Housing inventory in Calgary reached 6,917 units in July, a level not seen since before the pandemic, as supply in the city’s newer communities comes online.

According to the Calgary Real Estate Board (CREB), inventory levels climbed 66 per cent from the same period last year. Supply is accumulating the quickest in neighbourhoods where new communities are being built, said CREB.

The influx of listings has put downward pressure on prices in select parts of the city. The benchmark price for total residential properties has been trending lower, reaching $582,900 in July, a four-per-cent decline year-over-year.

“Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years,” said Ann-Marie Lurie, chief economist at CREB. “The steepest price declines have occurred for apartment and row style homes, mostly in the North East and North districts, which coincides with significant gains in new supply.”

More listings, fewer sales

The boost in supply came amid a 12 per cent drop in sales compared with the same month last year. In total, 2,099 homes were sold in July, while new listings rose to 3,911 units — an increase of more than eight per cent year-over-year.

CREB cited ongoing economic uncertainty related to tariffs, stagnant lending rates, and increased competition from new builds as contributing factors to shifting market conditions. 

Apartment-style homes now have the highest months of supply at over four months, while detached and semi-detached homes remain in relatively balanced territory with approximately three months of inventory.