We’re back with another Calgary real estate market update, this time unpacking the April 2025 data and everything that’s transpired since my last update. Last month, the defining word was uncertainty. Consumer confidence was at a low, buyers were hesitant, and major political and economic events dominated the headlines.
In a short span of time, Canada faced tariff threats, the resignation of Justin Trudeau, an interim prime minister, a federal election, and the appointment of a new prime minister, Mark Carney. It’s no surprise that many Calgarians paused major financial decisions while waiting for clarity.
So what actually happened in the Calgary real estate market during April?
Much of what we anticipated played out. Some pockets of the market continued moving forward as if nothing had changed, while others — particularly segments already struggling with rising inventory — accumulated more days on market. Buyers and sellers entered a clear power struggle. Buyers hunted for deals, often dismissing recent comparables and pushing for lower prices. Sellers, aware of buyer tactics, responded in different ways: some adjusted pricing, others adopted their own wait-and-see approach.
April inventory rose to 5,876 units, double last year’s exceptionally tight levels and consistent with long-term seasonal norms. Sales reached just over 2,200 units, down 22% year-over-year, yet still aligned with historical averages. This combination has shifted Calgary closer to balanced market conditions, with just under three months of supply.
Prices, however, tell a more nuanced story. Detached and semi-detached homes remain resilient, with benchmark prices over 2% higher than last year. Inner-city locations continue to lead price growth, fueled in part by return-to-office trends. Townhouses and apartments, which surged in 2024, have experienced softer conditions in 2025 as supply increased and absorption slowed. Apartments, in particular, remain the most volatile, with outcomes varying significantly by location.
The key takeaway is this: Calgary’s market cannot be painted with one brush. Your experience will always depend on property type, price range, and location. Headlines rarely capture that nuance, which is why informed guidance matters more than ever.
Now that the election has passed, clarity has returned. Whether you’re buying, selling, or investing, staying still while the market evolves rarely leads to better outcomes. As Warren Buffett famously said, “Be fearful when others are greedy and greedy when others are fearful.”
Opportunities are emerging in Calgary that we haven’t seen in over four years. The question isn’t what the market will do next — it’s how you’ll choose to respond.
