Calgary’s first quarter of 2025: sales down 17%, new listings up 21%

CREB®’s March 2025 statistics package, released on April 1, includes year-to-date figures that sum up Calgary’s first quarter (Q1). The picture is clear: fewer sales, many more listings.

Calgary first-quarter sales by type, 2024 vs 2025

Q1 2024Q1 2025

Q1 2025 vs Q1 2024

• Sales: 5,328, down 17% from 6,439.
• New listings: 9,745, up 21% from 8,021.
• Average inventory: 4,317, up 83%.
• Months of supply: 2.43, up from 1.10.
• Sales-to-list price: 98.9%, down from 101%.
• Days on market: 33, up from 25.
• Average benchmark price: $587,700, up about 1%.

By type

Detached sales fell 13% to 2,472, semi-detached 11% to 509, row 12% to 964 and apartments 29% to 1,383.

What it means

In Q1 2024, homes typically sold above list price. In Q1 2025, the average sale closed about 1% below list, and buyers had more than twice as much supply. That is a normal market, not a buyers’ market, but negotiation is back.

Calgary months of supply, first quarter

Compared with the end of 2024

CREB’s 2025 forecast, released in January, expected about 26,850 sales this year, nearly the same as the 26,985 in 2024. A first quarter with 17% fewer sales puts that forecast under pressure. Lurie said in April that the pullback was no surprise given the tariff uncertainty, and that sales were still stronger than anything reported between 2015 and 2020. The forecast also expected price growth of about 3%; the first-quarter average benchmark was about 1% higher than a year earlier.

Month by month

The quarter built gradually. January had 1,451 sales and 3,639 homes for sale. February had 1,721 sales and 4,145 for sale. By March, sales were 2,159 and inventory reached 5,154. Each month added more listings than sales, which is how months of supply more than doubled compared with a year earlier.

The biggest change: apartments

Apartment sales fell the most, by 29% to 1,383. CREB noted that 2024 was a record year for condo sales, and first-quarter sales remain well above long-term trends. In March, condo inventory was 1,710, and the sales-to-new-listings ratio fell below 50%. Detached sales fell the least among the larger segments, by 13%.

What it means for buyers

Buyers can negotiate again. In the first quarter of 2025, the average sale closed at 98.9% of the list price, and homes took 33 days to sell, compared with 25 a year earlier. That is still a quick market by historical standards, but buyers no longer need to bid over asking in most cases.

What it means for sellers

Sellers should plan for a longer process and some negotiation. With 9,745 new listings in three months, buyers have plenty of alternatives. Homes that are priced well from the start still sell; homes that are overpriced sit longer.

Practical takeaways

Compare your plans with the quarterly picture, not just one month. Buyers should review sale-to-list price ratios in their district. Sellers should set a price that reflects the 2025 market, not the 2024 one.

How March changed the picture

March itself showed how quickly supply is building. Total new listings were 4,019, up 27% from a year earlier, and detached new listings rose 37% to 1,895. Semi-detached supply reached 2.2 months, the highest monthly level since the end of 2022. Row inventory of 826 pushed above long-term trends, though still shy of the highs reported before the pandemic. Detached supply rose to just over two months, a big change from less than one month last spring, but homes priced below $700,000 still had less than two months of supply.

Apartment supply of just over three months remains well below the over six-month average seen from 2015 to 2020, which shows how far today’s market still is from a true buyers’ market.