Inventory up nearly 70% on the year and condos at 3.5 months of supply — the most negotiating room buyers have had since 2020.
In January 2025, Calgary’s benchmark home price was $581,800 — down 0.1% from December but 2.9% above January 2024. Sales fell 12.1% year-over-year to 1,449 while new listings rose 35.5% to 2,896. Inventory reached 3,640 homes, 68.9% above last January, lifting supply to 2.5 months. A typical home took 41 days to sell, seven days longer than a year earlier. Apartment condos, at 3.5 months of supply and 51 days on market, had the most slack.
January 2025 at a glance
Calgary opened 2025 with 3,640 homes for sale — 68.9% more than in January 2024, when the market had just 2,155 and buyers were competing for everything. New listings rose 35.5% to 2,896 while sales fell 12.1% to 1,449. Supply reached 2.5 months and a typical home took 41 days to sell. The benchmark held essentially flat at $581,800. For the first January in four years, buyers had genuine choice.
Calgary prices over time
| Year | Benchmark price | Change on the year |
|---|---|---|
| 2014 | $459,500 | — |
| 2015 | $448,800 | ▼ -2.3% |
| 2016 | $434,100 | ▼ -3.3% |
| 2017 | $433,200 | ▼ -0.2% |
| 2018 | $424,600 | ▼ -2% |
| 2019 | $415,900 | ▼ -2% |
| 2020 | $421,300 | ▲ +1.3% |
| 2021 | $463,900 | ▲ +10.1% |
| 2022 | $518,800 | ▲ +11.8% |
| 2023 | $565,200 | ▲ +8.9% |
| 2024 | $582,100 | ▲ +3% |
| 2025 (to January) | $581,800 | ▼ -0.1% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| February 2024 | 2,132 | 2,711 | 2,357 | 24 | $579,800 |
| March 2024 | 2,658 | 3,173 | 2,542 | 20 | $589,500 |
| April 2024 | 2,875 | 3,489 | 2,716 | 20 | $596,800 |
| May 2024 | 3,090 | 4,333 | 3,404 | 19 | $602,800 |
| June 2024 | 2,737 | 3,796 | 3,784 | 20 | $605,300 |
| July 2024 | 2,374 | 3,603 | 4,159 | 24 | $604,400 |
| August 2024 | 2,182 | 3,536 | 4,490 | 27 | $600,100 |
| September 2024 | 2,000 | 3,687 | 5,064 | 28 | $595,400 |
| October 2024 | 2,167 | 3,263 | 4,967 | 32 | $590,900 |
| November 2024 | 1,793 | 2,327 | 4,354 | 37 | $586,400 |
| December 2024 | 1,318 | 1,238 | 2,994 | 44 | $582,100 |
| January 2025 | 1,449 | 2,896 | 3,640 | 41 | $581,800 |
The headline numbers
| Metric | January 2025 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $581,800 | ▼ -0.1% | ▲ +2.9% |
| Sales | 1,449 | ▲ +9.9% | ▼ -12.1% |
| New listings | 2,896 | ▲ +133.9% | ▲ +35.5% |
| Inventory | 3,640 | ▲ +21.6% | ▲ +68.9% |
| Days on market | 41 | ▼ -3 days | ▲ +7 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $749,300 | ▲ +7% | 672 | 37 | 2.2 |
| Semi-detached | $671,600 | ▲ +8% | 160 | 36 | 1.9 |
| Row / townhouse | $444,600 | ▲ +5.2% | 247 | 39 | 2.4 |
| Apartment condo | $326,500 | ▲ +5.5% | 370 | 51 | 3.5 |
A completely different January
Compare the two years directly. January 2024: 2,155 homes for sale, 1.3 months of supply, 34 days on market, prices up 9.5% year-over-year. January 2025: 3,640 homes, 2.5 months, 41 days, prices up 2.9%.
That is one of the sharper year-over-year swings in Calgary’s record, and it happened without prices falling meaningfully. The market rebalanced through supply rather than through a price collapse — which is the least painful way for it to happen.
Condos had the most room
Apartment condos sat at 3.5 months of supply with 51 days on market and a benchmark of $326,500, up 5.5% year-over-year but down from the $341,400 peak in August 2024.
Fifty-one days is a long time for a seller to wait, and it’s exactly the condition that produces price negotiation. For a first-time buyer or an investor, the Calgary condo market in early 2025 offered the best terms it had presented in five years.
Prices were flat, not falling
The benchmark had eased from the June 2024 peak of $605,300 to $581,800 — down 3.9% over seven months. January’s move was -0.1%, effectively nothing.
The reason prices weren’t falling faster, despite inventory up 69%, is that 2.5 months of supply is still below the four-to-six range considered balanced. Calgary had gone from an extreme shortage to a mild one. Sellers still weren’t under pressure.
What this meant if you were buying
This was the most favourable combination Calgary buyers had seen since 2020: meaningful choice, no bidding wars, prices flat, and borrowing costs that had come down from their 2023 peak.
The practical advice was to take the time the market was offering. Get the inspection. Ask about the possession date. Negotiate on a property that has been sitting. And get pre-approved properly first — not because you need to move fast, but because knowing your exact number is what lets you negotiate with confidence.
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Source: CREB, January 2025 (City of Calgary geography). Prices shown are benchmark (HPI) values. Month-over-month compares to the prior month; year-over-year to the same month last year. The board may revise past months as late sales are recorded. Prepared by Mortgages for Less.
