Calgary’s housing market noticed one other year-over-year decline in gross sales final month, led by a pointy drop in condo transactions. However exercise nonetheless got here in above typical Might ranges, suggesting demand hasn’t disappeared—it’s simply normalizing.
There have been 2,568 houses offered in Might, a 17% decline in comparison with the identical time final 12 months. Nonetheless, gross sales have been nonetheless 11% above town’s long-term common for the month and stronger than April’s complete. New listings continued to outpace gross sales, pushing stock ranges larger for the third consecutive month. However months of provide held regular at 2.6, indicating situations stay comparatively balanced.
CREB Chief Economist Ann-Marie Lurie stated the pullback in gross sales and rising provide are serving to take some warmth out of Calgary’s housing market.
“In comparison with final 12 months, easing gross sales and rising inventories are constant tendencies throughout many cities, as uncertainty continues to weigh on housing demand,” she stated. “Nonetheless, previous to the financial uncertainty, Calgary was coping with vendor market situations, and the current pullbacks in gross sales and stock have helped shift us towards balanced situations, taking the stress off costs.”
Benchmark worth edges decrease as steadiness returns
Calgary’s benchmark residential worth dipped to $589,900 in Might, down barely from April and greater than 2% under the identical month final 12 months. It’s the second straight month of modest worth declines after almost two years of sustained good points.
Town is now seeing divergent worth tendencies relying on property sort and placement. Whereas costs for indifferent and semi-detached houses stay secure—and in lots of instances larger than a 12 months in the past—condo and row-style houses are displaying indicators of softening.
CREB pointed to improved new-home and rental provide as a key purpose behind the shift. Within the condo section, costs fell to $335,300, down greater than 1% year-over-year, whereas row dwelling costs declined to $453,600, almost 2% decrease than final Might. Each classes at the moment are experiencing months of provide within the 3.5–3.6 vary, including stress to resale values.
Indifferent dwelling costs held at $769,400, a 1% enhance from final 12 months, whereas semi-detached models rose almost 3% to $697,300. Even in these segments, nonetheless, some districts, significantly the North East, are starting to indicate indicators of oversupply, as extra listings come to market and gross sales ease.
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Final modified: June 3, 2025
