Author: Stuart Bartwicki, REALTOR® — CIR Realty
If you've been paying attention to the Calgary market lately, you've probably noticed things feel a little different than they did a year or two ago. And you're right — they are. But different doesn't have to mean confusing. Let me break down what's actually happening, what it means for you, and how to navigate it with confidence.
Let's dig in.
Inventory Is Up — But That's Normal for Spring
Calgary had roughly 7,000 active listings in May. That's about the same as last year, but sitting above the long-term average. And here's the thing — inventory always rises through the spring market, so a lot of this is just the natural seasonal rhythm playing out.
What's interesting is where the inventory is coming from. The increase is mostly in apartments and townhomes. Detached homes? Still relatively tight. So if you're shopping for a single-family home, you're still dealing with a more competitive landscape than the headline numbers might suggest.
Sales Have Cooled — But Context Matters
We saw just over 2,000 homes sell across Calgary in May. That's down about 16% from the same time last year. Now, that sounds like a big drop — and it is — but we're comparing against some of the strongest sales activity this city has ever seen. We've been on quite a run the past few years, so a pullback was always going to feel noticeable.
New listings have also declined, but they haven't fallen enough to make up for the slower sales pace. The net result? More choice for buyers and a market that's tipping toward balance — which, honestly, is healthier for everyone in the long run.
It Depends on What You're Buying
This is where the headline numbers can be a bit misleading. Market conditions vary a lot by property type right now.
Detached homes are sitting at about 2.5 months of supply. That's what I'd call a balanced market — not quite the seller's advantage we've seen in recent years, but still reasonably tight. Well-priced, well-presented detached homes are still selling.
Apartment-style condos are a different story. With over 5 months of supply, we're in clear buyer's market territory. There's simply more inventory, more competition from new construction, and more rental options for people who aren't ready to commit to buying. If you're selling a condo right now, you need to be realistic about pricing and prepared for a longer timeline.
What's Driving Buyer Caution?
There are a few forces at play here:
Affordability. Let's be honest — it's harder to buy today than it was a few years ago. Prices have climbed, and the cost of borrowing is still elevated compared to the ultra-low rate era.
Migration is slowing. We saw huge inflows of people from other provinces during and after the pandemic. That's cooled off, and with it, some of the demand pressure that was driving the market.
More options. Buyers have more homes to choose from, more new builds to consider, and more rental supply to fall back on. That kind of choice naturally slows the urgency to pull the trigger.
None of this is panic territory. It's just a more measured, thoughtful market — and that rewards the buyer (and seller) who comes in prepared.
Let's Talk Prices
Calgary's overall benchmark price hit $570,000 in May. That's up from where we started the year, but still about 3% lower than May 2025.
When you break it down by type:
Detached homes have shown the strongest price performance. Benchmark went from $724,000 in January to $747,000 in May. That's real resilience.
Apartment-style condos are feeling the most pressure. Prices are sitting roughly 9% below where they were this time last year.
The gap between detached and condo performance is the big story right now. If you own a detached home, you're in a relatively strong position. If you own a condo — especially if you're thinking about selling — understanding current market value is critical.
The Bottom Line
Calgary has shifted into a more balanced market. That's the one-sentence summary.
Sellers: Well-priced, well-presented homes are still selling. But particularly if you own a condo, expect more competition and longer timelines than we've seen in the past four years.
Buyers: You have more choice and less pressure. That doesn't mean you should wait forever — the right home at the right price still moves — but you have room to be thoughtful.
Everyone: Preparation and realistic expectations win in a market like this. That's true whether you're buying, selling, or just figuring out your next move.
Remember — these are broad strokes. Market conditions vary from neighbourhood to neighbourhood and property to property. If you want information that's specific to your home or your community, I'd love to help. Reach out anytime.
— Stuart
Stuart Bartwicki, REALTOR® — CIR Realty. I've been helping Calgary families navigate real estate since 2018. Former teacher, lifelong learner, and believer that the best results come from sharing real knowledge, openly and generously.