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Calgary’s housing market is poised for a cooldown, with sales expected to decline nearly 16% in 2025, according to a new report from the Calgary Real Estate Board (CREB). The anticipated slowdown marks a return to more typical levels after a period of robust activity, driven in part by recent shifts in immigration patterns.
The CREB report forecasts 22,751 units sold in 2025, down from 26,975 in 2024. This shift comes as housing supply begins to catch up with demand, reversing a trend of limited inventory that characterized the past three years.
“In the last few years, there has been a lot of international immigration, whereas this year, there has been much less,” explained Ann-Marie Lurie, CREB’s chief economist. “Interprovincial migration has also decreased to more usual levels.”
Alongside the easing of demand, the number of homes listed for sale is increasing. CREB data shows 40,709 properties were added to the market in 2025, a 9% increase compared to the 37,293 listings in the previous year.
“We’ve just gone through three consecutive years where supply was very limited, with exceptional conditions and strong price increases, but supply is finally catching up to demand,” Lurie stated. The changing dynamics are expected to create a more balanced market, shifting the advantage away from sellers who previously benefited from intense competition among buyers.
The impact of this shift isn’t being felt evenly across all property types. The decline in sales is currently most pronounced in the market for denser housing options, including apartments, condos, and townhouses.
Calgary Housing Market Trends: 2025 vs. 2024
| 2024 Sales Volume | 2025 Sales Volume | 2024 Benchmark Price | 2025 Benchmark Price | |
|---|---|---|---|---|
| Apartments & Condos | 7,567 | 5,426 (-28.29%) | $331,067 | $322,167 (-2.69%) |
| Townhouses | 4,647 | 3,838 (-17.41%) | $450,467 | $441,217 (-2.05%) |
| Semi-Detached Homes | 2,354 | 2,159 (-8.28%) | $669,108 | $685,850 (+2.50%) |
| Detached Homes | 12,407 | 11,328 (-8.70%) | $746,842 | $752,767 (+0.79%) |
Price adjustments are also occurring, with these housing types experiencing price declines of between 2% and 3%, according to Lurie. However, detached homes and semi-detached homes continue to see price increases, rising 0.79% and 2.75%, respectively.
The price declines are not uniform across the city. According to the economist, the northeast quadrant, which saw the most significant growth in 2023 and 2024, is experiencing the steepest price drops in 2025.
CREB is scheduled to release its 2026 forecasts on January 20.
With information from Chelsey Mutter
