The dynamic nature of Calgary home prices has been a constant topic of discussion for homeowners, prospective buyers, and investors alike. Recently, a significant surge in housing inventory has begun to cool the previously heated market, particularly impacting Calgary home prices for condos and row homes. This detailed blog post will delve into the current state of Calgary home prices, analyze the factors at play, and offer insights into what the future might hold for the Calgary real estate market.
Understanding the Shift in Calgary Home Prices: The Inventory Influx
Calgary home prices are directly influenced by the fundamental principles of supply and demand. For an extended period, Calgary’s real estate market experienced robust demand coupled with relatively tight supply, leading to consistent upward pressure on Calgary home prices. However, June 2025 has marked a notable turning point. According to data from the Calgary Real Estate Board (CREB), Calgary housing inventory jumped to an impressive 6,941 units in June, representing an 83% increase from a year ago. This surge brings inventory levels back to pre-2022 figures, offering a much-needed breath of fresh air for buyers who have faced intense competition. This increase in available homes, particularly for apartments and row homes, has begun to temper the upward trajectory of Calgary home prices. The average home price Calgary has seen some adjustments, and the Calgary median home price has also reflected this shift, providing a more balanced market environment.
While Calgary home sales declined by 16.5% year-over-year to 2,286 units, new listings surged by 11.2% year-over-year. This combination of slower sales and increased listings has pushed market conditions back into balanced territory, a welcome change for those looking to enter the market. The increased choice for buyers is a key driver in the current moderation of Calgary home prices.
Decoding the Different Segments of Calgary Home Prices
The impact of rising inventory on Calgary home prices isn’t uniform across all property types. While the overall trend indicates a softening, the specifics vary depending on whether you’re looking at detached homes, semi-detached properties, row houses, or apartment condominiums. This nuanced view is crucial for anyone assessing home prices in Calgary or trying to understand where their property stands.
| Property Type | Sales (Units – June 2025) | Sales Change (YoY) | Benchmark Price (June 2025) | Price Change (YoY) | Inventory (Units – June 2025) | Sales-to-New Listings Ratio | Months of Supply | Key Market Observations Regarding Home Prices in Calgary |
| Detached Homes | 1,194 | -6% | $764,300 | -0.70% | 3,107 | N/A | 2.6 months | Calgary home prices for detached properties show remarkable stability. While sales are down slightly, strong underlying demand prevents significant declines. Higher-priced homes face new-build competition. |
| Semi – Detached | 212 | -17.20% | $696,400 | +1% | 555 | N/A | 2.6 months | Modest price growth year-over-year, but local variations are significant. City Centre sees record highs, while North, North East, and East experience declines. Still a relatively balanced market for these home prices Calgary. |
| Row Homes | 348 | -20% | $450,300 | -3% | 1,167 | 50% | 3.4 months | Directly impacted by rising inventory; increased buyer choice has led to noticeable downward pressure on Calgary home prices. North East shows nearly a 6% annual decline. Moving towards a buyer’s market. |
| Apartment Condos | 532 | -33% | $333,500 | -3.20% | 2,112 | N/A | 4.0 months | Experience the steepest declines in Calgary home prices due to significant inventory surge and slower absorption. Approaching buyer’s market conditions, with steepest declines in North, North East, and South East. |
| Total Residential | 2,286 | -16.50% | $586,200 | -3.60% | 6,941 | 54% | 3.0 months | Overall Calgary home prices are cooling as inventory returns to pre-2022 levels, giving buyers more options. The market is shifting from a strong seller’s market towards more balanced conditions. |
The Role of External Factors in Shaping Calgary Home Prices
Beyond the immediate supply-demand dynamics, several broader economic factors are influencing Calgary home prices. Ann-Marie Lurie, Chief Economist at CREB, notes, “Supply has improved across rental, resale and new home markets, allowing for more choice for those considering their housing options. The additional choice combined with no further declines in lending rates, persistent uncertainty and concerns of price adjustments is keeping many potential purchasers on the sidelines.” This statement highlights a few critical elements:
- Lending Rates: While there haven’t been further declines in lending rates, the current rates still play a role in affordability. Higher interest rates can reduce purchasing power, leading some buyers to delay their homeownership plans, thereby contributing to the softer demand that impacts Calgary home prices.
- Persistent Uncertainty: Global and national economic uncertainties, including potential tariff threats and their impact on inflation and energy prices, are weighing on consumer confidence. This uncertainty often leads to a more cautious approach from potential buyers, influencing decisions on whether to invest in real estate and ultimately affecting home prices Calgary.
- Concerns of Price Adjustments: The very expectation of price adjustments can become a self-fulfilling prophecy. If buyers anticipate that Calgary home prices will continue to soften, they may hold off on purchasing, further contributing to a slowdown in sales and exerting downward pressure on prices.
These factors combined paint a picture of a market transitioning from a period of rapid appreciation to one of greater balance, where buyers have more leverage.
Will Calgary Home Prices Drop Further? A Look Ahead
The question on many minds is, will Calgary home prices drop further? While the recent data shows a cooling trend, particularly in the attached segments, it’s important to consider the broader context. Calgary has experienced significant population growth, and the underlying demand for housing remains strong over the long term. The current increase in inventory is bringing the market closer to balanced conditions rather than signaling a significant crash. The CREB’s revised forecast for 2025, which anticipates a reduction in sales from earlier projections, suggests a more moderate market. They project that prices are expected to grow by less than 2% for detached and semi-detached homes, while row houses and apartments might see declines of up to 2%. This indicates a period of stabilization and minor adjustments rather than a steep decline. The market is moving away from the “extreme seller’s market” of the past two years.
For detached homes, where supply remains relatively tighter and demand is still robust, Calgary home prices are likely to remain stable or experience very modest growth. For apartment condominiums and row homes, where inventory has surged, further slight adjustments in Calgary home prices are possible as the market absorbs the increased supply. However, any significant, widespread drop across all property types seems less likely given the city’s strong fundamentals, including supportive population growth and a resilient job market. The Calgary median home price and average home price Calgary will likely continue to reflect these diverging trends across property types.
Calgary Housing Inventory Levels (June 2024 vs. June 2025)
| Property Type | June 2024 Inventory | June 2025 Inventory | % Change Year-over-Year |
| Total Residential | 3,794 | 6,941 | +83% |
| Detached | 1,600 | 3,107 | +94% |
| Semi-Detached | 300 | 555 | +85% |
| Row | 600 | 1,167 | +94.5% |
| Apartment | 1,294 | 2,112 | +63% |
Calgary Benchmark Home Prices by Property Type (June 2024 vs. June 2025)
| Property Type | June 2024 Benchmark Price | June 2025 Benchmark Price | % Change Year-over-Year |
| Total Residential | $608,100 | $586,200 | -3.6% |
| Detached | $770,000 | $764,300 | -0.7% |
| Semi-Detached | $689,500 | $696,400 | +1.0% |
| Row | $464,000 | $450,300 | -3.0% |
| Apartment | $344,000 | $333,500 | -3.1% |
Months of Supply for Calgary Housing Market (June 2024 vs. June 2025)
| Property Type | June 2024 Months of Supply | June 2025 Months of Supply |
| Total Residential | 1.6 months | 3.0 months |
| Apartment | 2.5 months | 4.0 months |
| Row | 1.8 months | 3.5 months |
Navigating the Nuances of Calgary Home Prices
The current state of Calgary home prices reflects a market undergoing a healthy recalibration. The significant spike in inventory, particularly in the apartment and row home segments, has brought increased choice for buyers and moderated the rapid price growth observed in recent years. While the overall benchmark price has seen a slight decline, it’s crucial to understand the nuanced movements within each property type. Detached home prices in Calgary have remained remarkably stable, while attached segments, especially condos, have experienced more noticeable adjustments. The market is shifting towards a more balanced environment, moving away from the intense seller’s market that characterized Calgary’s real estate for some time. This balance is influenced by both local supply-demand dynamics and broader economic uncertainties. For those wondering, will Calgary home prices drop significantly, the data suggests a period of stabilization and minor corrections rather than a steep downturn, particularly for the overall market.
As Calgary continues to grow and evolve, its real estate market will remain dynamic. Understanding these shifts and their specific impacts on different property types is key to making informed decisions. Whether you are looking to buy your first home, upgrade, or invest, staying informed about the latest trends in Calgary home prices is paramount. Navigating the evolving landscape of Calgary home prices requires expert guidance. At Pegasus Mortgage Lending, we understand the nuances of the Canadian real estate market and are committed to helping you achieve your homeownership dreams.
