National Market Cools, but Calgary Posts Home Price Gains

Canada’s housing market remained soft in April 2025, with home sales nearly flat (-0.1%) and new listings down 1.0% month-over-month. Inventory continued to climb for the fourth consecutive month, pushing the months of supply ratio to 5.1, its highest level since 2019 (excluding pandemic fluctuations). Yet, despite these national headwinds, Calgary bucked the trend, posting a 0.8% home price increase, one of only two major markets in Canada to register gains.

The Teranet–National Bank House Price Index saw a national decline of 1.5% in April, with widespread price drops in major cities like Toronto (-2.7%), Halifax (-4.9%), and Hamilton (-3.9%). However, Calgary prices rose 4.9% year-over-year, further reinforcing the city’s resilience amid broader economic uncertainty. For developers and investors, this signals continued momentum in Alberta’s residential sector—supported by population growth, affordability, and interprovincial migration.

Reference: Daren King, “Canada: Home price declines intensify in April,” Teranet–National Bank, May 20, 2025.

Connect with ClearView: Curious how Calgary’s relative housing strength could influence local CRE investment strategy? Contact us at info@cvpartners.ca — we’re here to help you translate residential momentum into commercial opportunity.

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