CREB®’s July 2025 figures, released on August 1, show apartment condominiums with the most supply of any property type: 4.13 months, the highest since 2021.
Calgary apartment condos: days on market, July
The numbers
- New listings: 1,014; sales: 508, a 50% ratio.
- Inventory: 2,097, up from 1,369.
- Months of supply: 4.13, up from 2.08.
- Days on market: 45, up from 27.
- Sale-to-list price: 97.22%, down from 99.21%.
- Benchmark price: $329,600, nearly 5% lower than last July.
Why
CREB said competition from new condos and rising rental vacancy rates are hitting the resale condo market. The largest declines are in the North East, North, South East and East. Gains in the West, South and North West have kept year-to-date prices stable.
What it means
Condo buyers have the strongest negotiating position in Calgary right now. Sellers should price to the current market and be patient; investors should check rent levels against rising vacancy before buying.
Compared with June
In June, Calgary had 532 apartment sales, 1,024 new listings and 2,112 apartments for sale, with 3.97 months of supply. July was similar on listings, 1,014, but sales slipped to 508, which pushed months of supply above four, to 4.13, even as inventory eased to 2,097. The apartment benchmark fell from $333,500 in June to $329,600 in July, a monthly drop of over 1%.
Calgary apartment condos for sale (inventory)
Compared with July 2024
A year ago, there were 659 apartment sales and 1,369 units for sale, with 2.08 months of supply. Sales are down about 23%, while inventory is up 53%. The median apartment price fell from $319,500 to $310,000, and the average from $341,379 to $337,715. Units are taking 45 days to sell, up from 27, and selling for 97.22% of the asking price on average, compared with 99.21%.
Year to date versus this month
The monthly figure is weaker than the year as a whole. CREB says that on a year-to-date basis apartment prices have stayed stable compared with last year, because gains in the West, South and North West have offset declines in the North East, North, South East and East. July shows where the trend is heading, though: CREB says added supply choice is having a bigger effect on apartment prices than on any other property type.
What it means for buyers
Condo buyers can negotiate firmly. Compare each unit with others in the same building and with new projects nearby, review the condo corporation’s documents and reserve fund carefully, and ask about rental restrictions if you may rent the unit later. First-time buyers have more choice and time than at any point since 2021.
What it means for sellers and investors
Sellers should set the price from current sales in the building, not from last year. Investors should test the numbers with a realistic vacancy allowance, since CREB points to rising rental vacancy rates as one of the forces weighing on resale condos.
Local angle
Location within the city matters a great deal for condos. Units in the West, South and North West have held value better this year than those in the North East, North, South East and East.
Condos compared with row homes
Row homes, the other higher-density segment, are on a similar path. In July, Calgary had 373 row sales, 678 new listings and 1,193 row homes for sale, more than double the 547 of a year earlier. Months of supply rose from 1.29 to 3.2, and the row benchmark of $446,200 was nearly 4% lower than last July. CREB said row supply ranged from under three months in the City Centre, North West, South and South East to nearly five months in the North East.
What CREB said
Lurie said the steepest price declines have occurred for apartment and row homes, “mostly in the North East and North districts, which coincides with significant gains in new supply.” She added that even where there have been declines, “it has not erased all the gains made over the past several years.”
