July 2, 2025
Increased Inventory Weighs on Prices for Apartment and Row Homes
Inventory levels in June continued to climb compared to both last month and last year. By month’s end, total inventory reached 6,941 units—returning to figures last seen in 2021, before Calgary’s population growth surge. Although sales remained aligned with long-term averages, they have dipped from recent highs. This, combined with a higher rate of new listings than sales, has driven inventory growth.
All housing types experienced inventory increases, but the most significant were seen in apartment and row-style properties, both of which saw supply levels exceed long-term trends by over 30%. In contrast, inventory levels for detached and semi-detached homes were only slightly above average.
“Rental, resale, and new home markets all saw improved supply, giving buyers more options,” said Ann-Marie Lurie, Chief Economist at CREB®. “This added choice, coupled with stalled lending rates, economic uncertainty, and potential price corrections, is causing many buyers to hold off. These factors are putting downward pressure on home prices—particularly for apartment and row-style homes.”
Calgary’s unadjusted benchmark price in June was $586,200—down from last month and more than three per cent lower than June 2024. The overall price decline is largely due to weaker prices in the apartment and row segments. Detached home prices held relatively steady, while semi-detached homes were still slightly up compared to last year.
Apartment and row homes are now in buyer’s market territory with nearly four months of supply, leading to sharper price declines. Detached and semi-detached homes remain in relatively balanced conditions. While market dynamics have shifted, Calgary’s home prices remain well above where they were four years ago.
Detached Homes
Detached sales totalled 1,194 units in June—down six per cent from both the previous month and June 2024. The drop was most evident in higher-priced homes, which are facing increased competition from new builds. Geographically, the most significant sales declines occurred in the City Centre and North East (both over 20%), while the West and South East districts saw year-over-year gains.
Inventory and new listings increased across most price ranges and neighbourhoods. However, only the North East is currently showing buyer-favourable conditions, which led to a four per cent price drop from June 2024. The benchmark price for detached homes in Calgary sat at $764,300—less than one per cent below last month and last year.
Semi-Detached Homes
Sales in this category continued to slow in June, contributing to a year-to-date decline of nearly 12%. At the same time, rising new listings supported inventory growth and pushed the market toward balance, with a current months-of-supply of 2.6—an improvement from the tight conditions last year.
This broader selection has eased price growth. June’s benchmark price for semi-detached homes was $696,400, flat from last month and up just over one per cent year-over-year. Price trends varied by district—City Centre prices are now over three per cent higher than last year and at all-time highs, while the North, North East, and East saw price declines of over two per cent compared to last year.
Row Homes
June saw a continued rise in new listings outpacing sales, pushing the sales-to-new listings ratio down to 50%. This trend led to inventory increasing to 1,167 units, with months-of-supply now above three months. Conditions vary by area—from nearly six months of supply in the North East to just 2.5 months in the North West.
Higher supply relative to demand is dragging prices down. June’s benchmark price was $450,300, down from last month and three per cent below June 2024. Price impacts vary—City Centre saw only a one per cent drop from last year’s peak, while the North East reported a nearly six per cent year-over-year decline.
Apartment Condominiums
Both new listings and sales dipped in June compared to last month and last year. Yet, with 1,024 new listings and just 532 sales, inventories continued to rise, pushing months-of-supply to nearly four months. Lower international migration is cooling demand just as supply increases, especially affecting apartment-style properties.
These conditions have led to further price declines. The June benchmark price was $333,500—down more than three per cent from June 2024. Prices fell across all districts, with the largest declines in the North East, North, and South East.
Regional Market Highlights
Airdrie
Detached sales dropped sharply, bringing total sales to 164 units. Meanwhile, 324 new listings caused the sales-to-new listings ratio to fall to 51%—Airdrie’s lowest June ratio since 2018. The resulting inventory increase pushed months-of-supply above three for the first time since 2020. Home prices declined for the second straight month, with June’s benchmark at $538,300—nearly three per cent below last year.
Cochrane
While detached and semi-detached sales rose, reductions in row and apartment sales kept total June sales flat year-over-year at 101 units. With 171 new listings, the sales-to-new listings ratio rose to 59%, slowing inventory growth and keeping months-of-supply just under three. Despite balanced conditions, prices edged up, reaching $593,700—up nearly one per cent from last month and four per cent year-over-year.
Okotoks
Although still higher than last year, both sales and new listings declined in June. This lifted the sales-to-new listings ratio to 87%, limiting further inventory increases and keeping months-of-supply below two. Tight local conditions persist, though broader regional supply has likely tempered price gains. June’s benchmark price was $632,800—flat month-over-month and up nearly three per cent from last year.
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