Advertisement
In the past week, fresh data revealed a balanced but softening real estate market in Calgary. Home listings have surged, pushing inventories to the highest levels seen in years, while sales have slipped year-on-year. Benchmark and average house prices have largely eased, with apartments and row homes under the most pressure, though detached and semi-detached segments remain relatively stable. The shift toward a more balanced market is providing buyers with better negotiating leverage.
Updated figures revealed that Calgary's real estate landscape remained balanced, supported by a sales-to-new-listings ratio of around 57 %, indicating neither a buyer's nor a seller's market. At the same time, sales fell by approximately 9 % compared with the same period last year, while inventory soared by nearly 48 %, signalling a notable shift in conditions. Advertisement
Benchmark home values declined by around 4 % year-on-year to about USD 577,200, marking a monthly reduction close to 1 %. Meanwhile, average prices edged up slightly versus last year but eased month-to-month, and median values saw modest annual rises.
When broken down by property type, detached homes remained relatively stable, albeit showing small declines in benchmark pricing. In contrast, semi-detached homes gained slightly in benchmark value and saw sales increase by around 20 % year-on-year. Townhouses and apartments experienced the steepest drops: townhouse prices fell close to 5 % and apartments lost nearly 6 %, with corresponding declines in sales. Inventory for apartments stretched to over four months of supply.
Further analysis indicated a continuing trend: inventory levels leapt by about 66 % year-on-year, reaching the highest levels recorded since before the pandemic. Home sales declined by 12 %, with benchmark prices dipping roughly 4 % below last year's peak. Supply increases were especially pronounced in newer communities, exerting downward pressure on prices in North-East and North districts.
Looking back to May, another report highlighted a benchmark residential price drop to around USD 589,900-slightly lower than the previous month and over 2 % below the same time last year. Despite a 17 % year-on-year drop in home transactions, sales remained above long-term averages. The months-of-supply ratio held steady in balanced territory. Analysts noted that while easing sales and rising inventories were common across many cities, Calgary's shift toward balanced conditions had somewhat relieved price pressures.
Buyers are now presented with greater opportunities and enhanced negotiating power, particularly in the apartment and townhouse segments. While detached and semi-detached homes continue to show relative resilience, overall market dynamics suggest that home prices may remain under pressure in the near term unless demand rebounds or supply growth stabilises.
Source: Calgary Herald
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
