Calgary Real Estate Market Update – January 2025
Supply Levels Improve, Easing Market Tightness
Calgary’s real estate market saw a notable shift in January 2025, with inventory levels rising to 3,639 units which was a 70% increase year-over-year. While this marks a significant improvement, supply remains lower than the 4,000+ units typically seen in January. Much of the inventory gains were driven by apartment-style condominiums, while detached, semi-detached, and row homes continued to experience tighter conditions.
The citywide months of supply improved to 2.5 months, up from just one month last year. However, supply levels remain low compared to historical winter trends. New listings surged to 2,896 units, significantly outpacing the 1,451 sales recorded in January. While sales declined by 12% year-over-year, they remained nearly 30% above long-term January averages. The benchmark price for all residential properties in Calgary reached $583,000, reflecting a nearly 3% increase from last year and stable pricing compared to the end of 2024.
Detached Homes: More Listings, But Supply Remains Low
The detached home segment saw new listings jump by 29% year-over-year to 1,228 units, while sales slowed to 674 units, bringing them in line with historical trends. Although inventory levels improved, the 1,448 available detached homes were still 27% below typical January levels, keeping the months of supply relatively low at just over two months. Benchmark prices for detached homes rose to $750,800, a 7% increase year-over-year. More balanced conditions emerged in the City Centre and North East districts, while other areas remained competitive.
Semi-Detached Homes: Modest Gains with Regional Variation
New listings outpaced sales in the semi-detached sector, leading to a slight improvement in inventory levels. Sales in this segment increased compared to last year, keeping the months of supply just under two months. However, conditions varied across the city—while the City Centre, North East, and West districts saw months of supply nearing or exceeding three months, other districts remained tighter. The benchmark price for semi-detached homes was $673,600, reflecting an 8% increase from January 2024. Some districts with higher supply levels saw modest price declines, balancing out gains in other areas.
Row Homes: Rising Inventory Brings Some Relief
Row homes experienced a sharp increase in new listings, leading to inventory levels more in line with historical norms. With 589 row homes available—more than double last year’s near-record low levels—the months of supply rose above two months, a trend that has been developing since mid-2024. Despite the improved supply, prices remained strong, with the benchmark price reaching $444,900, up 5% year-over-year. However, pricing varied across the city, with the North East district seeing the most significant monthly adjustment.
Apartments: Increased Supply Softens Market Conditions
Apartment sales slowed to 370 units in January, down from last year’s record high, while new listings surged to 922 units—the highest ever recorded for January. This led to a substantial increase in apartment inventory, which rose to 1,295 units, pushing the months of supply to 3.5 months. Although this is a significant increase from recent years, it is still well below pre-pandemic levels when supply hovered around nine months. The improved supply resulted in slight downward pressure on prices, with the benchmark price settling at $331,400—down slightly from December but still 5% higher than last year. The largest price declines were observed in the North, West, and South districts.
Regional Real Estate Market Update – January 2025
January 2025 brought a mixed bag of trends for Airdrie, Cochrane, and Okotoks, with some regions seeing increased supply and others continuing to struggle with low inventory. While prices remain elevated across all three markets, easing supply pressures in Airdrie and Cochrane have started to slow the rapid price growth seen over the past few years. Okotoks, however, remains constrained by limited new listings, keeping competition high.
Airdrie: Supply Improves, Easing Price Pressures
Airdrie’s real estate market saw a much-needed increase in inventory levels, reaching 295 units in January which represented a 115% year-over-year increase. Sales remained stable at 112 transactions, closely aligning with levels from last month and last year, which were already well above long-term trends.
With months of supply rising to 2.6 months, Airdrie has now maintained supply levels above two months for the fifth consecutive month. While this is still below historical averages, it marks a significant improvement from the tight conditions that persisted since 2021. This added inventory, coupled with a boost in the resale and new home markets, has helped ease some of the upward pressure on prices.
The benchmark price in Airdrie settled at $537,300, reflecting a 3.6% increase year-over-year, though slightly lower than December’s figures. If supply continues to improve, we may see further stabilization in pricing over the coming months.
Cochrane: More Listings, but Supply Still Below Long-Term Trends
Like Airdrie, Cochrane experienced an increase in new listings and overall inventory. In January, 104 new listings entered the market compared to 71 sales, bringing total inventory up to 156 units. While this is an improvement over the past three years, inventory levels still fall short of historical trends for January.
Cochrane has also maintained more than two months of supply for the fifth straight month, helping to ease upward pressure on prices. However, with only 2.2 months of supply, conditions remain relatively competitive.
The benchmark price in Cochrane was $565,900, up 5% year-over-year but slightly lower than last month. If supply continues to trend upward, the market could see further stabilization in the coming months.
Okotoks: Inventory Constraints Keep Prices High
Unlike Airdrie and Cochrane, Okotoks continues to struggle with limited new listings. While a slight pullback in sales has helped improve inventory levels, only 68 units were available in January—still 50% below pre-pandemic levels.
With supply remaining tight, Okotoks continues to see steady price growth. The benchmark price rose to $614,900, reflecting a 4.9% increase year-over-year and a modest gain over December.
The lack of available homes means that buyers in Okotoks continue to face a competitive market, with fewer choices compared to other regional markets. Until more listings become available, prices are likely to remain elevated.
Key Takeaways for the Regional Market
- Airdrie and Cochrane saw much-needed inventory gains, helping ease market conditions and slow price increases.
- Okotoks remains constrained by low supply, keeping competition high and prices rising.
- Price growth remains steady across all three markets, though improving inventory in Airdrie and Cochrane may help moderate future increases.
As we move further into 2025, rising supply levels in some areas could help balance the market. However, limited inventory in markets like Okotoks means that sellers still hold the upper hand in many cases. Stay tuned for more updates as the regional market continues to evolve.
Stay tuned for the latest market updates and consult with a local expert from Maverick Group to help you navigate the 2025 real estate environment!
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