Calgary's housing market lost momentum in March, with home sales falling nearly 13 per cent compared to the same month last year, driven largely by a significant pullback in condominium and apartment activity, according to new data from the Calgary Real Estate Board (CREB).
A total of 1,881 homes changed hands in the city last month — down 12.8 per cent year-over-year — while the residential benchmark price slipped 4.2 per cent to $565,600, signalling a measurable shift in market conditions after years of aggressive price growth.
A Tale of Two Markets
CREB chief economist Ann-Marie Lurie described a market that is increasingly split along property type lines, ranging from tighter conditions in the detached home segment to outright buyers' market territory for apartment-style condominiums.
"The market ranges from tighter conditions for detached homes to a buyers' market for apartment-style properties," Lurie noted in the board's monthly report.
Apartment-style properties saw the steepest year-over-year price decline at 9.3 per cent, while row-style homes fell 6.2 per cent. Detached homes, which remain the most in-demand property type, saw prices ease 3.3 per cent, and semi-detached homes edged down 0.9 per cent compared with March of last year.
More Inventory, Less Competition
Total available inventory climbed 4.7 per cent year-over-year to 5,395 homes for sale across Calgary, giving buyers more options than they've had in recent years. New listings, however, came in at 3,409 — down 15.2 per cent from March 2024 — suggesting sellers are pulling back as well.
Analysts point to a combination of factors behind the slowdown, including increased housing supply built up over the past year and a noticeable deceleration in interprovincial and international migration into Alberta — a key demand driver that had supercharged Calgary's market through 2022 and 2023.
For buyers navigating the changing landscape, CalgaryFinder.com offers up-to-date real estate listings, neighbourhood guides, and property data across Calgary's diverse communities. Homebuyers and investors tracking price trends can also monitor shifts at Calgary Prices, which provides ongoing cost-of-living and real estate price comparisons across the city.
What It Means for Buyers and Sellers
The data suggests Calgary's housing market is undergoing a correction from its frothy pandemic-era highs, though conditions remain relatively stable compared to markets in Toronto and Vancouver. Detached home buyers in desirable Calgary neighbourhoods may still face competition, while those shopping for condominiums or row homes are increasingly sitting in the driver's seat.
With interest rates still elevated and economic uncertainty tied to ongoing Canada-U.S. trade tensions weighing on consumer confidence, many prospective buyers appear to be adopting a wait-and-see approach heading into the typically busy spring season.
Source: The Globe and Mail. Additional reporting by WestNet News Staff.