In May, Calgary's total residential sales declined by 17% compared to the same month last year, largely due to a sharp drop-in apartment condominium activity. Despite the year-over-year decrease, the 2,568 sales recorded are still 11% above long-term May averages and showed improvement over April.

New listings continued to rise faster than sales, boosting inventory levels. However, months of supply remained stable at 2.6, indicating relatively balanced market conditions. While sales are easing and inventory is growing—a trend seen in many cities—the shift toward balance is helping reduce upward pressure on prices. This marks a contrast with some larger cities where housing markets were already under strain before current economic headwinds.

Inventory gains are uneven across the city, with some areas experiencing excess supply and others still facing shortages. Detached and semi-detached home prices have stayed relatively stable and remain above last year’s levels. In contrast, row and apartment-style homes saw modest price declines due to increased supply from both new construction and the rental market. The overall unadjusted residential benchmark price in Calgary was $589,900 in May, slightly lower than the previous month and more than 2% below May 2024.

In the detached market, listings rose—particularly for homes priced over $600,000—while sales slowed across most price points. This led to more balanced conditions and stable prices. The city-wide benchmark price stood at $769,400, up 1% year-over-year. However, areas like the North East are seeing price declines due to elevated supply.

For semi-detached homes, May brought 428 new listings and 256 sales, leading to a sales-to-new listings ratio of 60%. Inventory growth was modest, and months of supply held just above two. The benchmark price reached $697,300—up nearly 3% from last year—with the strongest pricing trends in tighter districts like the North West.

Row home sales remained above long-term norms despite a pullback from last year’s record highs. Inventory reached over 1,000 units for a second consecutive month, putting downward pressure on prices. The benchmark price dropped to $453,600—down nearly 2% from May 2024.

The apartment condominium segment saw the most notable slowdown, with sales falling to 579 units—down from 907 last year. While new listings also dipped, they still outpaced sales, pushing months of supply to 3.6. Increased rental and new-build supply is contributing to softer demand and prices, which declined to $335,300—down from last month and over 1% lower than last year.