The spring 2025 update on Calgary's housing market is here, giving us a look at how things are shaping up so far this year—and what might be ahead. The latest outlook builds on the forecast from January, with fresh insight into home sales, prices, and the economic trends influencing the market.

So far this year, home sales have slowed a bit more than expected. That’s largely due to economic uncertainty making some people a bit cautious. But it’s important to keep things in perspective—sales are still stronger than they were during the tougher times between 2015 and 2019, and more in line with long-term norms.

On the supply side, we’re seeing an increase thanks to a wave of new home construction over the past few years—especially in higher-density developments like condos and townhomes. A lot of these are aimed at the rental market, but they’re also helping ease some of the pressure in the resale market by giving buyers and renters more options. In fact, the number of homes available for resale has doubled compared to last year, bringing inventory levels closer to what’s considered normal.

Naturally, when more homes are available and fewer are selling, some start to worry about a possible downturn. But we’re really just moving from a seller’s market—like we’ve seen over the past few years—to one that’s more balanced, and in some areas, even slightly favouring buyers.

More choice means some cooling in prices, especially in certain areas and home types. For example, apartment-style homes may see prices dip around two percent this year, while row homes could see a one percent drop. Detached homes, on the other hand, are expected to hold steady, since demand is still strong in areas where supply is limited.

While there’s still some uncertainty in the short term, strong population growth and a solid job market in Calgary are helping keep things on stable ground. Looking ahead, how policies around energy and the environment play out will also be important for the future of the housing market beyond 2025.