Inventory up 103% on the year, annual price growth down to nothing, and a market on the edge of turning negative.
In March 2025, Calgary’s benchmark home price was $590,300 — up 0.7% from February but just 0.1% above March 2024, effectively flat year-over-year. Sales fell 18.9% year-over-year to 2,156 while inventory reached 5,153 homes, 102.7% above last March. Supply was 2.4 months and a typical home took 29 days to sell, nine days longer than a year earlier. Apartment condos sat at 3.2 months of supply, with prices up just 2.7%.
March 2025 at a glance
Calgary’s inventory more than doubled year-over-year in March 2025, reaching 5,153 homes against 2,542 in March 2024. Sales fell 18.9% to 2,156. Annual price growth, which had been 10.2% a year earlier, fell to 0.1% — the benchmark at $590,300 was statistically identical to twelve months before. The market hadn’t turned negative yet, but every indicator was pointing there.
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 March) | $590,300 | ▲ +1.4% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| February 2025 | 1,718 | 2,830 | 4,147 | 33 | $586,300 |
| March 2025 | 2,156 | 4,018 | 5,153 | 29 | $590,300 |
The headline numbers
| Metric | March 2025 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $590,300 | ▲ +0.7% | ▲ +0.1% |
| Sales | 2,156 | ▲ +25.5% | ▼ -18.9% |
| New listings | 4,018 | ▲ +42% | ▲ +26.6% |
| Inventory | 5,153 | ▲ +24.3% | ▲ +102.7% |
| Days on market | 29 | ▼ -4 days | ▲ +9 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $766,600 | ▲ +4% | 1,034 | 27 | 2.1 |
| Semi-detached | $688,500 | ▲ +4.6% | 184 | 28 | 2.2 |
| Row / townhouse | $452,400 | ▲ +2.3% | 399 | 27 | 2.1 |
| Apartment condo | $331,000 | ▲ +2.7% | 539 | 36 | 3.2 |
From 1.0 months to 2.4 in a year
March 2024 was one of the tightest months Calgary has recorded: 1.0 months of supply, 20 days on market, prices up 10.2% year-over-year. March 2025: 2.4 months, 29 days, prices up 0.1%.
Nothing dramatic happened in between. Listings rose steadily as owners who had been locked in by cheap mortgages finally moved, and demand cooled as the marginal buyer ran out of budget. Twelve months of that was enough to completely reverse the market’s character.
The spring market was noticeably thinner
Sales of 2,156 were the fewest in any March since 2020 — though worth keeping in perspective, since Calgary recorded between 1,327 and 1,890 sales in the Marches of 2017 through 2019. New listings of 4,018 were up 26.6% year-over-year, the most March listings Calgary had recorded.
The combination is what pushed inventory to 5,153. Sellers arrived expecting the market of the previous three springs and found a very different one, which is why days on market lengthened even as the seasonal pickup ran its usual course.
Condos were already negative in real terms
Apartment condos rose 2.7% year-over-year to $331,000, but sat at 3.2 months of supply and 36 days on market — the loosest segment by a clear margin. Row homes were up 2.3% to $452,400.
Neither of those was keeping pace with general inflation at the time, which means the affordable segments had already started losing value in real terms. The nominal declines would follow within a month.
What this meant if you were buying
March 2025 was a good month to buy carefully. Inventory had doubled, prices had stopped rising, and the seasonal competition that usually defines a Calgary spring was noticeably absent.
One thing worth doing in a market like this: look at how long a property has been listed and what it was originally priced at. With 5,153 homes competing, sellers who had been sitting for six weeks were in a very different negotiating position from a fresh listing — and that information is free, and rarely used.
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Source: CREB, March 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.
