moving, always evolving, and success comes from staying informed and adapting to the market we’re in.

So, what’s happening right now in Calgary real estate?

March has historically been one of the busiest months for resale activity in our city. But this past March looked a little different. We saw demand start to soften compared to last year, with resale activity dipping nearly 19% year-over-year. In fact, the 2,159 sales reported in March represent the lowest level of activity since April 2020 — a clear sign that we’re transitioning into a more balanced market after several years of extremely high demand and low inventory.

What’s Causing the Shift?

According to Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB), part of the cooling can be attributed to broader economic uncertainties — from concerns over interest rates to global trade issues — but much of it is simply the market finding its footing after a prolonged surge.

When you’ve had strong sales activity for an extended period of time, a pullback is not only expected, but healthy. And that’s what we’re seeing now.

More Inventory, More Choice

One of the most noticeable changes is the surge in inventory. As of the end of March, Calgary had 5,154 active listings — more than double what we saw in spring 2024. New listings also jumped nearly 27% to 4,019, giving buyers more options than they’ve had in a long time.

This increase in supply led to a 55% sales-to-new-listings ratio — a key metric that indicates a more balanced relationship between buyers and sellers. For the past few years, we’ve been in a strong seller’s market, where homes were often snapped up within days (or even hours), often with multiple offers. That dynamic is now shifting.

What’s Happening with Prices?

Despite the cooling in demand and the increase in supply, prices have remained relatively stable — and in many segments, they’re still inching up.

• The overall benchmark price across all property types held steady at $592,500.
• Semi-detached homes saw the largest jump in price, up 5% to $691,900.
• Detached homes climbed 4% to $769,800.
• Apartment condos increased 3% to $336,100.
• Row homes rose 2% to $454,000.

It’s important to note that not all areas of the market are experiencing the same pressure. The most competitive price point right now? Anything under $700,000, especially in the detached market. These properties are still in relatively short supply and continue to attract strong interest from buyers.

On the flip side, for properties priced above $700K — particularly detached homes — inventory levels are rising, and buyers have more choices, including newly built homes that are typically priced higher. According to CMHC, the average new single-family home in Calgary was priced around $860,000 in February.

What This Means for Buyers

If you’re a buyer who has been waiting on the sidelines, frustrated by a lack of inventory or discouraged by fierce competition, now might be your window of opportunity. With more listings coming online and fewer bidding wars than we’ve seen in recent years, there’s room to breathe — and room to negotiate.

But don’t be fooled into thinking it’s a “buyer’s market” across the board. Well-priced, well-presented homes — especially under $700K — are still moving quickly. Preparation and strategy remain essential.

This is where working with the right REALTOR® makes all the difference. From helping you navigate mortgage pre-approval to spotting hidden value in a hot neighborhood, my goal is to guide you through the process with confidence and clarity.

What This Means for Sellers

For sellers, the message is simple: expectations matter. We’re not in the same ultra-competitive market we were a year or two ago, and that means pricing, marketing, and presentation are more important than ever.

That doesn’t mean your home won’t sell — in fact, it very well could, and quickly — but you need to make sure it stands out and is priced according to today’s market, not last year’s. With more competition among listings, strategic pricing and professional marketing (photos, staging, digital exposure) will be the key to getting top dollar.

Looking Ahead

Even with demand slowing compared to last year, it’s important to keep things in perspective. March 2025 still ranks as the sixth-strongest March for sales over the past 15 years, according to CREB data. Calgary continues to attract new residents and investors, and our affordability (especially compared to other major Canadian cities) remains a strong draw.

Of course, the big wild card is interest rates. If rates begin to fall later this year — and there’s reason to believe they might — we could see another boost in demand heading into late spring and summer.

Final Thoughts

The bottom line? Calgary’s market is shifting, but not stalling. It’s moving from a place of frenzied activity to one that’s a little more balanced, a little more thoughtful — and in many ways, a little more predictable.

Whether you’re buying your first home, upgrading to something bigger, or preparing to list your property, now is the time to take a fresh look at your strategy and ensure you’re working with someone who understands this evolving landscape.

If you have questions about what this market means for you, I’m always happy to connect.

Let’s talk about your goals and how to make the most of this new phase in Calgary real estate.

Patrick Murray
REALTOR® | Calgary Residential Real Estate | Coldwell Banker Mountain Central
📍 Master Certified Negotiation Expert | Certified Condominium Specialist