Overview: Spring Listings Surge While Detached Prices Hold
May 2025 brought the highest new listing volume of the year to that point, with 4,842 new listings entering the Calgary market against 2,568 sales, a 16.89 percent year-over-year decline. According to CREB's monthly statistics released June 2, 2025, active inventory reached 6,740 units by month end, reflecting steady supply accumulation that is driving the market's ongoing divergence between property types. The total residential benchmark price fell 2.54 percent year over year to $589,900.
May's data reveals a market at a pivotal point. Detached homes are still posting positive year-over-year price gains in most districts, while apartments and row homes are recording modest declines as supply builds. The overall market at 2.62 months of supply remains balanced, but the trajectories by property type are clearly moving in different directions. The spring selling season has delivered more supply than the market has been able to absorb at current demand levels.
The property type divergence in May 2025 is one of the clearest signals of how differentiated this market has become. Buyers and sellers in the detached segment are operating in a fundamentally different environment than those in the condo segment, and making decisions based on city-wide aggregate data without understanding property type dynamics risks a significant misread of actual conditions.
May 2025 Calgary by the numbers: 2,568 sales, 4,842 new listings, 6,740 active listings, 2.62 months of supply, and a total residential benchmark price of $589,900.
May 2025 Sales and Listings Activity
The 2,568 residential sales in May represent a 16.89 percent year-over-year decline, the largest monthly decline of the first half of 2025 at that time. The 4,842 new listings added a significant volume of fresh supply to the market, far exceeding what buyers absorbed. Active inventory at 6,740 was elevated relative to prior years and continuing its steady upward trend through the spring selling season.
Days on market averaged 32 in May, the shortest of the months covered in the current correction cycle, reflecting the seasonal increase in buyer activity that accompanies warmer weather. The sale-to-list price ratio was 98.55 percent, indicating that the market was still rewarding well-priced properties with near-asking-price results. The spring environment in 2025 brought more buyers to market than winter months, but not enough to absorb the surge in new listings that accompanied the traditional spring supply increase.
Year-to-date through May 2025, total sales are running materially below 2024 levels across all property types. The strong sales period of early-to-mid 2024 is producing substantial year-over-year comparison headwinds in 2025. The market is not collapsing, but the trajectory heading into summer is clearly one of rising inventory and moderating prices in the more supply-sensitive segments.
Gold dashed line marks the 4-month buyer's market threshold. Source: CREB Monthly Statistics, May 2025.
Calgary Home Prices by Property Type in May 2025
The total residential benchmark of $589,900 in May 2025 is down 2.54 percent year over year, but this aggregate masks an important division: detached and semi-detached homes are posting positive year-over-year price gains while row homes and apartments have moved into modest negative territory. This is the last month in the 2025 data series where the detached segment posts a positive year-over-year benchmark change before corrections deepen through the summer.
Source: CREB Monthly Statistics, May 2025
Detached Homes
Detached homes in May 2025 posted a benchmark price of $769,400, up 1.00 percent year over year. At just 2.35 months of supply, the detached segment is in solidly seller-favoured territory, and supply in the city's strongest districts remains even tighter. Calgary's detached market in May continues to demonstrate that the correction affecting apartments and row homes has not transferred equally to single-family homes, where the combination of limited supply and consistent demand from families and upgrade buyers has kept pricing resilient.
Semi-Detached Homes
The semi-detached segment posted the strongest year-over-year performance in May 2025, with a benchmark price of $697,300 representing a 2.85 percent gain. With only 2.12 months of supply, the semi-detached market is the tightest of any property type and is operating firmly in seller's conditions. Demand for attached homes at a price point below detached has remained consistent, and limited new supply additions have kept the competitive environment favorable for semi-detached sellers.
Row Homes and Townhouses
Row homes in May 2025 recorded a 1.92 percent year-over-year benchmark price decline to $453,600. The 2.44 months of supply is still within balanced territory, though supply is building. The spring new listing surge added inventory to the row segment across multiple districts, and buyers now have more selection than earlier in the year. The row home segment in May is at an early stage of the correction that will deepen through the summer months as supply continues to accumulate relative to demand.
Apartment Condominiums
The apartment segment posted a 1.53 percent year-over-year benchmark price decline in May to $335,300. At 3.60 months of supply, the condo market is approaching the upper end of the balanced range, with conditions trending toward buyer's territory. The North East and East districts are already experiencing more pronounced apartment corrections, where months of supply in those specific areas is exceeding the city-wide condo average. May's data foreshadows a summer market where apartment conditions will shift further in buyers' favour.
Source: CREB Monthly Statistics, May 2025
In May 2025, detached and semi-detached home prices are still positive year over year while row and apartment prices have turned modestly negative. The divergence between Calgary's property types is clearly underway, with supply conditions driving very different outcomes across segments.
Calgary Real Estate Prices by District in May 2025
May 2025 district-level data shows the West as the only Calgary area posting a positive year-over-year benchmark gain, up a marginal 0.3 percent. All other districts recorded declines, with the North East at 5.1 percent the most affected by the ongoing apartment correction. The South continues to hold up better than most districts, down only 1.7 percent, while the City Centre and North West have seen more modest corrections as condo supply builds in those areas.
Source: CREB Monthly Statistics, May 2025. Total residential benchmark, all property types combined.
West District
The West district was the only Calgary area to record a positive year-over-year total benchmark change in May 2025, up a marginal 0.3 percent. The West's strong detached market has been the stabilizing force, with months of supply in that segment remaining particularly tight. Premium buyers in West Calgary have not pulled back materially, and the limited resale inventory in the area's most desirable communities continues to support prices at or near prior-year levels.
North West District
North West recorded a 2.2 percent year-over-year total benchmark decline in May. The detached market in the North West has continued to perform well, while the apartment segment has seen more softening. Overall the North West continues to outperform the city-wide average of 2.54 percent, reflecting its favorable property type mix and the consistent demand that characterizes established communities in this district.
City Centre and South
The City Centre posted a 3.2 percent year-over-year total benchmark decline in May, driven by the apartment segment where inner-city inventory has been building. The South district recorded a 1.7 percent decline, one of the more modest corrections among Calgary districts. South Calgary's balanced mix of detached, semi-detached, and condo product, combined with strong demand from buyers targeting suburban living with good amenity access, has provided resilience relative to the city-wide trend.
South East District
The South East posted a 2.4 percent year-over-year total benchmark decline in May 2025. The apartment and row segments in the South East have been seeing increased supply, giving buyers in those property types improved selection. The South East detached market remains more stable, with supply conditions staying relatively constrained. South East communities with a mix of property types have fared better than those dominated by condo and townhouse product.
North East and East
The North East was the weakest district in May 2025, with a 5.1 percent year-over-year total benchmark decline driven heavily by the condo segment. The East district posted a 3.3 percent decline, reflecting a similar dynamic on a somewhat smaller scale. Both districts have a high proportion of apartment condominiums relative to detached homes, and the apartment correction is most visible in these areas. Value-focused condo buyers targeting the North East and East are finding the most significant discount opportunities in the current market.
What May 2025 Data Means for Calgary Buyers
For detached home buyers in May 2025, the market has not shifted dramatically in your favour. With 2.35 months of supply city-wide and even tighter conditions in the West, North West, and South, detached sellers retain the upper hand in most scenarios. Come pre-approved, know your target communities, and be ready to act decisively. The city-wide narrative of a softening market does not fully apply to Calgary's tightest detached sub-markets in May.
Apartment buyers in May 2025 have meaningfully improved conditions compared to 2024. With 3.60 months of supply and approaching balanced-to-buyer territory, you have more selection, more time to make decisions, and some room to negotiate on both price and conditions, particularly in the North East and East where the corrections are most advanced. May is a good time to enter the condo market in Calgary if you have been waiting for conditions to improve, with the understanding that conditions may continue to shift further in buyers' favour through the summer.
Row home buyers in May have improving selection and some early negotiating leverage in the districts where townhouse supply has built most significantly. The current environment is better for row home buyers than early 2025, though the correction in this segment is less advanced than for apartments. Targeting communities with the most inventory accumulation will identify where negotiating flexibility is greatest.
What May 2025 Data Means for Calgary Sellers
Detached sellers in Calgary's stronger districts are still operating in a supportive environment in May 2025. If your property is correctly priced relative to current comparables and well-presented, the spring market still has enough active buyers to produce a competitive result. The seasonal increase in buyer activity that accompanies spring makes May one of the better months of 2025 to be a detached seller in a good district.
Apartment sellers must calibrate expectations to the current supply environment. With 3.60 months of supply and prices declining modestly, buyers are approaching with more leverage than a year ago. This is not yet a severe buyer's market for condos, but it is clearly directionally heading that way. Pricing your apartment at market, not above it, is the most important strategic decision in May 2025.
Row home sellers are beginning to feel more competition in the marketplace as inventory builds. The days-on-market average of 32 suggests the market is still moving, but overpriced row homes are the most likely to sit. In districts where row supply has accumulated most, sellers should be particularly attentive to where current comparables are closing, not where list prices are set.
Outlook: What to Watch Through Early Summer
May's 4,842 new listings is a significant signal heading into the summer market. If new listings in June and July follow a similar pattern, active inventory will continue climbing, pushing months of supply higher across the apartment and row segments. The question heading into summer is whether demand can stabilize relative to this supply flow, or whether the inventory accumulation deepens further before settling.
Interest rate decisions will be the most important market catalyst in the months ahead. Rate-sensitive buyers who have been sitting on the sidelines represent the most accessible source of incremental demand. Any improvement in borrowing costs heading into summer could pull those buyers back into the market and slow the inventory accumulation that is driving the current price correction in the condo and row segments.
For detached home owners and buyers, May's data continues to reinforce that Calgary's supply constraint in the single-family segment is real and persistent. The price gains recorded by detached homes through the first five months of 2025, while softening, reflect the fundamental supply story that is different from the higher-density segments. Keeping an eye on months of supply in the West, North West, and South detached markets remains the best indicator of whether that protection will hold through the year.
Data sourced from CREB Monthly Statistics Package, City of Calgary, May 2025. Released June 2, 2025.
