Apartment prices ease as Calgary’s housing market settles into balanced territory in May: CREB

Calgary’s housing market continued its shift toward balanced conditions in May, with rising supply and slowing sales pushing the market further from the frenzied pace of recent years.

According to the Calgary Real Estate Board (CREB), inventory reached 6,752 units in May — consistent with levels seen a year ago, but still 11 per cent above longer-term trends for the month. The elevated supply is being driven largely by apartment and row-style homes, while detached home inventory remains three per cent below both last year and historical norms.

Sales activity continued to pull back, with 2,162 homes sold in May — 16 per cent fewer than the same month last year and on par with April. New listings also declined, dropping 13 per cent compared to May 2025, but not enough to absorb the slowdown in demand. The result: a sales-to-new-listings ratio of 51 per cent and months of supply edging higher across most property types.

“The shift in supply is being felt in the market,” said Ann-Marie Lurie, chief economist at CREB. “More supply choice in the new and rental markets has created a more competitive environment for potential buyers. At the same time, concerns over rising cost of living and slower migration are also weighing on consumers.”

Two very different markets

Conditions vary significantly depending on property type. The detached segment remains relatively tight, with just two-and-a-half months of supply keeping that market broadly balanced. On the other hand, apartment condominiums have crossed firmly into buyer’s market territory, with more than five months of supply now available.

That split is showing up in prices. The unadjusted total residential benchmark price in May was $570,500 — up from April and from the $554,400 recorded in January, but still three per cent below May 2025. Detached home prices have climbed steadily through the year, reaching $747,800 in May, while apartment prices have moved in the opposite direction, dipping to $300,400 — nine per cent below last year’s levels.

“While this has caused the overall resale market to shift to a balanced state, the supply pressure is having a more prevalent impact for apartment-style units, where conditions are favouring the buyer,” Lurie said.

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