Calgary’s Housing Market Shift: What August 2025 Numbers Mean for Buyers and Sellers

The Calgary housing market is undergoing a significant transformation, and the August 2025 data reveals some fascinating trends that both buyers and sellers need to understand. After years of a red-hot seller’s market, we’re witnessing a more balanced landscape emerging across different property types.

The Big Picture: A Tale of Two Markets

The most striking development is how different property types are experiencing vastly different market conditions. While the overall residential benchmark price sits at $577,200, down nearly four percent from last year, the story varies dramatically depending on what type of home you’re looking at.

As CREB® Chief Economist Ann-Marie Lurie explains, “The most significant price adjustments are occurring for row and apartment style homes as they are also the product type that are facing the largest gains in supply choice.” This insight is crucial for understanding today’s market dynamics.

Higher Density Properties Leading the Adjustment

Apartment Condominiums are experiencing the most dramatic shift. With sales down nearly 30 percent year-to-date and inventory at record August levels (1,979 units), prices have declined for five consecutive months. The benchmark price of $326,500 represents a six percent drop from last August. The North East district has been hit hardest, with price declines exceeding 11 percent.

Row Housing is following a similar pattern, with the benchmark price of $439,600 marking the fourth consecutive monthly decline and a nearly five percent year-over-year drop. Districts with high resale supply or significant new home competition, including North East, North, South, and East, are seeing the steepest declines.

Detached and Semi-Detached Markets Show Resilience

The detached home market tells a different story. While the benchmark price of $755,600 is down slightly from last year, the declines are modest compared to higher-density properties. Interestingly, some areas like the city centre are actually seeing price growth of over two percent, while others like the North East and East districts face five percent declines.

Semi-detached properties are holding up even better, with benchmark prices of $687,200 actually showing nearly one percent growth year-over-year and four percent growth year-to-date.

Supply and Demand Dynamics

The fundamental shift happening is on the supply side. New listings remain elevated across most property types, pushing total inventory to 6,661 units, the highest August level since 2019. This increased supply choice, combined with sales that are nine percent lower than last year, has pushed the months of supply to 3.4 months.

To put this in perspective: we’ve moved from the extreme seller’s market conditions of the past four years to more balanced conditions, though we’re still well below the buyer’s market territory seen before the pandemic.

Regional Variations Matter

The suburban markets are each telling their own unique stories:

• Airdrie is experiencing downward pressure with benchmark prices at $531,100, down four percent year-over-year
• Cochrane remains surprisingly stable at $589,100, actually up two percent from last August
• Okotoks continues to show strength with year-to-date prices two percent higher than last year, supported by tighter inventory conditions

What This Means for Market Participants

For Buyers: This is the most choice you’ve had in years. Higher-density properties offer the best value opportunities, with significant price adjustments creating entry points that weren’t available during the seller’s market years. However, quality detached properties in desirable areas are still competitive.

For Sellers: Pricing strategy has never been more important. Properties in oversupplied segments need to be competitively priced to attract buyers, while unique properties in undersupplied areas can still command premium pricing. The days of automatic price increases are behind us.

For Investors: The apartment condominium market presents interesting opportunities for those with longer-term horizons, as current pricing adjustments may create value plays for patient investors.

Looking Forward

As Lurie notes, “Recent price adjustments have not offset all the gains that have occurred over the past several years.” This suggests that while we’re seeing corrections, the market is finding a new equilibrium rather than crashing.

The key to navigating this market is understanding that location, property type, and pricing strategy matter more than ever. The one-size-fits-all approach that worked during the pandemic boom simply doesn’t apply in today’s more nuanced market environment.

Whether you’re buying or selling, working with professionals who understand these micro-market dynamics will be crucial for success in this new landscape.