Calgary condo inventory nearly doubles in January 2025

CREB®’s January 2025 statistics, released on February 3, show that apartment condominiums are where Calgary’s supply is changing fastest.

Calgary apartment condos, January 2024 vs 2025

January 2024January 2025

The numbers

• Inventory: 1,295 condos for sale, up 90% from 682 a year earlier.
• New listings: 922, up 45%.
• Sales: 370, down 24% from 488.
• Sales-to-new-listings ratio: 40%, down from 76%.
• Months of supply: 3.5, up from 1.4.
• Days on market: 51, up from 35.
• Benchmark price: $331,400, still over 5% higher than a year ago.

Why it is happening

CREB Chief Economist Ann-Marie Lurie said condos “show signs of excess supply for higher priced units.” CMHC reported 11,505 apartment starts in Calgary in 2024, up 27%, and more rental choice is giving buyers alternatives to resale condos.

What it means

For condo buyers, this is the most negotiating room in years. Sellers should price against current competition, not last spring’s sales, and expect a longer time on market.

How condos compare with other types

Apartments now have the most supply of any property type: 3.5 months, compared with just over two months for detached homes and under two for semi-detached homes. The apartment sales-to-new-listings ratio of 40% compares with 50% citywide and 55% for detached homes. In other words, about two condos are listed for every one that sells, the clearest sign yet that this segment is moving toward a buyers’ market.

Why supply is rising

CMHC’s Rental Market Report in December showed Calgary’s purpose-built rental vacancy rate rose to 4.8% in 2024 from 1.4%, and the rental stock grew 10.0%, the largest increase since 1990. Renters now have more options, which reduces the pressure to buy a condo. CREB’s 2025 forecast expects easing rents, driven by higher completions and slower international migration, to affect the condo market, with apartment sales forecast to fall to 7,300 and prices to rise only 1.8% this year.

Prices are still higher than a year ago

Even with more supply, the benchmark price of $331,400 was over 5% higher than in January 2024, when it was $314,700. The median sale price was $311,500, close to $308,000 a year earlier. So far, more supply is slowing price growth rather than reversing it.

What it means for buyers

With 3.5 months of supply and 51 days on market, condo buyers have time to compare buildings, review condo documents and negotiate. Check the reserve fund study and any recent special assessments, since fees and the health of the building matter as much as the price.

What it means for sellers

Sellers should expect a longer sale. An accurate price, good presentation and complete condo documents help a listing stand out among 1,295 others. Higher-priced units face the most competition, since Lurie said excess supply is showing for higher-priced units.

Practical takeaways

Compare a listing with recent sales in the same building and with nearby new projects. Track new listings each week. Investors should check current rents and vacancy in the area before buying, since more purpose-built rentals mean more competition for tenants.

Compared with the end of 2024

CREB’s year-end report showed apartment sales of 7,568 in 2024, down 4% from the 2023 record, and some price adjustments in the last quarter as more supply became available. January continues that trend: new listings of 922 were far ahead of 370 sales. Citywide, Lurie said, detached, semi-detached and row homes remain persistently tight compared with sales, so the condo market is now moving differently from the rest of the city. For buyers deciding between a condo and a townhome, that gap is worth weighing.

The condo shift also matters for first-time buyers, who have long relied on apartments as the most affordable way into ownership in Calgary.