Calgary's housing market cooled noticeably in March, with total residential sales falling roughly 13 per cent compared to the same month last year, according to new data from the Calgary Real Estate Board (CREB). A total of 1,881 homes changed hands during the month — a figure that trails both year-ago levels and long-term seasonal norms for March.
The primary culprit behind the slowdown is a sharp pullback in apartment condominium sales. Slower interprovincial migration, combined with a surge in available units, has spread buyer demand thinner across a growing pool of inventory — leaving the condo segment firmly in buyer's market territory.
Benchmark Prices Slip Year Over Year
The city's overall benchmark home price came in at $565,600 in March — up slightly from February but down 4.2 per cent compared to March 2025. It marks a meaningful shift from the frenzied seller's market conditions that defined Calgary's housing boom over the past several years.
Despite the annual decline, CREB chief economist Ann-Marie Lurie offered a measured take on the overall picture.
"When considering total residential housing statistics, conditions appear to be relatively balanced," Lurie said, noting that sales, new listings, inventory, and prices all moved higher on a month-over-month basis heading into the spring market.
Detached Homes Hold Steady
Not all segments are struggling equally. Detached homes continue to show the tightest supply conditions across the city, with limited listings in several districts helping to support prices. The detached benchmark reached $741,300 in March — down 3.3 per cent from last year's peak, but holding relatively firm in neighbourhoods where inventory remains constrained.
Buyers and sellers navigating Calgary's detached market can explore current listings, neighbourhood price comparisons, and property data at CalgaryFinder.com.
Condo Sector Under Sustained Pressure
The apartment condominium segment tells a starkly different story. Inventory climbed to 1,774 units in March — near record highs for the month — while sales remained subdued. That imbalance pushed months of supply close to five, a threshold widely associated with buyer's market conditions.
The benchmark apartment price dropped to $300,300, representing a 9 per cent decline year-over-year — the steepest annual price drop among all housing categories tracked by CREB.
Row Homes and Semi-Detached Show Mixed Results
Row housing is also facing headwinds, with inventory rising well above historical norms and benchmark prices down approximately 6 per cent on an annual basis. Semi-detached homes are faring somewhat better, with prices only modestly below year-ago levels and supply conditions that remain relatively balanced.
Analysts say the diverging performance across housing types reflects a market in transition — one where the extraordinary demand pressure of recent years is easing, but where structural supply constraints in the detached segment continue to provide a degree of price support.
As Calgary heads deeper into the spring real estate season, market watchers will be closely monitoring whether lower mortgage rates and renewed buyer confidence can offset the ongoing softness in the condo and row housing segments.
Source: Canadian Mortgage Trends. Data provided by the Calgary Real Estate Board (CREB).