April 2025 Real Estate Market Report: Calgary & Area
Calgary Real Estate Market Overview
Sales Activity
In March 2025, Calgary recorded 2,158 home sales, marking a 19% decrease compared to March 2024. Despite this decline, sales remained stronger than pre-pandemic levels, indicating sustained demand in the market. The reduction in sales aligns with a market adjusting after consecutive years of heightened activity. Detached homes accounted for a significant portion of sales, while apartment-style units and row houses also maintained steady interest, driven by affordability and lifestyle preferences.
Inventory Levels
March reported over 4,000 new listings, causing the sales-to-new-listings ratio to drop to 54%, low enough to support further inventory gains. Total residential inventory levels reached 5,154 units, and the months of supply pushed up to 2.4 months. While this is a significant change from last year, with limited supply options across all property types and price ranges, conditions reflect a better balance between a seller and a buyer today.
Benchmark Price
The unadjusted residential benchmark price reached $592,500 in March, relatively stable compared to both last month and prices reported last March. Both detached and semi-detached prices remain consistent with peak prices and continue to rise, while apartment prices are below previous highs.
Regional Market Insights: Airdrie, Cochrane, and Okotoks
Airdrie
Sales in Airdrie remained consistent with last year’s levels in March. After the first quarter, activity remained slightly higher than levels reported last year and well above long-term averages. New listings also improved, but thanks to the level of sales, the sales-to-new-listings ratio remained elevated at 67%, slowing the growth in inventory levels compared to some areas. The 213 units available in inventory in March are a rise over last year’s low levels but are consistent with long-term trends for the month. Improvements in inventory and stable sales did cause the months of supply to trend toward more balanced conditions, especially compared with the previous four years. This shift has slowed the pace of price growth in the town. In March, detached benchmark prices reached $686,800, a gain over last month and over 5% higher than last year. While price growth has slowed over last year, the current March price does reflect a new unadjusted record high for the town.
Cochrane
Sales in Cochrane remained consistent with last year’s levels in March. After the first quarter, activity remained slightly higher than levels reported last year and well above long-term averages. New listings also improved, but thanks to the level of sales, the sales-to-new-listings ratio remained elevated at 67%, slowing the growth in inventory levels compared to some areas. The 213 units available in inventory in March are a rise over last year’s low levels but are consistent with long-term trends for the month. Improvements in inventory and stable sales did cause the months of supply to trend toward more balanced conditions, especially compared with the previous four years. This shift has slowed the pace of price growth in the town. In March, detached benchmark prices reached $686,800, a gain over last month and over 5% higher than last year. While price growth has slowed over last year, the current March price does reflect a new unadjusted record high for the town.
Okotoks
After the first three months, sales in Okotoks totaled 129 units, down from the 155 units reported in the first quarter of last year. New listings have started improving, but the sales-to-new-listings ratio remained above 60%, and inventory levels remain exceptionally low. With 96 units in inventory and 53 sales in March, the months of supply remained below two months, driving further monthly and year-over-year price gains. While price growth has eased from last year, in March the unadjusted detached benchmark price reached $715,500, a new unadjusted record high and over 5% higher than levels reported last year at this time.
Advice for Buyers and Sellers
For Buyers
Act Decisively: With inventory levels improving but still below historical norms, desirable properties may receive multiple offers. Being pre-approved for a mortgage and ready to make swift decisions can provide a competitive advantage.
Explore Various Property Types: Consider a range of property types and neighborhoods to identify opportunities that align with your budget and lifestyle preferences.
Stay Informed: Keep abreast of market trends and work closely with a knowledgeable REALTOR® to navigate the evolving landscape effectively.
For Sellers
Leverage Market Conditions: The current market still favors sellers, especially in the detached and semi-detached segments. Pricing your property appropriately can attract serious buyers and potentially lead to favorable terms.
Prepare Your Property: Investing in minor repairs, staging, and enhancing curb appeal can make your property more attractive to prospective buyers.
Be Responsive: Promptly addressing inquiries and being flexible with showings can facilitate a quicker sale.
Interest Rate News From Mortgage Connection exclusively for CIR REALTY
Currently, Calgary’s mortgage landscape reflects recent economic shifts and evolving market dynamics.
On March 12, 2025, the Bank of Canada reduced its Overnight Lending Rate by 0.25%, bringing it to 2.75%. This marks the seventh consecutive rate cut since June 2024, totalling a reduction of 2.25% from the peak of 5%. Consequently, major banks have adjusted their prime rates to 4.95%.
Current mortgage rates in Calgary are competitive. For insured mortgages, five-year fixed rates are available close to 4% Variable-rate mortgages have also become more attractive, with rates below 4% being available for qualified customers. Further rate cuts are expected to follow.
The combination of lower interest rates and increased housing inventory presents favorable conditions for prospective homebuyers in Calgary. The wider selection of properties, coupled with reduced borrowing costs, enhances affordability and purchasing power.
For existing homeowners, the current environment offers opportunities to refinance at more favorable rates, potentially reducing monthly mortgage payments.