Rising supply cools Calgary housing market in December

Calgary’s 2025 housing market was defined by record-high starts and new supply, putting pressure on prices and finally shifting more leverage to buyers after years of strong price growth.

Calgary Real Estate Board (CREB) reports the city ended the year with the benchmark price down five per cent year-over-year in December to $554,700.

December saw a 15 per cent decline in sales, to 1,126, from the same month in 2024. At the same time, 1,219 new listings hit the market last month, down two per cent year-over-year.

Total inventory reached 3,860 in December, soaring 29 per cent from December 2024, with the biggest gains in semi-detached (55 per cent) and row houses (37 per cent).

AnnMarie Lurie, CREB’s chief economist, said suppy levels were expected to rise in 2025, however the growth was higher than anticipated, especially for condos and rowhouses. This weighed on prices in those segments, enough to offset the annual gains for detached and semi-detached homes.

Price corrections vary by district

Compared to other districts, the North East reported the largest decline in prices this year, down 8.3 per cent to $473,200. While some of this is related to an increase of supply across all areas of the city, CREB noted that the North East district also reported the strongest price growth over the past two years.

The East District saw the second largest decline in 2025, down 7.6 per cent to $409,300. Prices were steadier in the more expensive parts of the city, with a less than one percent decrease in the North West District ($615,000) and 3.7 per cent decrease in the West District ($684,300).

 “Adjustments in both supply and demand varied across the city, with pockets of the market continuing to experience seller’s market conditions versus some areas where the conditions favoured the buyer,” said Lurie.

“This resulted in different price trends based on location, price range and property type.”