Calgary’s Housing Market Holds as Most Neighbourhoods See Modest Underbidding

Most Calgary neighbourhoods saw below-asking sales in Q2 2025, but modest price gaps and steady demand kept the market moving at a healthy clip.

By Kristin Doucet | 3 minute read

Competition in Calgary’s housing market has waned somewhat, but the city continues to outperform Canada’s most expensive markets.

Calgary remained in seller’s market territory this spring, even as the majority of neighbourhoods saw homes sell slightly below asking. Calgary home prices rose 5% year over year in June, according to the RPS-Wahi House Price Index, marking 26 consecutive months of annual price growth.

In Q2 2025, the median difference between list and sold prices was –$7,825, with 94% of Calgary neighbourhoods in underbidding territory. While most areas leaned toward below-asking sales, the price gap was modest—pointing to stable conditions.

Just three neighbourhoods recorded above-asking sales in Q2. Kelvin Grove led the way, with homes selling for a median of $28,350 over list, followed by Chinook Park and Point McKay which also saw modest overbidding. Two of the three—Kelvin Grove and Chinook Park—are located in Southwest Calgary, while Point McKay sits just northwest of downtown. These centrally located communities offer convenient access to transit, parks, and major amenities, which could account for stronger buyer interest.

The largest gaps between list and sold prices appeared in Calgary’s higher-priced areas. In Elboya, homes sold for a median $99,000 under asking, followed by Elbow Park, Rosedale, University Heights, and Parkdale.

Still, these neighbourhoods weren’t typical of the broader market. Across most of the city, underbidding was more modest, with price differences generally staying within a tighter range.

“While most Calgary neighbourhoods saw homes sell just under asking, the relatively small price gaps highlight a steady, competitive market,” says Benjy Katchen, CEO of Wahi. “This spring’s data reflects what we’re seeing on the ground: sellers are still in a strong position, especially when homes are priced in line with buyer expectations.”

Modest Underbidding Persists in Calgary

While most Calgary neighbourhoods saw homes sell below asking in Q2 2025, the median difference of just under $8,000 remained relatively small. For buyers, that meant limited room to negotiate in a market where well-priced homes continued to draw interest. For sellers, conditions remained favourable, with stable pricing trends and low inventory creating a competitive environment.

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 186 neighbourhoods out of Calgary’s approximately 200 met this threshold in Q2, up from 180 in Q1. 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.