A significant shift is underway in Calgary's residential real estate landscape, with homebuyers increasingly positioned to negotiate favorable terms this spring. According to a comprehensive new analysis from digital real estate platform Wahi, not a single community in the city recorded homes selling above their listed prices during the final three months of 2025. This marks a stark departure from the seller-dominated conditions that characterized the market just two years prior.
Widespread Below-List Sales Across All Neighborhoods
The Wahi report indicates that across Calgary, more properties sold below their asking prices than above them in every neighborhood studied. Ryan McLaughlin, an economist with Wahi, clarifies that while some individual homes may have fetched premiums, the collective trend clearly favors buyers. "This demonstrates a broader market dynamic where buyers have gained leverage," McLaughlin explains.
Substantial Price Gaps in Premium Areas
The study highlights particularly notable discounts in Calgary's most affluent districts. In Upper Mount Royal, where median sale prices reached $3.06 million, the median underbid amount was $83,034. McLaughlin attributes this to the limited buyer pool for high-end properties, which reduces competition and enables more substantial negotiated reductions. "Upper price band listings naturally attract fewer potential buyers, making sellers more receptive to significant underbids," he notes.
Varying Market Conditions by Property Type
Ann-Marie Lurie, chief economist with the Calgary Real Estate Board (CREB), cautions that the overall cooling trend masks important distinctions between different property categories. "Market conditions truly depend on the type of property you're examining," Lurie emphasizes. CREB statistics reveal divergent trajectories: year-to-date sales for apartment condominiums plummeted 27% through February, while single-family detached home sales declined by a more modest 3%.
Price Adjustments Across Segments
Benchmark pricing reflects these disparities. In February, the benchmark price for a single-family detached home stood at $734,300, representing a 3% decrease from the previous year. Condominium apartments experienced a more pronounced 9% year-over-year decline during the same period. The city's overall median home price was $565,000 in February, providing context for these sector-specific movements.
Regional Variations Within Calgary
Geographic factors further complicate the market picture. Lurie points to Calgary's west side as an area experiencing relatively tighter conditions compared to other regions. Paradoxically, this stems partly from an influx of new, higher-priced homes, which has increased demand for more affordable resale properties. Despite a benchmark price of nearly $707,000 in February—approximately $88,000 higher than the northwest, the next most expensive area—the west side demonstrates unique supply-demand dynamics.
This evolving landscape suggests that while buyers generally enjoy enhanced negotiating power, savvy market participants must consider property type, location, and price segment to fully understand local opportunities. The collective shift toward below-list sales across all neighborhoods nevertheless signals a meaningful recalibration in Calgary's housing market as it enters the spring season.
