Calgary home sales drop 17 per cent in May amid ongoing economic uncertainty, CREB says

Home sales in Calgary fell by 17 per cent in May compared with the same month last year, according to numbers released by the Calgary Real Estate Board (CREB). A total of 2,568 homes changed hands, sharply down from May 2024, as buyers held back amid growing economic worries. This continued a recent trend where potential homeowners appear cautious, waiting for more favourable conditions before committing.

At the same time, new listings rose by 11.6 per cent year-over-year, reaching 4,842 in May. The boost in properties entering the market meant buyers had more options. As a result, competition cooled, giving buyers room to negotiate. Sellers now face a slower pace, marking a noticeable shift from the red-hot market of previous years.

Supported by fresh supply, total inventory in Calgary climbed to 6,740 homes listed for sale—equivalent to about 2.6 months of stock at current sales levels. CREB economist Ann‑Marie Lurie noted that this level of inventory points to a shift toward a more balanced market, easing pressure on prices. In practical terms, buyers aren’t forced into bidding wars, and sellers may need to adjust expectations.

Indeed, the benchmark price for residential properties edged down nearly 3 per cent from May 2024, landing at around \$589,900. While this dip isn’t dramatic, it reflects a softer pricing climate responding to slower sales and larger supply. For buyers, it’s a signal of potentially better deal-making opportunities, while sellers may feel compelled to price more competitively.

CREB leaders pointed to ongoing economic uncertainty as the main factor behind the market’s slowdown. High interest rates, inflation concerns, and volatility in Calgary’s energy-driven economy are likely deterring shoppers. Many families are taking a “wait and see” stance, hoping for clearer signs of stability before making a major purchase.

Looking ahead, market watchers expect Calgary’s real estate landscape to stay in a state of balance—neither heavily favouring buyers nor sellers. If economic concerns ease and interest rates drop, sales could pick up again. But as it stands, the cooling trend serves as a reminder of how financial uncertainty can ripple through even Canada’s traditionally robust housing markets.