Calgary Real Estate Market Update – End of April 2025

Calgary Real Estate Market Update – End of April 2025

Balanced Conditions Bring Breathing Room for Buyers and Sellers

If you’ve been following the Calgary real estate market, you’ll know that things have moved quickly over the past few years — tight supply, steep price increases, and fierce competition. But this April, we saw something that’s been long overdue: balance. 🏡

Let’s dive into what’s happening in our local market, what’s behind the numbers, and what it all means whether you’re buying, selling, or just keeping an eye on things.

Inventory Doubles — But Don’t Panic

One of the big headlines this month is that inventory levels rose to 5,876 units. That’s more than double what we had this time last year. Now, before that number causes alarm, let’s put it into perspective. Last year’s inventory was exceptionally low — unsustainably low, in fact. So what we’re seeing now is more of a return to normal than anything dramatic.

This rise in new listings is helping bring much-needed balance to the market. With 2,236 sales in April, we’re seeing a sales-to-inventory ratio that translates into about three months of supply — the marker of a balanced market.

In real estate terms, balance is good news for everyone. Buyers get more choice and less pressure. Sellers still benefit from stable pricing. Win-win.

Economic Uncertainty Slows Sales — But Not to a Crawl

April sales were 22% lower than last year, but they’re still within historical norms. That decline isn’t necessarily a red flag — it reflects a few things:

🔹 Economic uncertainty
🔹 Higher interest rates compared to pandemic lows
🔹 More thoughtful, deliberate buying behaviour

According to Ann-Marie Lurie, Chief Economist at CREB®, we’re still doing better than we were in the tough years before COVID. Migration into Alberta remains strong, employment is relatively stable, and compared to last year’s ultra-low inventory, buyers now actually have options.

In short, the market has cooled from the red-hot highs — but it hasn’t frozen.

What About Prices?

After several years of aggressive price growth, home prices have levelled off month-over-month. That doesn’t mean they’re dropping — they’re just not climbing at the same breakneck pace.

Here’s how benchmark prices look year-over-year:

✔️ Detached homes: $769,300 → Up 2%
✔️ Semi-detached: $691,700 → Up 3%
✔️ Row homes: $457,400 → Flat
✔️ Apartments: $336,000 → Flat to slightly down depending on area

Detached and semi-detached homes still show price strength, particularly in the City Centre where demand remains high. However, with more listings hitting the market, buyers are starting to feel less pressure to bid high and fast.

For sellers, this means pricing your home properly is more important than ever — the days of multiple offers within 24 hours on anything and everything are behind us, at least for now.

Segment-Specific Breakdown: What’s Hot, What’s Not

Let’s break down what’s happening in different parts of the Calgary market:

🏘️ Detached Homes

Sales dropped 16% compared to April 2024, but certain areas — like the South East — actually saw growth. Inventory climbed to 2,511 units, with 2.3 months of supply. The lower end of the market still feels tight, so affordable detached homes remain in demand.

🏠 Semi-Detached

April saw 190 sales, down from last year, and 350 new listings. That put the sales-to-new-listings ratio at 54%. Inventory has increased to 484 units, pushing us closer to balance with 2.6 months of supply.

Still, prices held strong, especially in the City Centre. That area saw a 5% year-over-year gain, which is the highest in this segment.

🏢 Row Homes

The row-home market is settling down. With 1,005 units in inventory and almost three months of supply, we’re finally seeing relief from the low inventory crunch. Prices? They’ve flattened — and in some districts, like the North and North East, they’ve even dipped a bit.

This could be a great entry point for buyers looking for an affordable alternative to detached living.

🏬 Apartment Condos

This segment saw a nearly 30% drop in sales year-over-year, but let’s remember: last April hit record highs. Sales are still above long-term averages. With inventory climbing and three months of supply city-wide, conditions are more balanced.

The North East district is feeling this shift the most — with seven months of supply and a 2% year-over-year price decline. If you’re a first-time buyer or investor, this is a segment to watch closely.

Surrounding Markets: Airdrie, Cochrane, Okotoks

The story in Calgary’s neighbouring communities shows some unique dynamics too:

🏡 Airdrie

Sales were down for the third month in a row, but like Calgary, Airdrie is normalizing. Inventory levels are up to 2.3 months of supply, and prices held steady at $544,700. More listings mean more choice — something that’s been sorely missing in recent years.

🌄 Cochrane

Cochrane is seeing steady sales and rising listings, with benchmark prices hitting a record high of $592,000. It’s a solid option for those wanting a bit more space and nature while staying close to Calgary.

🌳 Okotoks

Sales eased and inventory is slowly rising, but levels remain below long-term trends. Prices softened slightly compared to last month, landing at $627,100, but are still up 2% year-over-year. It’s another good example of how even modest inventory gains can temper price growth.

What This Means for You

Whether you’re looking to buy, sell, or invest, this month’s market update tells us a lot about where we are and where we’re headed:

✅ Buyers: You finally have some breathing room. While prices haven’t dropped significantly, the days of overwhelming bidding wars are fading — especially in apartments and row homes. If you’ve been waiting for a more balanced market, this is it.

✅ Sellers: Price your home right, prep it well, and you’ll still find serious buyers. Properties in good condition and priced appropriately are still selling — just maybe not with 10 offers on day one. If you’re in the detached or semi-detached market, there’s still upward price momentum on your side.

✅ Investors: Condos in the North East and row homes in the suburbs might offer opportunity. Slower price growth and more inventory mean you can be strategic about your purchases.

✅ Everyone: We’re transitioning into a healthier, more sustainable market — and that’s good for the long-term real estate ecosystem here in Calgary.

If you’d like to chat about how these changes might affect your buying or selling plans, I’m always happy to offer insight and tailored advice.

Let’s make a plan that works for your goals.