Calgary Housing Market 2025 Forecast | Prices, Trends & Outlook

2024 Calgary Real Estate Overview

The Calgary housing market in 2024 delivered another strong year for both sales and price growth, despite challenges in the lower price ranges. December closed with 1,322 sales—a slight 3% decline from 2023, but still nearly 20% higher than Calgary’s long-term sales trends.

Overall, total sales for the year were just below 2023 levels. Demand for higher-priced homes helped offset slower activity in more affordable segments, where limited supply in Calgary real estate constrained buyer options.

“Population gains over the past several years have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher priced homes.”

Calgary Real Estate Inventory and Supply Trends

By December 2024, active inventory reached 2,989 units. While this number remains below Calgary’s long-term December averages, it represents a significant improvement over the record-low levels seen earlier in the year. Key drivers of this shift included:

• Stronger new home construction, boosting overall housing options.

• Improved rental availability, reducing pressure on the resale market.

This uptick in supply gave buyers more choices and helped ease upward pressure on prices in the latter half of the year.

Calgary Real Estate Prices 2024

Despite the changing supply landscape, Calgary real estate prices in 2024 posted healthy gains. On an annual basis, the residential benchmark price increased by more than 7%.

• Price growth was strongest in the spring, driven by tight supply.

• Conditions began to stabilize in the second half of the year as more listings came online.

• Higher-priced homes benefited most from the inventory boost.

Calgary Housing Market 2025 Outlook

Looking ahead, Calgary’s housing market forecast for 2025 points to supply as the defining theme. The impact on prices will depend on two key factors:

1. What type of homes enter the market? More affordable options could unlock additional demand.

2. How will demand hold up? Population growth remains strong, but buyers will also be influenced by broader economic conditions, including interest rates and affordability.

For a more detailed outlook, CREB® will release its official Calgary real estate forecast on January 21, outlining both opportunities and risks for the year ahead.

Key Takeaway

The Calgary real estate market in 2024 proved remarkably resilient, supported by population growth and sustained demand. While affordability challenges remain in lower price ranges, rising inventory and a stabilizing price environment are setting the stage for a more balanced 2025.

If you’re planning to buy or sell this year, staying informed on supply trends and upcoming forecasts will be crucial in navigating Calgary’s evolving housing market.