Canadian Housing Market Stabilizes in April—What It Means for Buyers and Sellers in Calgary

On May 15, 2025, the Canadian Real Estate Association (CREA) released its April housing market report, and for the first time in months, national home sales didn’t decline. While activity remained flat at -0.1% month-over-month, this marks a shift from the cooling trend seen since the start of the year.

But what does this mean for the Calgary real estate market? And more importantly—what does it mean for you if you’re planning to buy or sell a home in 2025?

Let’s break it down.

National Highlights at a Glance

Before we zoom in on Calgary, here are the key national stats from the April 2025 report:

• National home sales were unchanged (-0.1%) from March.
• Monthly activity was down 9.8% year-over-year.
• New listings fell 1% month-over-month.
• The MLS® Home Price Index dropped 1.2% month-over-month, and 3.6% year-over-year.
• The national average sale price was down 3.9% compared to April 2024.
• There were 183,000 properties listed for sale across Canada—up 14.3% from last year but still below the long-term average.
• Sales-to-new listings ratio sits at 46.8%, indicating a balanced national market.

Understanding the National Pause: Tariffs, Not Just Interest Rates

One of the most noteworthy shifts is the role that tariffs—rather than interest rates—are now playing in slowing down buyer activity. CREA’s Senior Economist, Shaun Cathcart, explains that uncertainty around tariffs has replaced rate hikes as the top concern for many prospective buyers.

This has contributed to a quieter market—similar to the second half of 2022 and parts of 2023—where confidence remains subdued, and both buyers and sellers are hesitant to act without clear direction.

CREA also issued a cautionary note: if we see a shift from homeowners choosing to sell to having to sell due to economic pressures, we could face a more significant market disruption—something we haven’t seen in decades.

Calgary Real Estate in 2025: How Are We Different?

While national stats give us an important backdrop, real estate is inherently local. Calgary’s market continues to perform differently from the national average—especially when compared to larger markets like Toronto or Vancouver.

Here’s how:

• Inventory in Calgary remains tighter. The national increase in listings is driven mostly by Ontario and B.C. Calgary hasn’t experienced the same surge, and supply remains more constrained.
• Our pricing trends have been more resilient. While the national HPI is down 3.6% year-over-year, Calgary has seen more modest shifts—especially in desirable neighbourhoods and certain price brackets.
• Demand in Calgary is still healthy. Interprovincial migration and relative affordability continue to drive interest in Calgary homes, especially from buyers relocating from more expensive provinces.

What This Means for Buyers in Calgary

If you’re thinking of purchasing a home in Calgary in 2025, here’s what the current environment means for you:

✅ 1. It’s a more balanced market—use that to your advantage.

With flat national sales and slightly declining prices, we’re not in the overheated market of early 2022. While Calgary remains competitive in some segments, buyers are gaining negotiating power in others. This is where strategy matters—knowing when to act and when to wait.

✅ 2. Pricing is more stable locally than nationally.

National price drops may sound like an opportunity, but remember: Calgary hasn’t seen the same magnitude of decline. In some areas, prices are holding firm—or even inching up. This underscores the importance of having a local REALTOR® who knows the micro-markets inside out.

✅ 3. Interest rate stability is helping affordability.

We’ve shifted from rapidly rising interest rates to a plateau, and while rates haven’t dropped significantly yet, the predictability is welcome news for buyers. It allows for better financial planning and mortgage qualification.

✅ 4. Tariff concerns may influence construction and renovation costs.

If you’re considering new builds or major renovations, keep an eye on tariffs, especially those affecting materials like lumber, steel, or drywall. These may impact pricing or availability in the months ahead.

What This Means for Sellers in Calgary

If you’re preparing to list your home this year, the April data highlights a few key considerations:

✅ 1. Calgary sellers are in a stronger position than many across Canada.

While sellers in Ontario and B.C. face higher competition and longer days on market, Calgary still has tight inventory in many communities. Homes priced accurately and presented well continue to sell.

✅ 2. Be prepared for discerning buyers.

Even in tighter markets, today’s buyers are well-informed and cautious. Pricing your home too high could lead to extended days on market and necessary price reductions later. A thoughtful pricing strategy, based on recent comparable sales and market activity, is essential.

✅ 3. Presentation and timing matter more than ever.

With more balanced conditions, staging, professional photography, and listing at the right time (and in the right season) can make a big difference. Gone are the days when any listing would sell in a weekend—today’s market requires more finesse.

✅ 4. Local market knowledge is critical.

Buyers are seeking value, and their agents are looking closely at comparables. Having a REALTOR® who not only understands your neighbourhood but can negotiate effectively on your behalf is a significant asset.

Final Thoughts: Navigating Calgary’s Market in 2025

Whether you’re looking to buy or sell, the message is clear: national data provides helpful context, but real estate success in Calgary hinges on local knowledge, timing, and strategy.

The good news? We’re in a more balanced and rational market. The urgency and bidding wars of the past few years have cooled, and buyers and sellers alike have room to make more informed, thoughtful decisions.

If you’re ready to take the next step—or even just want to explore your options—I’m here to help. With over 15 years of experience guiding Calgarians through changing markets, I bring a calm, strategic approach to every transaction.

Let’s connect and talk about how we can make your next move a smart one.

📞 Contact me today to book a no-pressure consultation.