Overview: Mid-Summer Inventory Surge Deepens Price Correction
July 2025 brought a continuation of Calgary's housing market correction, with inventory reaching levels not seen in the apartment and row segments in several years. According to CREB's monthly statistics released August 1, 2025, total residential sales reached 2,099 units, down 11.58 percent from July 2024. New listings came in at 3,911 while active inventory climbed to 6,917 units, the highest level recorded for July in recent years for the higher-density segments.
The total residential benchmark price was $582,900 in July, a 3.92 percent decline year over year. With 3.30 months of supply city-wide, the overall market remains nominally balanced, but the gap between property types has never been more pronounced in the current cycle. Apartments crossed above the four-month buyer's market threshold in July while detached and semi-detached homes continue to trade in tight supply conditions well below that threshold.
July's data points to a summer market that is not providing the seasonal demand lift that historically reduces inventory pressure. Buyers in the market are more selective and patient than in prior years, and the combination of sustained new listings and restrained sales activity has pushed active inventory to levels that are clearly weighing on prices in the condo and townhouse segments.
July 2025 Calgary by the numbers: 2,099 sales, 3,911 new listings, 6,917 active listings, 3.30 months of supply, and a total residential benchmark price of $582,900.
July 2025 Sales and Listings Activity
The 2,099 residential sales in July represent an 11.58 percent year-over-year decline. New listings at 3,911 maintained steady supply flow, and with sales running well below that pace, active inventory reached 6,917 units. The gap between new listings and completed sales has been consistent throughout 2025, producing the inventory accumulation now visible across multiple property types and driving the conditions that favour buyers in most segments.
Days on market averaged 37 in July, reflecting buyers who are taking measured time before committing in a market where they have genuine options. The sale-to-list ratio held at 98.03 percent overall, indicating that correctly priced properties are still transacting close to asking. The properties that are not moving are largely those where sellers have not adjusted expectations to reflect current comparable sales, and those properties are accumulating days-on-market history that weakens their negotiating position over time.
Year-to-date volumes continue to run meaningfully below 2024 levels. The second quarter of 2025 saw some of the largest year-over-year sales declines of the current correction cycle, and July shows no evidence of that trend reversing. Whether the fall market will see any improvement depends heavily on interest rate movements and whether buyer confidence can recover as we move through the second half of the year.
Gold dashed line marks the 4-month buyer's market threshold. Source: CREB Monthly Statistics, July 2025.
Calgary Home Prices by Property Type in July 2025
The total residential benchmark of $582,900 in July 2025 reflects a 3.92 percent year-over-year decline. As with prior months in 2025, this aggregate figure blends very different outcomes across property types. Semi-detached homes posted a positive year-over-year gain while apartments fell close to five percent, illustrating the wide range of market conditions operating simultaneously within the Calgary market.
Source: CREB Monthly Statistics, July 2025
Detached Homes
Detached homes in July 2025 recorded a benchmark price of $761,800, representing a modest 0.78 percent year-over-year decline. At just 2.99 months of supply, the detached segment remains firmly in balanced territory and continues to outperform all other property types. In Calgary's premium districts, detached months of supply is considerably tighter than the city-wide figure, and well-priced properties continue to generate serious buyer interest with limited competition from comparable listings.
Semi-Detached Homes
The semi-detached segment posted the strongest performance of any Calgary property type in July 2025, with a benchmark price of $697,500 representing a 1.40 percent year-over-year gain. With only 2.94 months of supply, the semi-detached market is the tightest of any property type, suggesting seller's market conditions. Demand for semi-detached product has remained resilient because it offers buyers a size and quality step up from condos without the price tag of a full detached home, and supply additions have been limited relative to other segments.
Row Homes and Townhouses
Row homes saw a 3.88 percent year-over-year benchmark price decline in July, reaching $446,200. The 3.20 months of supply is elevated relative to detached and semi-detached, though still technically in balanced territory by the aggregate measure. Competition from rental alternatives and new construction has continued to weigh on resale row prices. Buyers in the townhouse segment have improving selection and some negotiating leverage in most Calgary districts, particularly in the South East and North East where supply has built most significantly.
Apartment Condominiums
The apartment market is under clear pressure in July 2025, with a 4.82 percent year-over-year benchmark decline to $329,600 and 4.13 months of supply crossing firmly into buyer's market territory. Record inventory in the apartment segment in several districts is creating a competitive environment for sellers and genuine value opportunities for buyers. The combination of elevated rental supply providing alternatives and the accumulated inventory of unsold condos has shifted the balance decisively in favour of apartment buyers in July 2025.
Source: CREB Monthly Statistics, July 2025
Semi-detached homes posted the only year-over-year price gain among all Calgary property types in July 2025, up 1.40 percent, while apartments fell 4.82 percent and crossed into buyer's market territory at 4.13 months of supply.
Calgary Real Estate Prices by District in July 2025
July 2025 district data shows no Calgary district recording a year-over-year benchmark price gain. The City Centre, North East, and East are experiencing the sharpest corrections, with the City Centre crossing into deeper negative territory as its apartment inventory continues to accumulate. The West and South remain the most stable areas, with detached supply staying relatively constrained.
Source: CREB Monthly Statistics, July 2025. Total residential benchmark, all property types combined.
West District
The West district posted a 2.3 percent year-over-year total benchmark decline in July 2025, the most modest correction citywide. The detached segment in the West continues to provide stability, with tight supply conditions keeping prices from falling further. Premium buyers targeting West Calgary have not pulled back significantly, and the limited resale inventory in the area's most desirable communities continues to support benchmark pricing near prior-year levels in the detached segment.
North West District
North West recorded a 2.7 percent year-over-year total benchmark decline in July. The detached and semi-detached markets in the North West remain relatively balanced, while the apartment segment has seen more softening. The North West continues to perform better than the city-wide average of 3.92 percent, reflecting its favorable property type mix and consistent demand from families and move-up buyers targeting established communities in this area.
City Centre and South
The City Centre recorded a 4.1 percent year-over-year total benchmark decline in July 2025, crossing into the red zone as apartment condo inventory continues to accumulate in inner-city high-rise buildings. The South district is down 2.7 percent, a more moderate correction anchored by the stronger detached market in that area. South Calgary's apartment sub-market has seen some softening, but the diversified property type mix has cushioned the overall district benchmark.
South East District
The South East posted a 3.6 percent year-over-year total benchmark decline in July, landing in the moderate correction range. Apartment and townhouse inventory has been building in the South East through 2025, giving buyers in those property types genuine selection and pricing leverage. The South East detached market has fared better by comparison, with supply conditions remaining more constrained than in the higher-density segments.
North East and East
The North East and East continue to record the sharpest corrections in July 2025, down 7.2 percent and 7.4 percent year over year respectively. The concentration of apartment condominiums in these districts, combined with the highest rental supply growth in the city, has produced the most significant inventory accumulation and price declines of any Calgary area. Affordability-focused buyers targeting the condo segment will find the most compelling value opportunities in the North East and East districts.
What July 2025 Data Means for Calgary Buyers
Detached buyers in Calgary's tighter districts should not interpret July's city-wide data as a broad invitation to lowball offers. In the West, North West, and South detached markets, months of supply remain well below four, and well-priced properties continue to attract serious interest. Come pre-approved, understand the specific micro-market you are targeting, and be prepared to act decisively when the right property appears. The negotiating room that exists in the condo market does not translate equally to tight detached sub-markets.
Apartment buyers in July 2025 have one of the clearest buying opportunities in Calgary in recent years. With 4.13 months of supply and benchmark prices at $329,600, conditions strongly favour buyers in the condo segment. In the North East and East, the discounts relative to 2023 peak pricing are substantial, and investors looking for rental income properties will find cap rates that were not available a year ago. First-time buyers should also be paying close attention to these segments.
Row home buyers have improved negotiating conditions compared to 2024, particularly in the South East and North East. Supply in the townhouse segment has grown enough that buyers can take their time, request conditions, and negotiate on both price and closing terms in a way that would not have been possible in the tighter market of 2023. Target the districts where supply accumulation is greatest for the most pricing flexibility.
What July 2025 Data Means for Calgary Sellers
Sellers in July 2025 must price their property based on current sales data, not 2023 comparables. The 98.03 percent sale-to-list ratio means buyers are paying close to list for correctly priced properties, but the operative phrase is "correctly priced." Properties that launch too high are not being rescued by subsequent price reductions; they are accumulating days-on-market data that buyers use to justify lower offers. A precise launch price remains the most important decision a seller makes.
Detached sellers in the West, North West, and South continue to operate in relatively supportive conditions. If your property is updated, well-maintained, and priced to reflect current comparables, the July market can still produce a competitive result. The seller leverage of bidding wars and unconditional offers is largely gone, but a well-positioned detached property in a tight district can still transact efficiently and close to asking price.
Apartment sellers face the most significant headwinds of any property type in July 2025. With four-plus months of supply and prices down nearly five percent year over year, patience and aggressive pricing are both required. Sellers who overprice and then reduce repeatedly end up with worse outcomes than those who price accurately upfront and generate early interest from the serious buyers in the market. If you must sell a condo in July 2025, price to create competition, not to test the ceiling.
Outlook: Second Half of 2025
July's data confirms that Calgary's correction is continuing through the heart of the traditional summer selling season without the demand boost that historically characterizes this period. Heading into the fall, the key variables are whether interest rates move materially and whether new listing volumes moderate as sellers who are unwilling to accept current prices remove their listings from the market.
Any Bank of Canada rate reduction in August or September 2025 could pull forward latent first-time buyer demand and reactivate some of the investor activity that has been sitting on the sidelines. The apartment and row segments would feel this first, and a demand uptick in those segments could slow or reverse the current price correction in the fall. Watch the rate announcements carefully heading into the second half of the year.
For the detached market, the supply picture remains the most important indicator to watch. If the West, North West, and South detached segments maintain months of supply below four through August and September, price stability in those areas is likely to persist. The structural supply constraint in Calgary's most desirable detached communities has not changed, and any demand recovery will hit those segments first and hardest.
Data sourced from CREB Monthly Statistics Package, City of Calgary, July 2025. Released August 1, 2025.
