Calgary Housing Market Update – January 2025

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!