Nearly twice the inventory of last May, condos and townhouses now falling in price, and a market that finally belongs to buyers.
In May 2025, Calgary’s benchmark home price was $588,300 — down 0.2% from April and 2.4% below May 2024. Sales fell 17.2% year-over-year to 2,559 while inventory reached 6,744 homes, 98.1% above last May. Supply was 2.6 months and a typical home took 32 days to sell, thirteen days longer than a year earlier. Row homes fell 1.7% year-over-year to $451,700 and apartment condos 1.4% to $330,300 — the first annual declines in those segments since 2020.
May 2025 at a glance
Calgary had 6,744 homes for sale in May 2025, nearly double the 3,404 available a year earlier, and a typical property took 32 days to sell against 19 the previous May. The benchmark eased to $588,300, down 2.4% year-over-year. More notably, row homes and apartment condos both turned negative on the year for the first time since 2020 — down 1.7% and 1.4% respectively. The segments that had led Calgary’s boom were now leading it down.
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 May) | $588,300 | ▲ +1.1% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| May 2025 | 2,559 | 4,840 | 6,744 | 32 | $588,300 |
The headline numbers
| Metric | May 2025 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $588,300 | ▼ -0.2% | ▼ -2.4% |
| Sales | 2,559 | ▲ +14.8% | ▼ -17.2% |
| New listings | 4,840 | ▲ +19.9% | ▲ +11.7% |
| Inventory | 6,744 | ▲ +14.9% | ▲ +98.1% |
| Days on market | 32 | ▲ +3 days | ▲ +13 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $766,300 | ▲ +0.9% | 1,273 | 28 | 2.4 |
| Semi-detached | $694,200 | ▲ +2.4% | 255 | 29 | 2.1 |
| Row / townhouse | $451,700 | ▼ -1.7% | 457 | 33 | 2.4 |
| Apartment condo | $330,300 | ▼ -1.4% | 574 | 41 | 3.6 |
Thirteen more days to sell than last May
May 2024 was the fastest month Calgary has recorded at 19 days. May 2025 took 32. That thirteen-day difference is the single clearest measure of how completely the market had changed.
For buyers it meant the return of a normal process. View, consider, inspect, negotiate. For sellers it meant pricing to the market rather than above it and expecting to wait — a significant adjustment after three years in which almost anything sold quickly.
The affordable segments turned first
Row homes at $451,700, down 1.7% year-over-year. Apartment condos at $330,300, down 1.4%. Both had been up around 18% and 16% respectively just twelve months earlier.
That is a swing of roughly twenty percentage points in a year. These segments had risen furthest during the rate-driven squeeze, so they had the most to give back once supply normalised and buyers could move back up the ladder.
Detached homes were holding
Detached homes were $766,300, up 0.9% year-over-year — the only major segment still positive. Supply was 2.4 months against 3.6 for apartment condos.
That divergence had a practical consequence. If you were selling a condo to buy a house in 2025, you were selling into the weaker market and buying into the stronger one — the opposite of the situation two years earlier, and worth planning around carefully.
What this meant if you were buying
May 2025 was among the best months to be a Calgary buyer in half a decade. Nearly 6,800 homes to choose from, a month to decide, prices easing, and no competing offers on most properties.
The practical advice was to use the leverage rather than just enjoy it. In a market like this, sellers will often negotiate on more than price — possession date, included appliances, repairs identified by an inspection. Buyers who only negotiate the number leave the rest on the table.
Frequently asked questions
Real leverage, for once.
Use it properly — price is only one of the things you can negotiate. Let’s get your approval sorted first.
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Source: CREB, May 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.
