Calgary home sales slide 17% in May, but remain above long-term average

Calgary’s housing market saw another year-over-year decline in sales last month, led by a sharp drop in apartment transactions. But activity still came in above typical May levels, suggesting demand hasn’t disappeared—it’s just normalizing.

There were 2,568 homes sold in May, a 17% decline compared to the same time last year. However, sales were still 11% above the city’s long-term average for the month and stronger than April’s total. New listings continued to outpace sales, pushing inventory levels higher for the third consecutive month. But months of supply held steady at 2.6, indicating conditions remain relatively balanced.

CREB Chief Economist Ann-Marie Lurie said the pullback in sales and rising supply are helping take some heat out of Calgary’s housing market.

“Compared to last year, easing sales and rising inventories are consistent trends across many cities, as uncertainty continues to weigh on housing demand,” she said. “However, prior to the economic uncertainty, Calgary was dealing with seller market conditions, and the recent pullbacks in sales and inventory have helped shift us toward balanced conditions, taking the pressure off prices.”

Benchmark price edges lower as balance returns

Calgary’s benchmark residential price dipped to $589,900 in May, down slightly from April and more than 2% below the same month last year. It’s the second straight month of modest price declines after nearly two years of sustained gains.

The city is now seeing divergent price trends depending on property type and location. While prices for detached and semi-detached homes remain stable—and in many cases higher than a year ago—apartment and row-style homes are showing signs of softening.

CREB pointed to improved new-home and rental supply as a key reason behind the shift. In the apartment segment, prices fell to $335,300, down more than 1% year-over-year, while row home prices declined to $453,600, nearly 2% lower than last May. Both categories are now experiencing months of supply in the 3.5–3.6 range, adding pressure to resale values.

Detached home prices held at $769,400, a 1% increase from last year, while semi-detached units rose nearly 3% to $697,300. Even in those segments, however, some districts, particularly the North East, are beginning to show signs of oversupply, as more listings come to market and sales ease.

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