The first year-over-year price decline in two years, with inventory up 116% and buyers holding real leverage at last.
In April 2025, Calgary’s benchmark home price was $589,200 — down 0.2% from March and 1.3% below April 2024, the first year-over-year decline since early 2023. Sales fell 22.4% year-over-year to 2,230 while inventory reached 5,868 homes, 116.1% above last April. Supply was 2.6 months and a typical home took 29 days to sell, nine days longer than a year earlier. Apartment condos were flat year-over-year at $330,800 with 3.2 months of supply.
April 2025 at a glance
April 2025 delivered Calgary’s first year-over-year price decline in two years: the benchmark at $589,200, down 1.3% from April 2024. Inventory of 5,868 homes was 116.1% above the previous April — more than double — while sales fell 22.4% to 2,230. Supply reached 2.6 months. A year earlier Calgary had been at 0.9 months of supply, the tightest on record. The swing between those two Aprils is among the largest the market has produced.
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 April) | $589,200 | ▲ +1.2% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| February 2025 | 1,718 | 2,830 | 4,147 | 33 | $586,300 |
| March 2025 | 2,156 | 4,018 | 5,153 | 29 | $590,300 |
| April 2025 | 2,230 | 4,037 | 5,868 | 29 | $589,200 |
The headline numbers
| Metric | April 2025 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $589,200 | ▼ -0.2% | ▼ -1.3% |
| Sales | 2,230 | ▲ +3.4% | ▼ -22.4% |
| New listings | 4,037 | ▲ +0.5% | ▲ +15.7% |
| Inventory | 5,868 | ▲ +13.9% | ▲ +116.1% |
| Days on market | 29 | — 0 days | ▲ +9 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $766,300 | ▲ +2.4% | 1,098 | 25 | 2.3 |
| Semi-detached | $688,800 | ▲ +3.2% | 188 | 25 | 2.6 |
| Row / townhouse | $455,000 | ▲ +0.7% | 355 | 30 | 2.8 |
| Apartment condo | $330,800 | ▲ +0.2% | 589 | 36 | 3.2 |
What a year-over-year decline actually means here
Down 1.3% on a $589,200 benchmark is about $7,800 on a typical home. That is not a collapse; it is the market slowly giving back a fraction of a very large run-up — prices were still 14.1% above the January 2023 low.
The more useful reading is directional. Calgary had gone from 10.2% annual growth in March 2024 to -1.3% in April 2025 in thirteen months. Momentum had fully reversed, and with supply still building, the drift had further to run.
Supply had more than doubled
2,716 homes in April 2024. 5,868 in April 2025. Over the same period days on market went from 20 to 29 and months of supply from 0.9 to 2.6.
At 2.6 months Calgary was approaching genuinely balanced territory for the first time since 2020. Buyers could view several comparable homes, take a week to decide, and write conditional offers without being dismissed.
Every segment had stalled
Detached homes up 2.4% year-over-year, semi-detached 3.2%, row homes 0.7%, apartment condos 0.2%. Twelve months earlier those same numbers had been 13%, 13.1%, 19.1% and 16%.
The affordable segments had decelerated hardest, which is the mirror image of 2022–2024. Rate pressure had pushed buyers down the ladder on the way up; as that pressure eased and supply returned, the segments that had absorbed the overflow gave it back first.
What this meant if you were buying
The question in a softening market is always whether to wait. A useful way to think about it: prices were drifting down at roughly 0.2% a month, while the cost of waiting includes rent, and the risk that rates move against you.
There’s also a practical asymmetry worth knowing. If you buy and prices fall, you still own the home and the payment doesn’t change. If you wait and rates rise, your qualifying amount falls and you may not be able to buy the same home at any price. That asymmetry is why timing the bottom matters less than most people assume.
Frequently asked questions
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Source: CREB, April 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.
