Calgary Spring 2025 Housing Market Update | Sales Ease, Supply Rises

Inventory Growth Supports Balanced Market

The Calgary housing market in May 2025 showed signs of adjustment as sales activity eased more than expected while supply levels continued to build. The Calgary Real Estate Board (CREB®) released its updated forecast, highlighting how economic conditions, population growth, and new home construction are shaping real estate trends across the region.

Sales Ease but Remain Above Historic Lows

So far this year, home sales in Calgary have slowed compared to earlier expectations, as economic uncertainty continues to weigh on consumer confidence. Despite this, sales remain stronger than those reported during the economic downturn of 2015 to 2019, pointing to a market that is normalizing after record-high activity in recent years.

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

“Sales activity has eased from the record highs seen in recent years, but levels are still consistent with long-term trends. While economic uncertainty is affecting consumer decisions, the current pullback reflects more of a rebalancing than a significant downturn in Calgary’s housing market.”

Supply Boosted by New Home Construction

Record-high new home starts over the past few years are now translating into higher supply across the market. Much of this construction has focused on higher-density housing aimed at the rental sector, but the increased availability of rental and ownership options has spilled over into the resale market, contributing to a sharp increase in inventory.

Compared to 2024, resale inventory has nearly doubled, bringing supply levels back in line with long-term trends and giving buyers more choice than in recent years.

Market Outlook

With sales easing and inventory levels rebounding, Calgary’s housing market is shifting toward more balanced conditions. Buyers are beginning to see greater affordability and selection, while sellers may need to adjust expectations in the face of rising competition.

The remainder of 2025 will depend largely on economic stability, interest rate movements, and employment trends, all of which will continue to influence consumer confidence and housing demand.

Key Takeaway

• Sales activity eased in May but remains above levels seen during the 2015–2019 slowdown.

• New home construction is fueling supply gains, particularly in higher-density and rental-focused developments.

• Resale inventory nearly doubled compared to 2024, bringing supply back in line with long-term norms.

• Buyers benefit from more choice and affordability, while sellers face increasing competition.

• Market activity for the rest of 2025 will hinge on interest rates, employment, and broader economic trends.