Real Estate market in Calgary and area is shifting.

Almost all housing types, styles and areas within the city of Calgary are seeing inventory increases with slight downward pressure on price. This month, I am showing stats for the various regions within the city. The previous booms of 2007 and 2014 are good pieces of history to reflect on as we see the market shifting in our region. The big difference thus far in this shift is that the price of oil remains relatively high. Real estate values in our province most often track with the price of oil over time. Net migration to our province is down (still positive but nowhere near as high as the past few years). Layoffs in the construction industry lead the province in total layoffs for July (17,000+). New build sales are down with many builders offering incentives just to get you to come to their show homes. Wow, what 6 months can do. However, not all is lost. We had an over heated market and now we have a more balanced one and in some product categories, a buyers market. Downward pressure on price is slight thus far. If you are buying and selling in the same market, it is all relative. If you are planning to buy or sell over the next year, think longer term. There are many factors to consider when making your real estate decisions and I am here to help you with that. That is what I enjoy, helping people navigate life’s big decisions.

Okotoks peaked in July as did High River. These areas typically are a few months behind tracking with Calgary. Rural properties are seeing similar trends in inventory increases. Multiple offer situations are still occurring but it’s a small percentage of prime properties that warrant that level of interest.

Calgary and area real estate inventory continues to climb.

Inventory of homes for sale in the city of Calgary continues to grow moving most of the city into a more balanced market. Some properties are still entertaining multiple offers, but in general, it’s taking longer to sell a property. Expectations of a quick sale need to be tampered as buyers are taking a bit more time making a decision. Global events weigh heavy on peoples minds. However, the Foothills region remains highly desirable and we continue to see positive net migration. Calgary peaked in price early spring and is seeing some small downward pressures. Okotoks, and High River have remained strong but are likely peaking now as we enter the slower mid summer months.

Calgary Y/Y down 18% overall, Pricing holding steady, Inventory Up

Overall Sales in Calgary are down to levels not seen in 5 years even as the city continues to grow. Detached home sales are at 10 year lows as buyers move to more affordable apartment/townhouse or duplex style properties. There has been huge increases in the construction of multi family style homes combined with large rental accommodation projects. This has effected the resale of apartments in the city as smaller investors exit out to take advantage of the recent price gains. The north east area of Calgary has seen the largest downturn in sales volumes effecting the overall market stats for Calgary. Okotoks continues to outperform the surrounding communities of Calgary. High River is holding steady with typical sales volumes seen in 2018/2019 and in par with last year. Given the unrest world wide and in other areas of Canada, Southern Alberta is doing quite well.

April 2025 Calgary and Foothills County region inventory rises

Inventory levels of homes listed for sale have basically doubled since last year, balancing the market which generally favours neither buyer or seller. Pricing is holding steady but the rest of the year is hard to predict. To state the obvious, we are in an unprecedented volatile unstable global economic time. If you are buying and selling in the same market conditions, it’s all relative. If you are a first time home buyer, make sure you have a 5-10 year plan as that will generally ride out market shifts and change. The good news is our region continues to attract new people and we continue to grow as a province and region. As long as that trend continues, which all predictions say it well, then our real estate market relative to other regions in Canada should do ok.

Calgary’s population has increased 24% over the past 10 years adding 320,000 new residents. In the past 4 years, due to affordability, we have seen an large increase in Row Housing (townhouses) and Apartment sales and new construction projects. This trend will likely continue. Nationally there will be a push to see increased affordable options such as adding suites and laneway small modular rental or extended family home installation. This maybe possible on a large number of properties in Calgary. The County of Foothills, in 2024, have made it possible to add a secondary detached or attached suite of up to 1,400 sq ft on all properties. I’m happy to meet to discuss this opportunity.