Thanks to gains mostly occurring in the newer communities, inventory levels reached levels not seen since prior to the pandemic and higher than long-term trends. While supply has improved across all property types and all districts, the largest gains are occurring in the areas where there has been new community growth.

The total residential benchmark price in Calgary has trended down and is currently 4% below last year’s peak price reported in June 2024. The steepest price declines have occurred for apartment and row style homes, mostly in the NE and North districts. The rise in supply occurred as sales continued to slow and new listings improved.

Detached – For the first time since 2020, the months of supply for detached homes rose to 3 months. Conditions did vary significantly on location. The NE reported over 4 months of supply. A shift to balanced conditions has taken much of the pressure off home prices. down less than 1% over last year. The NE and East districts have reported the largest decline in price at 5%.

Semi-Detached – Sales continued to slow for a year-to-date decline of 11%. The months of supply rose to 3 months, something that has not happened since 2021. Prices have remained relatively stable. Prices declined over last year in the NE, E and N districts.

Row – Sales have eased with new listings and inventories rising. All quadrants of the city have around 3 months of supply: except the NE, with nearly 5 months of supply. Year-to-date price declines have been reported in the NE and North, while prices have risen in all other districts.

Apartment Condominium – Higher inventories and slower sales caused the months of supply to push above 4 months, the highest it has been since 2021. Added competition for new product combined with rising rental vacancy rates has impacted the resale condominium market. The additional supply is having a more significant impact on apartment style prices over any other property type.