Calgary's Housing Market: A Nuanced 'Slippage' or a Welcome Breather?
The Gist: Calgary's Market Finds its Footing
After a relentless climb, Calgary's red-hot housing market is experiencing a subtle, yet significant, shift. According to the latest data from the Canadian Real Estate Association (CREA), highlighted by ATB Economics, our city's composite benchmark home price in November recorded a 4% dip from its all-time peak set just last December 2024. While this 'slippage' isn't a freefall, it signals a rebalancing driven by two key forces: a measured slowdown in population growth, particularly a net outflow of non-permanent residents, and a monumental surge in new housing construction across Alberta. Indeed, the province is on track for a record-breaking year for housing starts.
Compared to our provincial counterpart, Edmonton, Calgary remains the pricier playground, with a composite benchmark price hitting $560,200 in November, versus Edmonton's $420,000. The price adjustments haven't been uniform across housing types. Detached homes have seen more consistent erosion, down 3% from their January 2025 high. However, the most notable pullbacks are in the townhouse and apartment categories, which saw benchmark prices decline by 5% and 7% respectively from their peaks (November 2024 for Calgary townhouses, September 2024 for Calgary apartments). This concentrated correction points to specific market segments feeling the pinch more acutely.
What This Means for Your Wallet and Neighbourhood
For current homeowners, this measured downturn might mean a slight correction from peak valuations, but the broader market remains robust when viewed against previous years. Think of it less as a crash and more as the market catching its breath after an exhilarating sprint. For Calgarians eager to get a foot in the door, or perhaps move up, this could be a moment of opportunity. The softening is most pronounced in the townhouse and apartment sectors, suggesting a marginally less competitive landscape for buyers eyeing these options. A $560,200 benchmark for a composite home still isn't pocket change, but any shift away from relentless escalation offers a glimmer of hope for broader accessibility.
Our city leaders aren't just watching from the Plus 15s. The City of Calgary’s “Home is Here – The City of Calgary’s Housing Strategy 2024-2030,” approved in September 2023, is already in motion, outlining 98 actions to increase supply and affordability. These aren't just aspirational targets. Calgary led Canada in housing starts per capita in 2024, delivering 20,165 units, and contributed a whopping 55% of Alberta’s total housing starts in Q1 2025. The provincial government is also pouring significant investments into the Affordable Housing Partnership Program, aiming to create thousands of new affordable units across Alberta.
The Flip Side: Underlying Strength Persists
Despite the recent price adjustments, many market analysts and real estate experts emphasize a fundamental underlying strength in Calgary's housing sector. Ann-Marie Lurie, Chief Economist for the Calgary Real Estate Board (CREB), noted in June 2025 that while economic uncertainty has tempered sales, “More supply choice in resale, new homes and rental markets is taking pressure off home prices, but not in a uniform manner across the city, and not enough to offset the multiple years of double-digit growth.” Indeed, the Calgary Chamber of Commerce reported in July 2025 that our city continues to experience robust population growth, fueling a persistent demand that keeps pressure on housing supply despite record construction levels. Our city added nearly 96,000 new residents between June 2022 and July 2023 alone. This isn't a market in retreat; it's one recalibrating under immense demand and a concerted effort to boost supply.
The Bottom Line: A Calibrated Future?
Calgary’s housing market is undergoing a rebalancing act, a calculated departure from the intense price surges of previous years. This is driven by both a strategic push to boost supply and a shifting demographic landscape. While this “slippage” offers a slight, and for many, welcome, reprieve, the underlying demand fueled by ongoing population growth suggests this is more a recalibration than a significant market correction. As new construction continues to reshape our skyline and policy measures take hold, the burning question for every Calgarian remains: will this measured cooling truly translate into sustainable, long-term affordability across all corners of our dynamic city?
