Over the past year, Calgary’s housing market has been quietly shifting. What was once clearly a seller’s market ─ with low inventory and rising prices ─ is now tipping toward more balanced, and in some segments even buyer-friendly, conditions.

Below is a look at what’s happening with “buyer’s market” pricing in Calgary: the trends, the causes, and what to watch going forward.

The current picture

Here are the trends that stand out:

• Inventory is rising sharply. In June 2025, Calgary’s active listings jumped to 6,941 units ─ an 83 % increase compared to the previous year. 
• Prices are flattening or softening in many areas. As of August 2025, average home prices in Calgary were about $572,600, down approximately 2.3 % year over year.
• The downward pressure is strongest in high-density housing. Condos, row homes and townhouses are seeing steeper declines as new supply competes directly with resale stock.
• The months of supply are rising. In August, Calgary’s overall months of supply was about 3.35 months. For detached homes, supply remains tighter (around 2.9 months), but in the condo/apartment space, it was 4.4 months ─ clearly dipping into buyer’s market territory. 
• Sales are cooling. For example, home sales in August fell about 9 % compared to the prior year, as more inventory gives buyers more options and less urgency.

These dynamics point to a market that is transitioning: no longer sharply favouring sellers in all categories, but not yet in a deep buyer’s market across the board.

Why prices aren’t crashing

Even though supply is growing and momentum is slowing, prices haven’t collapsed. Several factors are cushioning the shift:

1. Sticky seller expectations ─ Many sellers, having ridden years of growth, are reluctant to adjust their price expectations downward quickly.
2. Strong demand fundamentals ─ Calgary’s economy, migration patterns into Alberta and relative affordability continue to underpin housing demand, especially in certain neighbourhoods and for detached homes. 
3. Segmented market effects ─ Lower-density housing (detached, single­ family) is holding up better than condos or townhomes, which face greater direct competition from new developments.
4. Moderating interest rate environment ─ With central banks potentially easing rates and mortgage borrowing costs less oppressive than in 2023–24, some buyers view current conditions as an opportunity.
5. Balance is emerging, not collapse ─ Most observers describe the market’s shift not as a crash, but as a correction back towards a more balanced market.

Therefore, while buyers do have more negotiating power now than in the past couple of years, they shouldn’t expect steep across-the-board price slashes in the near term.

What buyers should watch for

• Interest rate moves ─ If rates fall further, demand could snap back quickly, erasing buyer leverage.
• Supply from new construction ─ Developers are still adding inventory, and that can increase competitive pressure on resale homes.
• Seller concessions ─ Expect to see more price adjustments, bonus offers (e.g. closing cost help) or upgrades to influence deals.
• Micro-market differences ─ Each neighbourhood and price category is behaving differently; a well-located home that’s underpriced might still invite multiple offers.
• Psychology and momentum ─ As more sellers accept the new reality, expectations adjust and the shift toward buyer’s market conditions can accelerate.

I closing

Calgary’s housing market is in a state of change. If you're a buyer, this is one of the more favourable windows we’ve had in years. I’m happy to help you find your forever home when you’re ready.