Calgary Market Update: March 2025
Uncertainty Trumps Everything Else.
Tariffs are on, no they’re off, on, off, on, off - you have to keep up on an hourly basis right now about what’s going on. This is economic uncertain to the max and is creating a ripple effect in the real estate market - the US fear index is a 3 right now - the lowest value EVER. When costs on materials and goods are expected to rise, developers hesitate to move forward, buyers pause to reassess budgets and expect prices to be lower in the future, and investors worry about shrinking margins and start selling to protect capital. This uncertainty doesn’t just slow down construction — it slows down decision-making across the board. People hold off on buying, selling, or building because they’re unsure what the numbers will look like tomorrow, let alone next year.
In real estate, confidence drives transactions—and tariffs throw that confidence off balance. The spring market is generally the strongest and right now it’s crickets (even in Calgary) - no one wants to make a move. Buyers aren’t showing up and listings are piling up, so price gains are cooling.
Let’s take a look at what the March 2025 data is saying: March brought a bit of breathing room to the Calgary market, with more homes hitting the shelves—but make no mistake, demand is still alive and kicking. Detached, townhomes, and apartments all told their own stories this month, and while prices continue to climb, the pace is looking more moderate compared to the last few record years:
Condo Benchmark Price: $336,100 ⬆️ +3% YoY
More supply = slower price growth, investor opportunities emerging
Townhome Benchmark Price: $454,000 ⬆️ +2% YoY
Inventory gains ease price pressure
Detached Benchmark Price: $769,800 ⬆️ +4% YoY
Still tight supply under $700K; balanced market above $800K
Yes, we’re seeing more inventory. Yes, the market is inching toward balance. But is this a buyer’s market—absolutely not—especially if you're shopping below $700K. Prices are still on the rise, albeit at a calmer pace. If you're looking for long-term growth, Calgary continues to show incredibly strong fundamentals: high population growth, strong economic opportunities, low vacancy rates, and relative affordability compared to other Canadian cities. With interest rates continuing to come down, Calgary cash flow positions continue to improve - unliked Toronto where you’ll be negative $1,000/mo for anything new... stay calm and weather the storm.
Considering An Investment?
If you're considering buying or selling in Calgary, now is a pivotal time to act. Let’s connect to discuss how these changes impact your real estate goals!
DETAIL BY PROPERTY TYPE
(Statistics from the Calgary Real Estate Board)
Condos: Still Hot, But Not As Wild
Condo sales took the biggest year-over-year dip among property types after Q1—but let’s not forget, last year set record highs. With 1,383 units sold so far in 2025, activity is still comfortably above long-term averages for this time of year. What’s changed? Inventory. A wave of new listings has hit the market, dropping the sales-to-new-listings ratio below 50% and boosting supply. As of March, condo inventory reached 1,710 units—enough to push months of supply up to just over three. That’s a noticeable shift from the ultra-tight conditions of the past three years, but we’re still well below the 6+ months of supply we saw between 2015 and 2020.
This added breathing room has cooled the pace of price growth. The benchmark price for March held steady at $336,100—up nearly 3% from last year, but still trailing the peak set last August. Price softness is showing up across the board, with the North and North East districts seeing the biggest dips. For investors, this could signal opportunity: demand remains solid, but increased choice and slower price growth are starting to rebalance the playing field.
Townhouse Market: More to Chose From (Finally)
March saw a flood of new townhome listings—697 units hit the market. With only 400 sales, that gave buyers a bit of breathing room for once. The sales-to-new-listings ratio cooled off, and inventory climbed to 826 units—higher than last year, but not back to the incredibly high pre-pandemic levels.
More options popped up across all price points, especially in the North East, North, and South East. If you’re shopping above $500K, things are starting to feel more balanced—which also means less price pressure.
Speaking of prices, the benchmark hit $454,000 in March. That’s a 2% bump from last year, but still about 4% below the peak we saw last June. So, prices are still up, but not running away like they used to.
Calgary’s Detached Market: Still an Uphill Climb
Detached home sales in March hit 1,035 units—down 10% from last year. But hey, at least more sellers showed up to the party this year, bumping up inventory from last spring’s record lows. We’ve now got just over two months of supply, which feels like a breath of fresh air compared to last year’s "blink and it’s gone" market.
That said, if you’re house hunting under $700K, it’s still slim pickings. Above $800K? Things are starting to chill out a bit, with more balance between buyers and sellers.
Prices? Still climbing. The benchmark detached price hit $769,800 in March—up over 4% from last year. The City Centre led the charge with some of the biggest gains. So while the pace has cooled compared to last year’s wild ride, it’s still an uphill climb if you’re shopping detached.
Book A Call to Review Investment Options
If you want to take advantage of some of these prevailing trends, get in touch today!
Calgary offers some of the most affordable investment opportunities with
2 bedrooms starting in the mid-$300s, Closings as late as 2028, and multi-year Rental Guarantees!