Overview: Calgary Enters Spring 2025 With Strong Prices but Slowing Sales
March 2025 marked the official arrival of Calgary's spring real estate season with a familiar pattern: strong year-over-year price appreciation across all four major property types, set against a meaningful decline in sales volumes. According to CREB's monthly statistics released April 1, 2025, total residential sales reached 2,159 units, down 18.77 percent from March 2024. New listings came in at 4,019 while active inventory rose to 5,154, continuing the supply accumulation trend that began in early 2025.
The total residential benchmark price reached $592,500, up a marginal 0.08 percent year over year, essentially flat at the aggregate level. However, that flat headline masks powerful price performance within individual segments: semi-detached homes gained 5.12 percent, detached gained 4.11 percent, apartments gained 2.59 percent, and row homes gained 2.11 percent year over year. The near-flat total benchmark reflects a composition shift toward more lower-priced transactions rather than any weakness in individual segment pricing.
With overall months of supply at 2.39 and no property type approaching the four-month buyer's market threshold, Calgary's spring market is opening in balanced territory despite the lower sales pace. The volume pullback reflects buyer caution in a year of economic uncertainty, but those buyers who are transacting are doing so in a market where sellers still hold pricing strength.
March 2025 Calgary by the numbers: 2,159 sales, 4,019 new listings, 5,154 active listings, 2.39 months of supply, and a total residential benchmark price of $592,500.
March 2025 Sales and Listings Activity
The 2,159 residential sales represent an 18.77 percent year-over-year decline from March 2024's elevated pace. The spring of 2024 was exceptionally active, with buyers rushing to transact before anticipated policy rate changes, creating a high comparison base for 2025. While the year-over-year decline looks significant, the absolute level of sales in March 2025 is consistent with a historically active spring month, and the market is functioning with normal liquidity rather than showing signs of distress.
Average days on market held at 29, matching April's figure and confirming that well-priced properties are still moving efficiently. The sale-to-list ratio reached 99.08 percent, the highest reading of the year to that point and an indicator that spring demand is real and motivated buyers are competing for quality product. Days on market at 29 with a 99 percent sale-to-list ratio describes a market that, while slower in volume than a year prior, is still operating with healthy fundamentals.
The 4,019 new listings added meaningful supply to the market, and the resulting active inventory of 5,154 gives buyers more selection than they experienced in the spring of 2024. However, with overall months of supply at 2.39, the supply buildup is not yet creating pricing pressure. The spring listing wave is being absorbed at a reasonable pace, and the balanced market conditions are holding across the city.
Gold dashed line marks the 4-month buyer's market threshold. All property types remain in balanced territory. Source: CREB Monthly Statistics, March 2025.
Calgary Home Prices by Property Type in March 2025
The total residential benchmark price of $592,500 in March 2025 represents the last month of any meaningful aggregate positive year-over-year reading before the 2025 correction deepened. All four property types posted benchmark gains, with semi-detached leading the pack at 5.12 percent appreciation. The breadth of positive performance across all segments in March reflects a market that is still fundamentally sound, with motivated buyers willing to pay market value when the right property comes to market.
Source: CREB Monthly Statistics, March 2025
Detached Homes
Detached homes posted a 4.11 percent year-over-year benchmark price gain in March 2025, reaching $769,800. With only 2.13 months of supply, the detached segment is operating at one of the tightest supply levels of any property type in the city. The spring listing season has added inventory, but demand for quality detached homes in Calgary's established communities has remained robust enough to keep pricing well above year-ago levels. Sellers in this segment are benefiting from a market that still heavily favours their position.
Semi-Detached Homes
Semi-detached homes led all property types with a 5.12 percent year-over-year benchmark price gain in March 2025, reaching $691,900. The 2.24 months of supply confirms that the semi-detached segment has the second-tightest supply dynamics in Calgary's market, behind only detached. Semi-detached product appeals to a broad range of buyers: families who want ground-oriented living with more square footage than an apartment, investors seeking rental income with lower entry costs than detached, and buyers upgrading from condominium living. This broad demand base, combined with limited supply, is producing the strongest price gains in the market.
Row Homes and Townhouses
Row homes recorded a 2.11 percent year-over-year benchmark price gain in March 2025, bringing the benchmark to $454,000. The 2.07 months of supply is the tightest among all four property types in March, reflecting the strong demand for ground-oriented housing at a price point accessible to first-time buyers and those stepping up from apartments. Row homes are filling a critical gap in Calgary's housing continuum, and the near-peak demand for this product type is producing meaningful appreciation despite the broader market slowdown in sales volumes.
Apartment Condominiums
Apartment condominiums gained 2.59 percent year over year in March 2025, with the benchmark reaching $336,100. At 3.17 months of supply, apartments have more inventory than any other property type, but remain in balanced territory. The apartment market in March is still characterized by positive price momentum, a condition that would shift meaningfully through the spring and summer as supply accumulated faster than demand could absorb. Buyers in the apartment segment in March 2025 are still competing for well-priced product, particularly in newer buildings with lower operating costs.
Source: CREB Monthly Statistics, March 2025
March 2025 delivered the strongest across-the-board property type price performance of any month in the first half of 2025, with semi-detached leading at +5.12 percent and all four segments posting year-over-year benchmark gains. The spring market opened with genuine pricing strength.
Calgary Real Estate Prices by District in March 2025
District-level data for March 2025 is one of the strongest readings of the year, with four of seven districts posting positive year-over-year total benchmark changes and only the City Centre, North East, and East recording modest declines. The pattern reflects both the early-spring strength of Calgary's detached and semi-detached segments and the early accumulation of apartment supply in districts with the highest condo concentration. The West, South, North West, and South East are all showing positive or near-flat conditions heading into the busiest months of the year.
Source: CREB Monthly Statistics, March 2025. Total residential benchmark, all property types combined.
West District
The West district posted a 1.8 percent year-over-year total benchmark gain in March 2025, one of the stronger district-level performances in the city. West Calgary's detached and semi-detached inventory has been tight throughout the winter and early spring, with limited new listings and sustained demand from buyers attracted to the area's premium communities and outdoor lifestyle proximity. The West's higher price points provide an inherent buffer against correction pressures, as buyers here are less dependent on financing at the margin and more motivated by long-term equity building.
North West District
The North West recorded a 0.9 percent year-over-year total benchmark gain in March 2025. The near-flat but positive reading reflects balanced conditions across the district's mix of property types. The North West's established communities and newer developments both saw reasonable buyer activity in March, with the detached and semi-detached segments performing well while apartment supply began building at a faster pace. The district's overall benchmark remained positive, a performance it would sustain into the spring before the broader apartment correction weighed on the blended figure.
City Centre and South
The City Centre recorded a 1.8 percent year-over-year total benchmark decline in March 2025, driven by the apartment-heavy composition of that district's housing stock. Inner-city condominium supply was building earlier than in other districts, and that supply accumulation was already pulling the blended benchmark below year-ago levels even as the individual apartment benchmark remained positive. The South district posted a solid 1.2 percent total benchmark gain, anchored by its large detached and semi-detached housing stock and consistent buyer demand from Calgary families.
South East District
South East posted a 0.8 percent year-over-year total benchmark gain in March 2025, continuing the positive trajectory it had maintained through the winter. The South East's mix of established single-family communities and newer townhouse developments supported balanced market conditions, with buyers finding reasonable selection without the oversupply that would characterize later months. The South East remained one of Calgary's more stable districts through the first quarter of 2025.
North East and East
The North East posted a modest 0.7 percent year-over-year total benchmark decline in March 2025, while the East was essentially flat at -0.1 percent. Both districts showed early signs of the apartment supply accumulation that would intensify through the spring and summer, but March's readings indicate the correction was still in its earliest stages. Buyers in the North East and East in March 2025 were operating in a market where selection was improving and conditions were approaching neutral, without yet reaching the pronounced buyer advantage that arrived later in the year.
What March 2025 Data Means for Calgary Buyers
March 2025 is arguably the most competitive month for buyers in the early 2025 calendar year. The spring listing wave is bringing new inventory, but demand is running at a pace that is absorbing that supply without creating meaningful buyer leverage. Buyers targeting detached homes in the West, South, and North West face a market where multiple offers on well-priced properties remain a real possibility, and where coming prepared with pre-approval and a clear decision framework is not optional but essential.
Row home buyers have arguably the most attractive entry-point available in March 2025, with the segment offering ground-oriented living at $454,000 benchmark price with only 2.07 months of supply. Row homes are popular precisely because they fill the gap between apartment condo pricing and the full cost of detached ownership, and that structural demand advantage has kept supply tight. Buyers interested in this segment should move with confidence when they find the right property.
Apartment buyers in March 2025 are still operating in a balanced market, but the conditions that favour patience are beginning to emerge. With 3.17 months of supply and inventory building, buyers have more time to evaluate options than they did a year earlier. The improvement in selection is real, and buyers who take the time to compare buildings, understand condo fee structures, and assess reserve fund health before committing will find March 2025 offers reasonable leverage for negotiation on the right property.
What March 2025 Data Means for Calgary Sellers
Sellers in March 2025 are in an enviable position relative to where the market would be six months later. The 99.08 percent sale-to-list ratio is the strongest of any month in early 2025 and confirms that buyers are meeting sellers close to asking price when the listing is well-presented and accurately priced. The spring market is active, buyer intent is genuine, and the combination of motivated buyers and relatively tight supply in the detached and semi-detached segments creates conditions where sellers can expect competitive outcomes.
The key insight for sellers in March 2025 is that this window of strength is not permanent. As inventory builds through the spring and summer, and as buyer caution increases in response to economic uncertainty, the leverage available to sellers will diminish. Sellers who are planning to list in 2025 should consider that March and April represent the peak selling conditions of the year, and that waiting until summer or fall carries meaningful risk of a less favourable outcome.
Apartment sellers have the most nuanced position. The benchmark is positive at +2.59 percent year over year, but the City Centre benchmark tells a more cautious story with a 1.8 percent district-level decline. Sellers with apartment units in buildings that face competition from a growing resale pool need to price with the specific competitive landscape in mind, not the blended benchmark. Condition, location within the building, and realistic pricing relative to current active inventory are the determinants of outcome.
Outlook: Spring Strength Meets Rising Inventory
March 2025's data establishes a clear picture of a market at a turning point. Prices are strong across all segments, days on market are short, and sale-to-list ratios are high. These are the conditions of a seller's market, yet they coexist with an 18.77 percent year-over-year decline in sales volumes and a steady increase in active inventory. The tension between those two realities defines the spring of 2025 and sets the stage for what follows.
The critical question for the balance of 2025 is whether demand can absorb the incoming supply. The spring listing season typically brings the highest volume of new listings, and if buyer activity does not increase commensurately, months of supply will drift higher. The apartment segment is most vulnerable to this dynamic, as it already has the highest months of supply of any property type and is attracting the most new listings proportionally.
Bank of Canada rate decisions will play a decisive role in the trajectory of Calgary's housing market through the rest of 2025. Any rate reduction that improves affordability, particularly for first-time buyers and investors in the apartment segment, could unlock a wave of latent demand and slow the inventory build. In its absence, the spring strength visible in March's data is likely to moderate as the year progresses, as the data through May, June, and beyond confirmed.
Data sourced from CREB Monthly Statistics Package, City of Calgary, March 2025. Released April 1, 2025.
