Calgary Holds Ground as Home Prices Slide Nationally

Amid a cooling national housing market, Calgary stands out with year-over-year home price growth of 3.5%, even as the national Teranet–National Bank Composite Index fell 1.8% from June 2024 to June 2025. According to the latest report, Calgary prices declined 1.0% month-over-month in June but remain positive over the 12-month period, outperforming major cities like Toronto (-6.7%), Vancouver (-4.1%), and Hamilton (-3.2%).

This marks the fifth straight monthly drop in national home prices, with prices now down 4.3% since January. High interest rates, affordability pressures, and a soft resale market—particularly in Ontario and British Columbia—have created more favourable conditions for buyers in those provinces. In contrast, cities like Calgary, Edmonton (+5.5%), and Quebec City (+16.4%) are continuing to show resilience, supported by affordability and interprovincial migration.

National Bank analysts caution that prices are likely to remain under pressure for the rest of 2025, especially in high-priced markets. But Alberta’s comparative affordability and stable demand fundamentals continue to support a more balanced performance in Calgary.

Source: National Bank of Canada, “Teranet-National Bank House Price Index,” July 18, 2025.

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