The Calgary real estate market is shifting again, and this time, it's all about inventory. March brought a noticeable change in supply and sales momentum, and the numbers are starting to reflect a market that’s no longer moving at the breakneck pace we saw in 2022–2024. In this post, we’ll break down what happened last month, how different home types performed, and what buyers and sellers should be watching closely as we head deeper into spring.
Market Overview
The biggest story in March was inventory.
There were 4,019 new listings added last month — a 26.7% increase year-over-year — bringing total inventory to 5,154 homes. That’s a 102% increase compared to last March.
At the same time, sales dropped by 19%, with 2,159 properties sold. That drop in sales is notable, but it’s important to understand it in context. Even with the decline, March 2025 still outperformed any March between 2015 and 2020. So while it feels slower than recent years, we’re not in unfamiliar territory historically.
The sales-to-new listings ratio dropped to 53%, which means about half of the homes listed actually sold. That’s a big change from the 70%–80% range we were seeing a year ago.
The months of supply rose to 2.39, up 149% from last March. That’s a key metric to watch — anything under 2 months is considered a strong sellers' market, and anything above 4 months signals a buyers' market. At 2.39, we’re now sitting in more balanced territory for the first time in a while.
Prices: Holding Steady — For Now
Despite slower sales and more listings, prices haven’t dropped much — yet. Here’s where benchmark prices stood at the end of March:
Total Residential: $592,500 (up 0.1% year-over-year)
Detached: $769,800 (up 4.1%)
Semi-Detached: $692,000 (up 5%)
Row Townhomes: $454,000 (up 0.1%)
Apartments: $336,100 (up 0.6%)
Prices are essentially flat for most property types, with modest gains in detached and semi-detached homes. But as inventory builds, we could start to see more pricing pressure, especially in segments and areas where homes are sitting longer.
Detached Homes: Split Market Conditions
Detached homes continue to perform well under the $700,000 price point. In this range, inventory is still tight, and buyer demand remains strong. We’re still seeing multiple offers in certain areas — especially in the northwest, west, south, and southeast.
But above $700,000, conditions are softening. More listings mean more choice, and buyers are less rushed. Homes are sitting longer, and price reductions are becoming more common — especially in areas like the northeast and east, where inventory has climbed above 3 months of supply.
In some parts of the city, the detached market is moving toward balanced or even buyers’ market territory.
Key takeaways:
If you're buying under $700K: expect competition.
If you're selling above $700K: expect longer days on market and be strategic with pricing.
Apartments: Cooling Down Fast
The apartment market saw a strong run through 2023 and early 2024, mostly driven by affordability challenges and buyer demand under $400K. But that run appears to be slowing down.
Sales-to-new-listings ratio: below 50%
Inventory: rising rapidly, especially in the northeast and city centre
Months of supply: climbing over 4.0 in some areas, which indicates a buyers' market
Many condos are sitting on the market, especially those with higher condo fees or poor presentation. Pricing expectations are also part of the problem — some sellers are still pricing based on last year's momentum and not today’s conditions.
Key takeaways:
If you're a buyer: there’s more room to negotiate, especially in less competitive districts.
If you're a seller: presentation matters more than ever. Price it well and make it show well, or it’ll sit.
Semi-Detached Homes: Stable and Solid
The semi-detached market continues to perform well, showing price growth both month-over-month and year-over-year.
Benchmark price: $692,000
Month-over-month price growth: 1.23%
Best performing areas: the west and city centre
Weakest area: northeast, which saw slight price declines
New infill duplexes are adding inventory, especially in central and inner-city areas. The key for sellers in this segment is standing out. Homes that are staged well and priced accurately are still selling quickly. Homes that miss the mark are sitting.
Key takeaways:
If you’re buying: there are some great options, especially if you’re looking for inner-city living.
If you're selling: be proactive — fresh paint, proper staging, and a sharp listing price make a big difference.
Row Townhomes: The Middle Ground That’s Still Moving
Townhomes remain a strong segment, especially for first-time buyers or families who’ve been priced out of detached homes.
Benchmark price: $454,000
Sales-to-new-listings ratio: around 57%
Month-over-month price increase: 1.61%
Best areas: west and southeast, where price growth topped 2%
Row homes continue to be one of the most in-demand housing types, thanks to their size, layout, and affordability. But like the rest of the market, competition among sellers is growing. Pricing too high or poor presentation can lead to longer days on market.
Key takeaways:
If you're buying: townhomes are still one of the best value options.
If you're selling: this segment is strong, but buyers are looking closely at value — both in price and condition.
District Breakdown: Where Things Are Cooling and Where They’re Not
Understanding what’s happening in each part of the city gives you a clearer picture of the overall market:
Northeast: Market is cooling fast. Inventory is piling up and homes are taking longer to sell — especially condos and detached homes. This area is shifting toward a buyers’ market.
East: Similar to the northeast — high supply and slower sales. Townhomes and apartments in this area saw the most noticeable price slowdowns.
North & North Central: Mixed performance. Some segments (like detached under $700K) are still moving, but apartments and higher-end homes are slowing.
Northwest & West: Still strong. These areas continue to be popular with buyers, especially for detached and semi-detached homes. Prices are holding and inventory is more balanced.
South & Southeast: Still active and in demand. Detached homes and townhomes are doing particularly well. These areas have some of the best month-over-month price gains.
City Centre: Balanced but softening. There’s demand, but it’s not as fast-paced as last year. Semi-detached homes are performing best here, while condos are sitting longer.
Advice for Buyers
You finally have options. Inventory is up, and you’re no longer under pressure to make a same-day decision.
Still move quickly on the good ones. Well-priced homes that show well are still going fast — especially under $700K.
Know your numbers. Be clear on what you can afford and what areas give you the most value.
Negotiate with confidence. In slower segments, you might have room to negotiate price or conditions — especially in areas with rising months of supply.
Advice for Sellers
You can’t overprice anymore. Buyers are taking their time, comparing options, and ignoring homes that miss the mark.
Your home needs to look great. Decluttering, fresh paint, professional photos, and smart staging matter more now than ever.
Be strategic with timing. Spring brings more competition, so pricing and presentation need to be dialed in from day one.
Work with an agent who has a plan. With more homes on the market, marketing matters. Your listing needs to stand out.
Final Thoughts
March 2025 showed us that Calgary is moving toward balance. Sales are down, inventory is up, and buyers are gaining leverage. At the same time, prices are holding — for now — but only in areas and price points where demand remains steady.
The market is no longer as predictable or fast-moving as it was a year ago. Whether you’re buying or selling, understanding the shifts in supply, price, and demand by area and property type is key.
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