CREB points to growing supply and cautious buyers as pressure mounts on apartment and row housing prices
Home sales in Calgary continued to decline in June as inventory levels climbed across all housing types, according to the latest data from the Calgary Real Estate Board (CREB).
The city recorded 2,286 sales last month, down 16.5% from June 2024, with drops seen across detached, semi-detached, row, and apartment segments.
The surge in inventory was driven by 4,223 new listings in June, up 11.2% year-over-year. That pushed the total number of active listings to 6,941, an 83.2% increase from the same period last year and a return to pre-2022 levels.
“Supply has improved across rental, resale and new home markets, allowing for more choice for those considering their housing options,” said CREB chief economist Ann-Marie Lurie. “The additional choice combined with no further declines in lending rates, persistent uncertainty and concerns of price adjustments is keeping many potential purchasers on the sidelines. This is weighing on home prices, especially for apartment and row-style homes.”
The citywide unadjusted benchmark price fell to $586,200, a 3.6% drop from June 2024. Price declines were most pronounced in apartment and row housing, both of which saw values slip more than 3% year-over-year.
The apartment condominium segment continues to feel the brunt of market softness. June saw 1,024 new listings and 532 sales, pushing inventory levels higher and months of supply close to four. The benchmark price dipped to $333,500, over 3% below last year, amid easing international migration and growing availability in both new and resale markets.
Row homes also saw conditions shift in favour of buyers. New listings outpaced sales, causing inventory to reach 1,167 units. The citywide benchmark price dropped to $450,300, down over 3% from June 2024.
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Detached home sales totaled 1,194 units in June, down 6% from both the previous month and the same time last year. Despite the drop, the benchmark price for detached homes held relatively steady at $764,300, down less than 1% year-over-year.
Semi-detached home sales also slowed, contributing to a nearly 12% year-to-date decline. Inventory gains pushed the months of supply to 2.6, a clear improvement from the tighter conditions seen last year. The citywide benchmark price remained flat month-over-month at $696,400, but was still more than 1% above June 2024 levels.
CREB noted in the report that while housing conditions are shifting, they haven’t fully reversed the price gains seen over the past four years.
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