Calgary’s housing market is expected to stay strong in 2025, with sales forecasted 20% above long-term trends.
In 2025, housing demand is expected to remain above long-term trends, supported by past gains in population and employment, easing lending rates, and better supply options. However, factors such as slowing migration from record highs, increased competition from new home construction, and heightened economic uncertainty are likely to limit further growth in resale activity. Despite this, the forecasted sales of over 26,000 units reflect a strong housing market, with activity levels over 20 per cent higher than long-term trends.
While overall sales levels are expected to remain stable, the distribution of sales may change. Easing rental rates, driven by higher completions and slower international migration, are anticipated to impact the condominium market. Meanwhile, lower lending rates, improved supply, and continued, though slower, migration from other provinces are expected to support growth in detached home sales. Record-high new construction levels are adding supply to the market, contributing to an increase in resale listings. As more new homes are completed in 2025, the overall supply is projected to grow. This shift should help the market move toward more balanced conditions, slowing price growth to an annual gain of three per cent.
Detached Homes
A limited supply of lower-priced detached homes constrained sales activity in 2024, with declines in the lower price ranges outweighing growth in the upper end of the market. Overall, detached sales fell by over two per cent but aligned with long-term trends. Persistently tight market conditions throughout the year drove an 11 per cent annual increase in benchmark prices. However, by the second half of the year, new listings in higher price ranges helped ease seller market conditions at the upper end. Looking ahead to 2025, the supply of listings priced above $600,000 is expected to improve as inventory options increase. Easing lending rates and pent-up demand should offset the impact of slowing population growth, keeping sales slightly higher than last year and aligned with historical trends. The market’s shift toward more balanced conditions is anticipated to moderate price growth to three per cent in 2025. Price trends will vary by location and price range, with lower-priced homes within their respective communities experiencing stronger growth than higher-priced properties.
Semi-Detached Homes
The limited availability of lower-priced detached homes drove many buyers to semi-detached properties in 2024. Semi-detached sales increased by nearly five per cent, marking a fourth consecutive year of above-average activity. As affordability challenges persist, this trend is expected to continue, with more buyers opting for semi-detached homes. Supply constraints in 2024, especially for lower-priced options, kept the market in seller-favoured conditions, resulting in an annual price gain of nearly 11 per cent. New semi-detached starts rose for the fourth straight year, with year-to-date figures surpassing annual totals from the previous three years. Although semi-detached starts remain a consistent share of total construction activity, the growth in starts is expected to support some supply gains in 2025. Rising inventory relative to sales should help ease price pressures, but prices are still projected to increase by over three per cent in 2025.
Row Homes
After a prolonged period of limited inventory, a surge in new listings in 2024 led to rising inventories in the year’s second half, alleviating some pressure on prices. However, strong sales ensured seller-favoured conditions for much of the year, driving a 14 per cent annual increase in prices. Price growth varied across the city, with the most affordable East and North East districts experiencing the fastest gains. Inventory growth was concentrated in properties priced above $400,000, which accounted for 77 per cent of all inventory— up significantly from 63 per cent last year. Demand for affordable row homes is expected to support sales activity in 2025, but increasing supply in the resale and new home markets will slow price growth. Conditions will vary by location and price range, with higher-priced units facing more competition and reducing upward price pressure.
Apartment
Limited supply in lower price ranges encouraged many buyers to turn to apartment-style homes over the past two years, depleting inventory in the most affordable segments. Most of the inventory growth in 2024 occurred for units priced above $300,000, leaving less then 30 per cent of the inventory priced below $300,000. Apartment sales declined by nearly four per cent in 2024, with drops in units priced below $300,000 outweighing gains in higher price ranges. Rising inventory levels in the second half of the year shifted market conditions. Units priced below $300,000 maintained seller market dynamics, while those priced above that threshold moved toward balanced or buyer-market conditions, depending on location. This shift eased price pressures by year-end, with prices trending down on a seasonally adjusted basis in the fourth quarter. Nonetheless, annual prices rose by 15 per cent. In 2025, as more units are completed in the new home sector, supply is expected to better align with population growth, improving overall market balance. Increased supply across the new home, rental, and resale markets is likely to dampen condo resales, which are forecasted to decline by over three per cent. Additionally, the growing supply relative to demand will weigh on condominium prices, which are expected to see a modest annual increase of under two per cent.

Courtesy of CREB 2025 Forecast
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