Calgary Real Estate Market Update - March 2025

​Calgary's real estate market has experienced notable shifts in March 2025, influenced by economic uncertainties and evolving supply-demand dynamics. While the market continues to show resilience, recent data indicates a cooling trend compared to previous months

Calgary Real Estate Sales Activity and Market Conditions

In March 2025, Calgary reported 2,159 residential property sales, marking a 19% decline compared to the same period last year. This decrease in sales spans across all property types, with higher-density segments experiencing the most significant drops. The decline is largely attributed to ongoing economic uncertainties, particularly related to tariff threats that have impacted consumer confidence. ​

Despite the reduction in sales, it's important to note that current figures remain stronger than those reported between 2015 and 2020, a period characterized by significant economic challenges and job losses. The easing demand has been met with an increase in new listings, leading to a rise in inventory levels and a shift towards more balanced market conditions after four consecutive years favoring sellers. ​

Inventory Levels and Pricing Trends

March saw over 4,000 new listings, causing the sales-to-new-listing ratio to drop to 54%. This influx of listings has bolstered inventory levels to 5,154 units, pushing the months of supply up to 2.4 months. While this represents a significant change from the tight conditions of the previous year, it's important to recognize that market dynamics can vary considerably depending on location, price point, and property type. ​

The increase in supply has alleviated some of the upward pressure on home prices. In March, the unadjusted residential benchmark price reached $592,500, remaining relatively stable compared to both the previous month and the same period last year. Detached and semi-detached homes have maintained consistent prices, while apartment and row-style homes are reporting prices slightly lower than last year's peak. ​

Detached Homes

Detached home sales totaled 1,035 units in March, reflecting a 10% year-over-year decline. This reduction in sales, coupled with an increase in new listings, has supported inventory gains over last year's extremely low levels. The months of supply have risen to just over two months, indicating a move towards more balanced conditions, particularly for homes priced above $800,000. The unadjusted benchmark price for detached homes reached $769,800, a slight increase over the previous month and over 4% higher than last year's levels. ​

Semi-Detached Homes

Sales of semi-detached homes have slowed compared to last year's levels, contributing to an 11% decline in the first quarter. However, the increase in new listings has led to gains in inventory levels, with the months of supply rising to 2.2 months, the highest monthly level reported since the end of 2022. The unadjusted benchmark price for semi-detached homes in March was $691,900, over 5% higher than last year and above the unadjusted peak reached in July of the previous year. ​

Row Homes

March reported a surge in new listings for row homes, with 697 units. This increase in new listings, coupled with 400 sales, has led to a rise in inventory levels. The months of supply has increased to 2.1 months, indicating a shift towards more balanced conditions, especially for row homes priced above $500,000. The unadjusted benchmark price was $454,000, 2% higher than last March but nearly 4% below peak levels reported in June of the previous year. ​

Apartment Condominiums

The apartment condominium segment has seen the largest decline in sales over the first quarter compared to other property types. However, the 1,383 sales recorded remain well above long-term trends. The increase in new listings has driven inventory gains, with the months of supply pushing up to just over three months. The unadjusted benchmark price in March was $336,100, nearly 3% higher than last March, though prices remain below the peak reported last August. ​

Regional Market Insights

Airdrie

Airdrie reported 160 sales in March, with first-quarter sales totaling 395 units, an 11% decrease compared to the same period last year. The decline in sales, combined with an increase in new listings, has led to a rise in inventory levels. The unadjusted detached benchmark price in March was $651,300, over 2% higher than the previous year. ​

Cochrane

Sales in Cochrane remained consistent with last year's levels in March, with first-quarter activity slightly higher than the previous year and well above long-term averages. The unadjusted detached benchmark price reached $686,800 in March, over 5% higher than last year and marking a new unadjusted record high for the town. ​

Okotoks

Okotoks reported 53 sales in March, with first-quarter sales totaling 129 units, down from 155 units reported in the same period last year. The unadjusted detached benchmark price reached $715,500 in March, over 5% higher than last year and setting a new unadjusted record high. ​

Economic Factors Influencing the Calgary Market

The recent cooling of Calgary's real estate market is closely linked to ongoing economic uncertainties, particularly potential tariff threats that have impacted consumer confidence. These economic risks are crucial to monitor as they have the potential to influence market activity and pricing trends. ​

Looking ahead, the Calgary housing market is expected to transition toward more balanced conditions, with price growth moderating to an anticipated annual gain of 3%. Variations in price growth are anticipated across market segments, as competition from new homes is expected to impact some sectors of the resale market. ​

Buyers may benefit from the increased inventory and more balanced market conditions, offering greater choice and potentially more negotiating power. Sellers, on the other hand, should be mindful of the shifting dynamics and price their properties competitively to attract buyers in this evolving landscape.​

In conclusion, Calgary's real estate market in March 2025 reflects a period of adjustment, influenced by economic uncertainties and changing supply-demand dynamics. Stakeholders are advised to stay informed and consider these factors when making real estate decisions in the current environment.

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