Calgary, a fast-growing city in Canada, is seeing some big changes in its housing market. In July 2025, the number of homes available for sale in the city went up to 6,917 units. This is the highest number of available homes since before the COVID-19 pandemic began. The increase is happening mostly in new communities that are being built across Calgary.
The Calgary Real Estate Board (CREB), the organization that tracks the housing market, said that the number of available homes has gone up by 66% compared to July last year. This means more people are putting their homes up for sale, especially in newer neighborhoods.
Because there are more homes to choose from now, prices in some parts of the city are going down. The average price of a residential property in Calgary is now $582,900. That’s about 4% lower than the price one year ago. However, experts say that this drop is not happening everywhere.
Ann-Marie Lurie, who is the chief economist at CREB, said, “Prices are not falling in every area or for every type of home. Even where prices are dropping, they have not gone back to the lower levels we saw years ago.”
The biggest price drops have been seen in apartment-style homes and row houses. This is mostly in the North East and North parts of Calgary, where many new homes are being built. Because more new apartments are entering the market, there’s more competition, and prices are falling.
While more homes are being listed for sale, fewer people are buying. In July 2025, only 2,099 homes were sold in Calgary. That’s a 12% drop from the same time last year. At the same time, the number of new listings went up to 3,911, which is about 8% more than last July.
This means that while more people are trying to sell their homes, fewer people are buying them. This is creating a situation where there are too many homes on the market and not enough buyers. This often leads to lower prices, especially in areas with lots of new homes.
There are a few reasons why fewer homes are being sold, even though there are more available. According to CREB, some of these reasons include:
Economic uncertainty: People are unsure about the economy because of global issues like tariffs and trade problems.
Stagnant lending rates: Interest rates have not changed much, so borrowing money to buy a home isn’t getting cheaper.
New home competition: There are many brand-new homes being built, which means older homes have to compete more for buyers.
Because of all this, buyers are being more careful and taking more time before making big decisions like buying a house.
Right now, apartment-style homes are the most affected by the changes. These homes have the highest "months of supply," which means it would take over four months to sell all the available apartments at the current rate of sales.
Detached and semi-detached homes are doing a little better. They have about three months of supply, which is considered a more balanced level. That means supply and demand are more equal for those kinds of homes.
For people looking to buy a home, now might be a good time. There are more homes to choose from, especially in new communities. And because prices are going down in some areas, buyers may be able to find a better deal.
For people trying to sell a home, it might take longer to find a buyer. Sellers may have to lower their prices or offer other incentives to make their home more attractive compared to newer homes.
The changes happening in Calgary’s housing market are not unusual. When more homes are built and added to the market, it often puts pressure on prices. This is especially true in growing cities like Calgary, where new neighborhoods are popping up quickly.
While some may worry about falling prices, experts say that most of the price gains made in the last few years are still in place. And for people who have owned their homes for a long time, their property value is likely still higher than what they paid for it.
As the economy changes and more people adjust to new realities, Calgary’s housing market will also continue to evolve. For now, the focus is on how the city manages this new wave of supply and how buyers and sellers respond.
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