But with all the talk about tariffs and a potential recession, things feel a little more uncertain than usual. So what’s actually happening out there? Should you jump into the market now or hold off? And if you’re thinking about selling, when’s the sweet spot to list this spring?
There’s a lot to unpack, so let’s break down what happened in the month of March and what we could potentially hope to expect in the next few months.
Goodbye March:
March was a bit of a reality check. Economic uncertainty, especially surrounding tariffs, shook consumer confidence and slowed housing activity. Sales dropped 19% year-over-year, with 2,159 homes sold. Every property type saw a dip, but the biggest drop was in higher-density options like condos and townhomes.
Ann-Marie Lurie, Chief Economist at CREB®, notes, “It’s not surprising to see sales ease off with so much uncertainty. But keep in mind, sales are still stronger than what we saw between 2015 and 2020, when the economy faced major challenges and job losses. Right now, demand is softening, but with more listings coming on the market, inventory is building, nudging us toward a more balanced market after four years of a seller-dominated one.”
In March alone, over 4,000 new listings hit the market, pushing the sales-to-new-listings ratio down to 54%. That’s low enough to support healthy inventory growth, which reached 5,154 homes. Months of supply climbed to 2.4.
While this is a noticeable change from last year, inventory is still limited. The market is different depending on where you’re shopping, what you’re looking for, and your price range. But overall, things are starting to feel a bit more balanced between buyers and sellers.
Prices: Still Climbing, Just Slower:
With more inventory hitting the market, price pressure has eased. The benchmark price for March sat at $592,500—basically flat compared to both last month and last year. Detached and semi-detached home prices are holding steady and even creeping up, while condos and townhomes are still a little shy of last year’s peak.
Here’s how prices looked in February vs. March 2025:
- Detached: $760,500 → $769,800 (↑4% YoY)
- Semi-detached: $683,500 → $691,900 (↑5% YoY)
- Row/Townhomes: $446,800 → $454,000 (↑2% YoY)
- Apartments: $334,200 → $336,100 (↑3% YoY)
- Overall benchmark: $587,600 → $592,500 (flat YoY, ↑1% MoM)
Even with slower sales and more listings, Calgary home prices are still climbing—just not at the breakneck speed we saw during the pandemic boom.
Calgary’s real estate market is heading into more balanced conditions. In March 2025, home prices saw a year-over-year increase of 7.3%, bringing the average to $639,458, despite a 19% drop in sales due to economic uncertainty and tariff concerns. As we move into spring, inventory is rising, sales are slowing, and prices are stabilizing.
The Calgary Real Estate Board (CREB®) forecasts strong demand to continue, with over 26,000 sales expected in 2025. However, slower migration, increased competition from new builds, and broader economic pressures could slow down resale activity. Price growth is expected to moderate to around 3% annually.
On top of this, the Bank of Canada’s interest rate decision on April 16 is adding a layer of uncertainty. With job losses in March, rising unemployment, and manufacturing hitting a 15-month low, markets are anticipating a 65% chance of a rate cut. While analysts expect the Bank to take action to boost growth, the final decision will depend on how economic conditions evolve.
Additionally, the upcoming April election could also impact the real estate market. Political outcomes often affect economic conditions, policies, and public sentiment, which in turn can influence both buyer and seller behavior. It’s important for those in the market to stay informed and be prepared to adjust their strategies based on the election results and their potential impact on housing trends.
Conclusion:
Buyer’s, you now have more leverage at the negotiating table. With more listings and the majority of sellers will realize the favorable market is behind them, this is your chance to push for price reductions, better conditions, or incentives. With low interest rates and high inventory, it’s a great opportunity—but, as always, make sure buying a home aligns with your family’s needs and that you’re ready both financially and mentally.
Sellers, it’s all about strategy. With more homes hitting the market, timing your listing and setting the right price will be crucial for a faster sale. As the upcoming interest rate announcement approaches and the possibility of a rate decrease looms, buyer confidence is likely to improve, and we should anticipate a boost in activity. It will be worth holding off until after the announcement and election to assess the market momentum. In the meantime, take the opportunity to prepare your home—both in terms of pricing and presentation—so you’re ready to move when the time is right.
