Calgary’s housing market is showing signs of stabilization this spring after years of tight supply and fast-rising prices.
Inventory levels in Calgary jumped to 5,876 units in April, more than double the previous year. This increase is seen as a return to historical averages for April, following exceptionally low supply levels in 2024.
“Economic uncertainty has impacted home sales in our market,” said Ann-Marie Lurie, CREB’s chief economist. “However, sales are still ahead of the activity seen before the pandemic.”
In April, 2,236 homes were sold, a 22% decrease from the previous year. Despite this decline, sales are in line with long-term trends, indicating a potential stabilization in Calgary’s market.
The benchmark price for a home dropped 1.4% year-over-year in April, reaching $591,100.
More listings, slower sales = market stability
Rising listings and easing sales have brought the market closer to balanced conditions, with nearly three months of supply available citywide. This shift is providing buyers with more options and alleviating some pressure on prices that surged during the post-pandemic housing boom.
However, the situation varies based on price range and property type. Lower-priced detached and semi-detached homes remain in short supply, while apartments and row-style homes are experiencing more availability.
The bottom line
Calgary’s housing market is no longer moving rapidly, which is viewed positively by CREB. Balanced conditions are giving buyers more time, sellers more realistic expectations, and prices some breathing room.
Factors like migration gains, stable employment levels, lower lending rates, and improved supply compared to last year are likely preventing a significant decline in sales and maintaining relatively stable home prices, according to Lurie.
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