Calgary Housing Market Update July 2025 | Supply Growth Impacts Prices

Supply Growth Continues to Influence Pricing

The Calgary real estate market in July 2025 reflected shifting dynamics as inventory levels rose to 6,917 units, reaching highs not seen since before the pandemic and exceeding long-term trends. While supply has increased across all property types and districts, the sharpest growth has occurred in Calgary’s newer communities, creating ripple effects on pricing and buyer demand.

Inventory Gains Concentrated in New Communities

Supply growth was broad-based in July, but the largest gains came from areas with significant new community development. This added supply has begun to weigh on home prices, particularly in markets with more new construction competing against resale options.

Ann-Marie Lurie, Chief Economist at CREB®, noted:

“Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years. The steepest price declines have occurred for apartment and row style homes, mostly in the North East and North districts, which coincides with significant gains in new supply.”

Calgary Home Prices in July 2025

The total residential benchmark price has trended down for several months and now sits 4% below the June 2024 peak.

• Apartment and row-style homes: Facing the steepest declines, especially in the North East and North districts, where supply gains have been strongest.

• Detached and semi-detached homes: Conditions remain relatively balanced, with only modest pricing adjustments.

Despite recent declines, Calgary’s home prices continue to reflect much of the growth built up over the past several years.

Sales and New Listings

In July, sales activity slowed further while new listings increased:

• Sales: 2,099 units, down 12% year-over-year.

• New listings: 3,911 units, up 8% year-over-year.

This shift reflects not only ongoing economic uncertainty tied to tariffs but also the lack of further lending rate reductions and rising competition from the new home market.

Market Conditions by Property Type

• Apartment-style homes: Reporting the highest inventory levels, with over four months of supply, firmly in buyer’s market territory.

• Detached and semi-detached homes: More stable, with roughly three months of supply, suggesting relatively balanced conditions.

Key Takeaway

• Inventory rose to 6,917 units, the highest since before the pandemic and above long-term norms.

• Benchmark price fell 4% from June 2024’s peak, with the steepest declines in apartments and row homes.

• Sales dropped 12% year-over-year in July, while new listings increased 8%.

• Apartment and row homes in the North East and North face the most price pressure due to strong supply gains.

• Detached and semi-detached markets remain relatively balanced, despite overall supply increases.