Calgary's condo market is experiencing a slowdown, with sales contracting and inventory swelling, offering a respite for first-time buyers after a four-year boom. In Q1 2025, 96% of condos sold below asking price, a significant shift from Q1 2024. The benchmark price for apartment condos fell in May. This trend is attributed to a surge in new purpose-built rental units, rising vacancy rates, and out-of-province investors leaving the market. Despite the current softening, prices remain significantly higher than in 2022, and a persistent housing shortage means further drastic price declines are unlikely without a sustained period of high supply.
In Calgary, condos become a hard sell
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TL;DR: Key points with love ❤️Calgary's condo market is experiencing a slowdown, with sales contracting and inventory swelling, offering a respite for first-time buyers after a four-year boom. In Q1 2025, 96% of condos sold below asking price, a significant shift from Q1 2024. The benchmark price for apartment condos fell in May. This trend is attributed to a surge in new purpose-built rental units, rising vacancy rates, and out-of-province investors leaving the market. Despite the current softening, prices remain significantly higher than in 2022, and a persistent housing shortage means further drastic price declines are unlikely without a sustained period of high supply.
Trending- 1 2021: Tony Wang moved to Calgary, Calgary's real estate market began recovery
- 2 Over four years (since 2021): Tony Wang scoured condo listings
- 3 April (2025): Tony Wang placed successful offer on condo
- 4 First quarter of 2025: 96% of condos sold below asking price
- 5 First quarter of 2024: Over 60% of condos sold at or above listing price
- 6 May (2025): Benchmark price of apartment condos fell
- 7 Last year (2024): Barrage of new purpose-built rental units launched
- 8 Since 2021: Steady supply of purpose-built rentals undermined condo profitability
- 9 Last October (2024): Average rental rate for condos in secondary market was $1,771 per month
- 10 Three years earlier (2021): Price differential between secondary and primary rental market sat at $210
- 11 Since 2023: Record 38,000 dwellings completed
- 12 Currently: 23,000 dwellings under construction
- 13 Between January 2022 and August 2024: Benchmark condo price rose by close to $100,000
- First-time buyers getting a respite
- 96% of condos selling below asking price in Q1 2025
- Benchmark price of apartment condos falling in May
- Rising vacancy rates in Calgary
- Asking rents trending downwards
- Investors pulling back from the market
What: Calgary's condo market is contracting, with sales slowing and inventory increasing, making condos a harder sell.
When: First quarter of 2025, May (for benchmark price drop), over the last four years (market changes), since 2021 (purpose-built rentals increase), last October (rental rates).
Where: Calgary, specifically neighborhoods like Tuxedo Park, Mayfair, and East Village. Comparisons to Toronto and Edmonton.
Why: Record population growth initially drove competition, but a surge in purpose-built rental units, rising vacancy rates, and out-of-province investors pulling back due to reduced profitability are now causing the slowdown.
How: Increased supply of new dwellings (38,000 completed since 2023, 23,000 under construction) and waning investor demand are contributing to the market loosening.