Calgary’s housing market continued its move toward balanced conditions in May as rising supply and slowing sales pushed activity further from the frenzied pace seen in recent years.
According to the Calgary Real Estate Board (CREB), total inventory reached 6,752 units in May — roughly the same level as a year earlier, but about 11 per cent above longer-term norms for the month. The increase in supply is concentrated in apartment and row-style homes, while detached home inventory remains slightly tighter, about three per cent below both last year’s level and historical averages.
Sales activity slowed in May, with 2,162 homes exchanged — 16 per cent fewer than the same month last year and essentially unchanged from April. New listings also fell, declining 13 per cent compared with May 2025, but that drop did not fully offset the reduction in buyer demand. As a result, the sales-to-new-listings ratio sat near 51 per cent and months of supply have risen across most property types.
“The shift in supply is being felt in the market,” said Ann-Marie Lurie, chief economist at CREB. “More choice in the new-build and rental markets has created a more competitive environment for potential buyers. At the same time, concerns about rising costs of living and slower migration are weighing on consumer activity.”
Two very different markets
Market conditions vary markedly by property type. The detached segment remains relatively tight, with about two-and-a-half months of supply, which keeps that portion of the market broadly balanced. In contrast, apartment condominiums have moved decisively into buyer’s market territory, now showing more than five months of supply.
That divergence is reflected in prices. The unadjusted total residential benchmark price in May was $570,500 — higher than April and up from $554,400 in January, but still roughly three per cent below May 2025. Detached home prices have risen steadily through the year, reaching $747,800 in May, while apartment prices have trended lower, falling to $300,400 — about nine per cent below last year’s level.
“While this has brought the overall resale market toward a balanced state, the added supply is having a greater impact on apartment-style units, where conditions are favoring buyers,” Lurie said.