Inventory Levels Rise, Easing Market Pressure

After three years of tight supply, Calgary’s housing market saw an increase in inventory this January, reaching 3,639 units. While this marks a 70% year-over-year increase, inventory levels still fall short of the 4,000+ units typically available at this time of year. The rise in supply was seen across all property types, with apartment-style condominiums experiencing the most significant gains.

“Supply levels are expected to improve this year, helping to balance market conditions and slow price growth,” says Ann-Marie Lurie, Chief Economist at CREB®. “However, the shift in supply is not the same across all property types. Detached, semi-detached, and row homes remain in high demand, while higher-priced apartment condos are seeing excess supply.”

Market Conditions Still Favour Sellers

Despite the increase in inventory, the months of supply (the time it would take to sell all current listings at the current sales pace) sat at 2.5 months in January—an improvement from last year’s one month of supply, but still considered low for this time of year.

• Semi-detached homes saw the lowest supply levels, sitting under two months.

• Apartment-style condos had the highest, at 3.5 months.

The boost in supply was driven by a surge in new listings, which reached 2,896 units, compared to 1,451 sales. Sales dipped 12% year-over-year, but demand remains strong, with activity sitting 30% higher than historical January averages.

Home Prices Hold Steady

The benchmark price for a home in Calgary reached $583,000 in January—relatively unchanged from the end of 2024, yet nearly 3% higher than the same time last year.

• Price trends varied across different districts and property types, with more affordable homes seeing continued competition.

What’s Next for Calgary’s Real Estate Market?

As inventory levels continue to improve, we may see a more balanced market in 2025, leading to moderate price growth rather than the rapid increases of previous years. However, demand remains strong, and detached, semi-detached, and row homes are still facing supply challenges.

If you’re thinking about buying or selling, feel free to reach out—I’d be happy to guide you through Calgary’s ever-evolving market!

Financing Energy Efficiency in Calgary Homes: The Clean Energy Improvement Program

Did you know that residential property owners in Calgary can finance up to 100% of energy efficiency and renewable energy projects?

The Clean Energy Improvement Program (CEIP) offers an innovative financing solution tailored for property owners in Alberta. With CEIP, you can take advantage of competitive interest rates and enjoy the convenience of repaying the cost directly through your property tax bill.

This program makes it easier than ever to upgrade your home, save on energy costs, and reduce your environmental footprint. Whether you’re considering solar panels, energy-efficient windows, or a new heating system, CEIP can help bring your vision to life.

Investing in energy efficiency has never been more accessible! Interested in learning more about how this program works? Feel free to reach out—If you are curious if this would increase the value of your home. 

The City of Calgary Clean Energy Improvement Program has reached capacity for the November 2024 intake and is no longer accepting pre-qualification forms. The program may re-open for another round of applications in 2025 based on funding availability. Visit the City of Calgary’s website for more information.

The Calgary Real Estate Board (CREB®) is pleased to announce the release of its 2025 Forecast Calgary and Region Yearly Outlook Report. This comprehensive report, prepared by CREB® Chief Economist Ann-Marie Lurie, provides an in-depth analysis of Calgary’s economic and housing market trends for the upcoming year.

The 2025 report highlights how easing lending rates, improved supply, and continued population and employment gains are shaping Calgary’s housing market. However, factors like slowing migration, increased competition from new home construction, and heightened economic uncertainty are expected to moderate growth in resale activity.

According to Chief Economist Ann-Marie Lurie, “In 2025, housing demand is expected to remain strong, with sales forecasted to exceed 26,000 units—over 20 per cent higher than long-term trends. While we anticipate stable sales levels overall, market dynamics will shift as rental rate adjustments and supply improvements influence different segments of the housing market.”

The report also predicts that Calgary’s housing market will transition toward balanced conditions, with price growth moderating to an expected annual gain of three per cent. Variations in price growth are anticipated across market segments, as competition from new homes is expected to impact some sectors of the resale market.

Lurie adds, “While the market is expected to be more balanced than in recent years, significant economic risks—such as potential tariffs—could impact activity. These risks will be crucial to watch as we navigate through 2025.”

The 2025 Forecast Report reinforces CREB®’s commitment to equipping industry professionals and the public with valuable insights to inform decision-making in a dynamic real estate landscape.