Majority of Calgary Homes Sold Below Asking in Q1 as Market Cools

Wahi data points to a marked shift in buyer behaviour in Calgary, with condos leading the slowdown and just 6% of neighbourhoods seeing homes sell over asking.

By Kristin Doucet | 3 minute read

It was another subdued quarter for Calgary’s housing market, although it continues to outperform Canada’s most expensive cities.

Calgary’s housing market started 2025 on a more subdued note, with most neighbourhoods seeing homes sell under asking — a major shift from the same time last year —  new analysis from digital real estate platform Wahi suggests.

The median sold price in the first quarter of 2025 came in at $568,000, up from $549,900 in Q1 2024. But that modest increase doesn’t tell the whole story: Fewer neighbourhoods had homes that sold over asking as buyers became more price-sensitive and cautious about where and when to make a move.

“We’re definitely seeing a change in how people are buying homes,” said Benjy Katchen, CEO of Wahi. “Fewer homes are going for over the asking price, which shows that buyers in Calgary are being a bit more cautious amid the broader economic uncertainty. Sellers who recognize this shift and adapt are going to have a better shot at making a sale.”

Buyers Have More Room to Negotiate 

Bidding wars are still happening in certain pockets of the city  — mostly in well-established, family-friendly areas like Charleswood and Maple Ridge, where supply remains tight and buyer demand is steady. Except for Charleswood, where the median sold price was just over $1M, the most overbid neighbourhoods sold with a median price of less than $800,000. Note that when a neighbourhood is in overbidding territory, it doesn’t mean that every home is selling above asking, nor does it mean that buyers are paying more than a home is worth. Instead, it’s a general reflection of market behaviour, which can be influenced by seasonal factors, for example, or decisions by sellers, such as to list homes below market value to try and attract more bids.

Condos See the Biggest Change

The condo segment saw the most dramatic year-over-year shift. Just 1% of condo neighbourhoods sold over asking this quarter, compared to 38% in Q1 2024. Meanwhile, 96% of condos sold under asking — a sign that buyers are taking more time and negotiating harder.

The most underbid neighbourhoods — including Cambrian Heights and Rideau Park — saw some of the biggest gaps between listing and selling prices. That doesn’t necessarily mean homes are less desirable, but buyers had more negotiating power than sellers expected.

Single-Family Homes Attract Most Interest — But With Limits

Detached, semi-detached homes, and row/townhouses had a stronger showing than condos, but they still faced a cooler environment overall. 8% of non-condo neighbourhoods sold over asking, compared to 50% this time last year, and 84% sold under.

What This Means for Buyers and Sellers

The softening Calgary market — albeit still a seller’s market — may reflect a more deliberate approach from buyers, who appear increasingly price-sensitive amid economic uncertainty. Sellers, in turn, may need to adjust expectations and adapt to a market where negotiation is playing a larger role.

How Wahi Ranks Calgary’s Overbidding and Underbidding Neighbourhoods

Each quarter, Wahi compares the differences between median list and sold prices to determine whether neighbourhoods are in overbidding or underbidding territory, excluding those neighbourhoods with fewer than five transactions over the study period. A total of 180 neighbourhoods out of Calgary’s approximately 200 met this threshold in Q1, up from 176 in Q4. Data is sourced from the Calgary Real Estate Board.

 The top overbidding and underbidding neighbourhoods are ranked by the median overbid or underbid amount. The median overbid and underbid amounts are calculated by subtracting the list price from the sold price of each individual listing in a given neighbourhood. These are then ranked by the median of all subtractions and presented as the median overbid or underbid amount.