Calgary's typically busy spring real estate market has cooled significantly, with sales and prices declining across most housing types. The slowdown is largely attributed to a sharp reduction in migration and a surge in new home completions, according to experts.
Sales Decline Across Housing Types
Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB), said sales are down more than expected this year. “Sales are down more than we expected at this point of the year, and a lot of that has to do with the fact that there’s been a steeper pullback in migration.”
Data from the Government of Alberta shows a modest net population increase of about 5,000 from October to January, indicating a steep drop in international migrants. Meanwhile, new construction completions are adding to supply, putting downward pressure on prices.
CREB data from late June reveals apartment sales year-to-date fell 27 per cent, building on a 28 per cent decline from 2024 to 2025. The average apartment price dropped nearly four per cent to $339,361.
Detached Homes Hold Steady but Face Pressure
Detached home sales decreased about four per cent year-to-date, with the average price largely flat at $823,330. Corinne Lyall, broker/owner of Royal LePage Benchmark in Calgary, noted the single-family market remains tight at around three months of supply. However, demand is concentrated in homes priced under $700,000. “The majority of buyers will exist in those lower price ranges,” Lyall said.
Townhomes saw sales drop nearly 16 per cent year-to-date, with average prices falling almost five per cent to $449,896. Semi-detached sales decreased slightly, with prices flat at $687,425.
New Construction Impacts Resale Market
Record high new home starts over the past three years, especially for multi-family units, have increased choice for buyers. Completed and unabsorbed units are at the highest level since 2020, affecting both rental and condominium markets. “People have more choice,” Lurie said. “They can buy new or stay in rental, and that is really impacting the existing condo market.”
Even detached home resales face competition from new communities. “In the north, for example, there’s a lot of brand new communities,” Lurie added. “So if you’re trying to sell a home that’s not that far from those new communities, that’s putting pressure on pricing and dampening demand.”
Outlook: Continued Modest Declines
Lurie expects price and demand declines to continue for the remainder of the year, but at a more modest pace given the strong labour market. Despite the slowdown, resale activity remains above the 10-year average, indicating a balanced market. “We’re still seeing sales; it’s just that buyers have more choice,” she said.
