🏡 July 2025 Calgary Real Estate Market Update: Are We Finally at a Tipping Point?

Dawn Herron Maser
Jul 13
4 min read

We’re at a tipping point in Calgary real estate right now.

So if you're a seller, should you be nervous about waiting?And if you're a buyer, is this your golden window—or should you hold off just a little longer?

Let’s unpack what’s really happening in the market and what it means for you.

Alberta’s Economy: Still a National Leader

Before diving into the Calgary housing stats, let’s take a quick look at the bigger picture.

According to the TD Provincial Economic Forecast, Alberta posted one of the strongest GDP performances in Canada in 2024, and it's expected to outperform most other provinces again this year.

Energy Drives the Growth

With the Trans Mountain Pipeline Expansion now operational, Alberta is producing over 4 million barrels per day—close to record highs. About 85% of that oil is still flowing tariff-free to the U.S., and shipments to Asia are climbing too.

Yes, there are headwinds: lower oil prices, a strong Canadian dollar, and geopolitical uncertainty. But if oil stays near TD’s forecasted $67 per barrel, Alberta's energy economy should remain stable.

Construction and Healthcare Are Booming

Job growth remains strong in construction, healthcare, and retail, helping support housing demand in Calgary.

And even though Alberta’s population growth rate has slowed, we still added 20,562 people in Q1 2025—mostly from immigration and interprovincial migration (according to Stats Canada). That’s a major factor keeping our housing market resilient.

Tax Relief for Albertans

Starting January 2025, Alberta reduced the personal income tax rate from 10% to 8% on the first $60,000 of income. That’s a modest but meaningful change—up to $750 in annual savings, especially for lower- and middle-income earners.

Interest Rates: Is This the Bottom?

According to Canadian Mortgage Trends, RBC no longer expects the Bank of Canada to cut rates further this year. They now forecast that the overnight rate will hold at 2.75% through 2026.

Their reasoning? Inflation is proving sticky, and trade uncertainty has eased—though I’d personally argue that hasn’t fully played out, especially with new tariff threats looming and limited government response so far.

Still, RBC’s position aligns with Scotiabank, while TD and CIBC still expect one or two more small cuts this year. So if you're waiting for ultra-low borrowing costs… this might be as good as it gets for now.

Calgary Construction: A Rental Boom

Here’s something that hasn’t been talked about enough: Calgary is in the middle of a construction surge.

According to the June 2025 Calgary Monthly Stats Package (CREB®):

8,888 housing starts have already been recorded this year
4,179 of those are purpose-built rentals

That’s nearly half of all new construction. Builders are clearly responding to high rental demand and affordability pressures.

Calgary Market Snapshot – June 2025

Now let’s get into the housing numbers.

Sales Are Slowing

2,286 homes sold in June (↓16.5% YoY)
Still in line with long-term seasonal averages, but definitely slowing
Detached homes are holding steady
Condos and row homes saw the biggest drop—especially under $500K

Most sales occurred in the $500,000–$700,000 range, and those well-presented detached homes? Still moving, often fast.

New Listings Are Climbing

4,223 new listings in June (↑11.2% YoY)
Most of the increase is in higher price points (over $700K)
Builders are releasing inventory, and resale sellers are re-entering

Sellers: price correctly and prepare your home. Buyers have adjusted to the shift quicker than sellers have, which means underprepared or overpriced listings are sitting—and often selling for less.

That said, nearly 13% of homes in June sold over list price, so there’s still competition for the right product.

Inventory: Highest Since 2021

6,941 active listings (↑83% YoY)
A small increase from May, but a major year-over-year jump
This is the highest June inventory since 2021
Keep in mind: inventory typically peaks mid-year, so we’ll be watching to see if this is the top for 2025

Months of Supply: Balance Returns

3.04 months of supply (MoS) citywide
- Apartments: 3.97 MoS (approaching buyer’s market)
- Row homes: 3.35 MoS
- Detached: 2.6 MoS
- Semi-detached: 2.62 MoS

We're officially in balanced market territory, though some areas and product types are still leaning seller.

Are Prices Falling?

Yes—but gradually.

Citywide benchmark price: $586,200 (↓3.6% YoY, ↓$3,700 from last month)

Let’s break it down:

Apartments: $333,500 (↓3%)
Row homes: $450,300 (↓3%)
Detached homes: $764,300 (flat YoY, ↓$5,100 from last month)
Semi-detached: $696,400 (↑2%)

This is a correction, not a crash.

To put it in context:

June 2021: $458,300
June 2024: $608,000
June 2025: $586,200

Even with the recent dip, prices are still significantly higher than just a few years ago.

So, What Should You Do?

Sellers→ Don’t wait too long.→ Price ahead of the market—not behind it.→ The homes that sit are the homes that sell for less.

Buyers→ If you're financially ready and find the right home, it’s okay to move forward.→ Trying to time the absolute bottom? That’s a gamble.→ Long-term ownership usually smooths out short-term fluctuations.→ Rent or own—either way, you're paying a mortgage. The question is: whose?

Final Thoughts

I know this market feels confusing. Inventory is up. Prices are down. But competition is still happening on the right properties. That's the nuance that doesn’t always come through in the headlines.

Alberta’s Economy: Still a National Leader

Before diving into the Calgary housing stats, let’s take a quick look at the bigger picture.

According to the TD Provincial Economic Forecast, Alberta posted one of the strongest GDP performances in Canada in 2024, and it's expected to outperform most other provinces again this year.

Energy Drives the Growth

With the Trans Mountain Pipeline Expansion now operational, Alberta is producing over 4 million barrels per day—close to record highs. About 85% of that oil is still flowing tariff-free to the U.S., and shipments to Asia are climbing too.

Yes, there are headwinds: lower oil prices, a strong Canadian dollar, and geopolitical uncertainty. But if oil stays near TD’s forecasted $67 per barrel, Alberta's energy economy should remain stable.

Construction and Healthcare Are Booming

Job growth remains strong in construction, healthcare, and retail, helping support housing demand in Calgary.

And even though Alberta’s population growth rate has slowed, we still added 20,562 people in Q1 2025—mostly from immigration and interprovincial migration (according to Stats Canada). That’s a major factor keeping our housing market resilient.

Tax Relief for Albertans

Starting January 2025, Alberta reduced the personal income tax rate from 10% to 8% on the first $60,000 of income. That’s a modest but meaningful change—up to $750 in annual savings, especially for lower- and middle-income earners.

Interest Rates: Is This the Bottom?

According to Canadian Mortgage Trends, RBC no longer expects the Bank of Canada to cut rates further this year. They now forecast that the overnight rate will hold at 2.75% through 2026.

Their reasoning? Inflation is proving sticky, and trade uncertainty has eased—though I’d personally argue that hasn’t fully played out, especially with new tariff threats looming and limited government response so far.

Still, RBC’s position aligns with Scotiabank, while TD and CIBC still expect one or two more small cuts this year. So if you're waiting for ultra-low borrowing costs… this might be as good as it gets for now.

Calgary Construction: A Rental Boom

Here’s something that hasn’t been talked about enough: Calgary is in the middle of a construction surge.

According to the June 2025 Calgary Monthly Stats Package (CREB®):

8,888 housing starts have already been recorded this year

4,179 of those are purpose-built rentals

That’s nearly half of all new construction. Builders are clearly responding to high rental demand and affordability pressures.

Calgary Market Snapshot – June 2025

Now let’s get into the housing numbers.

Sales Are Slowing

2,286 homes sold in June (↓16.5% YoY)

Still in line with long-term seasonal averages, but definitely slowing

Detached homes are holding steady

Condos and row homes saw the biggest drop—especially under $500K

Most sales occurred in the $500,000–$700,000 range, and those well-presented detached homes? Still moving, often fast.

New Listings Are Climbing

4,223 new listings in June (↑11.2% YoY)

Most of the increase is in higher price points (over $700K)

Builders are releasing inventory, and resale sellers are re-entering

Sellers: price correctly and prepare your home. Buyers have adjusted to the shift quicker than sellers have, which means underprepared or overpriced listings are sitting—and often selling for less.

That said, nearly 13% of homes in June sold over list price, so there’s still competition for the right product.

Inventory: Highest Since 2021

6,941 active listings (↑83% YoY)

A small increase from May, but a major year-over-year jump

This is the highest June inventory since 2021

Keep in mind: inventory typically peaks mid-year, so we’ll be watching to see if this is the top for 2025

Months of Supply: Balance Returns

3.04 months of supply (MoS) citywide

Apartments: 3.97 MoS (approaching buyer’s market)

Row homes: 3.35 MoS

Detached: 2.6 MoS

Semi-detached: 2.62 MoS

We're officially in balanced market territory, though some areas and product types are still leaning seller.

Are Prices Falling?

Yes—but gradually.

Citywide benchmark price: $586,200 (↓3.6% YoY, ↓$3,700 from last month)

Let’s break it down:

Apartments: $333,500 (↓3%)

Row homes: $450,300 (↓3%)

Detached homes: $764,300 (flat YoY, ↓$5,100 from last month)

Semi-detached: $696,400 (↑2%)

This is a correction, not a crash.

To put it in context:

June 2021: $458,300

June 2024: $608,000

June 2025: $586,200

Even with the recent dip, prices are still significantly higher than just a few years ago.

So, What Should You Do?

Sellers→ Don’t wait too long.→ Price ahead of the market—not behind it.→ The homes that sit are the homes that sell for less.

Buyers→ If you're financially ready and find the right home, it’s okay to move forward.→ Trying to time the absolute bottom? That’s a gamble.→ Long-term ownership usually smooths out short-term fluctuations.→ Rent or own—either way, you're paying a mortgage. The question is: whose?

Final Thoughts

I know this market feels confusing. Inventory is up. Prices are down. But competition is still happening on the right properties. That's the nuance that doesn’t always come through in the headlines.

So what do you think?Are prices going to fall more?Is this a blip, or the start of a longer correction?

I’d love to hear your thoughts—drop them in the comments below, or reach out anytime if you want to talk strategy.

🎥 Prefer Video? Watch the Full Market Breakdown Here

👉 Watch July 2025 Calgary Real Estate Market Update

And if you're considering buying but don't know where to start, check out my free Calgary Home Buyers Guide

Thanks for reading—and I’ll see you next month with the next update!

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