Overview: Sales Volume Falls but Calgary Prices Hold Firmer Than Expected
April 2025 presented a study in contrasts for the Calgary housing market. Sales volume declined sharply, dropping 22.25 percent year over year to 2,236 transactions, yet prices across all four major property types remained positive on a year-over-year basis. According to CREB's monthly statistics released May 1, 2025, new listings reached 4,038 while active inventory climbed to 5,867 units, extending the supply buildup that has characterized Calgary's market through the first third of 2025.
The total residential benchmark price came in at $591,100, a 1.40 percent decline from April 2024. This aggregate figure is worth examining carefully: every individual property type benchmark, from detached to apartment, posted a year-over-year gain in April. The modest total benchmark decline is a composition effect, reflecting a greater share of lower-priced property types transacting relative to the prior year rather than across-the-board price erosion. The underlying segment data tells a more resilient story than the headline number suggests.
Overall months of supply reached 2.62, firmly in balanced territory. Despite the sales slowdown, the Calgary market as a whole is not yet experiencing the buyer conditions that would pressure prices materially downward. Well-priced, well-presented properties in desirable segments are still attracting meaningful buyer interest.
April 2025 Calgary by the numbers: 2,236 sales, 4,038 new listings, 5,867 active listings, 2.62 months of supply, and a total residential benchmark price of $591,100.
April 2025 Sales and Listings Activity
The 2,236 residential sales represent a significant 22.25 percent decline from April 2024, when the market was running at near-peak pace. While that comparison looks stark, it should be contextualized: April 2024 was an exceptionally active month driven by buyers rushing ahead of anticipated interest rate increases, creating a high base for year-over-year comparisons throughout 2025. The 2025 spring market is softer than the prior year but not in freefall.
Average days on market came in at 29 for April, a notably short timeline that confirms properties in the right price range are still moving efficiently. The sale-to-list price ratio of 98.80 percent indicates sellers are achieving close to asking when pricing reflects current market realities. The spring season, which traditionally brings the most activity, is delivering buyers to the market in reasonable numbers even if volume is below the prior year's pace.
The 4,038 new listings added meaningful choice for buyers, and the growing inventory at 5,867 units gives buyers more time and selection than they had in 2023 and early 2024. However, with overall months of supply at 2.62, the added supply has not yet tipped any segment into outright buyer conditions. The market remains one where both buyers and sellers can find reasonable outcomes when expectations align.
Gold dashed line marks the 4-month buyer's market threshold. All property types remain in balanced territory. Source: CREB Monthly Statistics, April 2025.
Calgary Home Prices by Property Type in April 2025
Every property type in Calgary posted a year-over-year benchmark price increase in April 2025, a result that stands in contrast to the declining sales volumes. The total residential benchmark of $591,100 shows a 1.40 percent year-over-year decline, but this blended figure is pulled down by a shift in the mix of transactions toward lower-priced property types rather than by actual price declines within any segment. Detached and semi-detached homes led with the strongest appreciation, while row homes and apartments recorded marginal gains that nonetheless kept all four segments in positive territory.
Source: CREB Monthly Statistics, April 2025
Detached Homes
Detached homes delivered a 2.41 percent year-over-year benchmark price gain in April 2025, reaching $769,300. With only 2.28 months of supply, the detached segment remains the tightest in Calgary's housing market. Despite the broader sales slowdown, motivated detached buyers have not abandoned the market, and limited new detached supply relative to demand has kept pricing firm. Sellers of move-in ready, well-located detached homes continue to operate from a position of strength heading into the spring season.
Semi-Detached Homes
Semi-detached homes led all property types with a 3.59 percent year-over-year benchmark price increase in April, reaching $691,700. At 2.55 months of supply, conditions are notably balanced. The semi-detached market benefits from a shortage of quality product relative to sustained demand from buyers seeking more space than an apartment can offer at a price point below detached. This combination of constrained supply and consistent buyer interest has made the semi-detached segment one of Calgary's most resilient housing categories through the early 2025 correction.
Row Homes and Townhouses
Row homes posted a modest 0.53 percent year-over-year price gain in April, bringing the benchmark to $457,400. The 2.83 months of supply remains in balanced territory, though the gap between row home supply and the tighter detached segment is widening. Row homes serve as an important bridge for buyers transitioning from apartments to ground-oriented housing, and that demand has kept prices stable despite the volume slowdown. Districts with newer row home communities are seeing more competition among listings, which will become a pricing factor if inventory continues to accumulate through the spring.
Apartment Condominiums
The apartment benchmark in April 2025 reached $336,000, up a marginal 0.15 percent year over year. At 3.17 months of supply, apartments remain in balanced territory, though they are approaching the upper end of that range and supply has been growing steadily. The apartment market is bifurcated: newer, well-managed buildings in desirable inner-city locations continue to attract buyer interest, while older buildings with higher condo fee structures or upcoming special assessments are seeing longer days on market. The near-flat benchmark price reflects this mix.
Source: CREB Monthly Statistics, April 2025
Every Calgary property type posted a year-over-year benchmark price gain in April 2025, the last month to show across-the-board positive performance before the supply-driven correction intensified through the summer. Semi-detached led all segments at +3.59 percent.
Calgary Real Estate Prices by District in April 2025
District-level data for April 2025 shows modest softening across most of Calgary, with six of seven districts recording small negative year-over-year changes and the South district holding essentially flat with a marginal positive reading. Notably, no district crossed into the steep correction territory that would appear later in 2025. The city-wide picture in April is one of a market absorbing additional supply with only modest pricing friction, and no district is signaling distress.
Source: CREB Monthly Statistics, April 2025. Total residential benchmark, all property types combined.
West District
The West district recorded only a 0.3 percent year-over-year total benchmark decline in April 2025, one of the smallest movements of any district in the city. The West's premium detached market continues to provide price stability, with limited resale supply and consistent demand from buyers prioritizing established communities with larger lots and proximity to the mountains. At this early stage of the market correction, the West remains one of Calgary's most insulated districts.
North West District
The North West posted a 0.9 percent year-over-year total benchmark decline in April, a mild reading consistent with balanced market conditions. The area's mix of detached, semi-detached, and townhouse product is holding up well, with buyer interest sustained across multiple segments. The North West remains a destination of consistent choice for families seeking established infrastructure and strong school catchments, and that underlying demand has kept pricing largely intact despite the sales volume slowdown.
City Centre and South
The City Centre recorded a 2.6 percent year-over-year total benchmark decline in April, the steepest in the city for the month, reflecting the higher proportion of apartment condominiums in that district's housing mix. The apartment segment's near-flat individual benchmark masks composition effects at the district level, where condo transactions are pulling the blended benchmark lower. The South district was essentially flat, with a marginal 0.2 percent positive reading reflecting the stability of its detached and semi-detached dominated housing stock.
South East District
South East posted a 0.6 percent year-over-year total benchmark decline in April, a negligible reading that places the district firmly in balanced territory. The South East's combination of established single-family communities and newer townhouse developments has maintained steady buyer interest, and no segment in the district is experiencing meaningful inventory pressure. South East buyers in April had improved selection relative to prior years but still found a market where correctly priced properties moved efficiently.
North East and East
Both the North East and East districts recorded moderate declines in April 2025, at 2.6 percent and 1.9 percent respectively. These districts have the highest concentration of apartment condominiums in Calgary's housing mix, and the early stages of the apartment supply correction are having the most visible impact here. While neither district is experiencing the sharp corrections that would arrive later in the year, the directional trajectory was clearly established by April as inventory accumulated faster than sales could absorb it.
What April 2025 Data Means for Calgary Buyers
April 2025 represents a transitional opportunity for buyers. Inventory has improved substantially relative to 2023 and early 2024, but months of supply across all segments remains below four months, meaning the market has not yet shifted decisively in buyers' favour. Buyers who arrive pre-approved and with a clear understanding of their target segment and district will find more choice than they had a year ago, but should not expect the negotiating leverage that arrives when supply genuinely tips into buyer's market territory.
Detached and semi-detached buyers face the most competitive conditions in April. These segments have maintained the tightest supply dynamics with 2.28 and 2.55 months respectively, and benchmark prices are rising year over year. Patience is available, but so is competition for quality product. Buyers targeting detached homes in the West, North West, and South are still operating in an environment where good properties attract multiple interested parties.
Apartment buyers are beginning to see a market with improved selection, particularly in the City Centre and North East. The apartment benchmark is barely positive at +0.15 percent, and inventory is building. Buyers in this segment have the most favourable conditions among property types and can begin to negotiate more thoughtfully on both price and terms than they could in 2024. This window of opportunity widened considerably through the remaining months of 2025.
What April 2025 Data Means for Calgary Sellers
Sellers in April 2025 are still operating in conditions that allow for competitive outcomes, particularly in the detached and semi-detached segments. Average days on market at 29 and a sale-to-list ratio of 98.80 percent confirm that correctly priced properties are being absorbed efficiently. The key word is "correctly": the market in April 2025 is no longer forgiving of overpricing in the way that 2022 and early 2024 were, when bidding wars would rescue aspirationally priced listings.
Detached and semi-detached sellers who price at or just below current comparable sales are still achieving strong results. The 3.59 percent benchmark appreciation in the semi-detached segment and 2.41 percent in detached confirm that motivated buyers are out there and willing to pay market value. Sellers who set expectations based on the peak 2024 market rather than the current one are creating their own obstacles by pricing above what buyers will accept.
Apartment sellers face the most nuanced environment. The near-flat 0.15 percent year-over-year benchmark gain masks a market where quality and condition are increasingly important differentiators. A well-maintained, newer apartment with low condo fees in a desirable building can still achieve a strong sale. An older unit in a building with deferred maintenance or rising fees will encounter more friction. Sellers in the apartment segment need to distinguish their specific product from the broader inventory and price accordingly.
Outlook: Can Spring Activity Reverse the Volume Trend?
April 2025 closes the first third of the year with a clear pattern: sales volumes are running meaningfully below prior-year pace while prices have remained more resilient than the volume data alone would suggest. The question heading into the summer is whether the sales slowdown continues to deepen or whether improved buyer confidence, driven by Bank of Canada rate movements and economic stabilization, brings volume back toward trend.
The supply picture is the dominant variable to watch. Inventory at 5,867 active listings and growing means that sellers who are motivated to exit the market face increasing competition. If sales volumes remain suppressed through the summer, the rising inventory will eventually tip months of supply past the four-month threshold in the apartment and row segments, which is precisely what the data confirmed through May to September 2025.
For now, the detached market's resilience provides a floor for overall Calgary pricing. As long as detached and semi-detached homes maintain their current supply dynamics, any city-wide benchmark correction will be moderated by those stronger-performing segments. The risk scenario is one where apartment supply builds faster than the spring volume recovery can offset, a scenario that the subsequent months of 2025 data would confirm as the more likely outcome.
Data sourced from CREB Monthly Statistics Package, City of Calgary, April 2025. Released May 1, 2025.
