What is the current state of Calgary’s housing market in Q2 2025?

Calgary remained in seller’s market territory in Q2 2025. While most neighbourhoods saw homes sell below asking, the gaps were modest, and home prices increased 5% year over year in June, marking 26 consecutive months of price growth.

How much underbidding occurred in Calgary neighbourhoods during Q2 2025?

In Q2 2025, 94% of Calgary neighbourhoods experienced underbidding, with the median difference between list and sold prices at –$7,825.

Which Calgary neighbourhoods saw homes sell above asking in Q2 2025?

Three neighbourhoods recorded above-asking sales: Kelvin Grove (median $28,350 over list), Chinook Park, and Point McKay. These areas are centrally located and offer convenient access to transit, parks, and amenities.

Where were the largest gaps between list and sold prices in Calgary?

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

What do the modest price gaps indicate for Calgary’s housing market?

The modest gaps suggest buyers are cautious on pricing but still active, while sellers remain in a strong position due to low inventory and steady demand.

Not a Single Calgary Neighbourhood Sold Above Asking in Q4 2025

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Fourth quarter data shows widespread underbidding, with a median gap of $13,900 between list and sold prices.

By Kristin Doucet | 3 minute read

Feb 27, 2026

In the final quarter of 2025, Calgary’s housing market showed no signs of overbidding at the neighbourhood level.

Across the city, the median difference between list and sold prices was –$13,900. Of the 175 neighbourhoods with five or more sales, 173 were in underbidding territory and two sold at list price.

Earlier in 2025, some communities had still posted modest over-asking medians. By year’s end, that trend had disappeared.

The citywide median gap of –$13,900 shows that most buyers negotiated below list price. However, the size of the gap varied depending on location, price point, and housing type.

Pricier and more established inner-city neighbourhoods recorded some of the largest gaps between list and sold prices. More suburban communities also saw below-asking sales, though typically by smaller margins.

The widest median difference was recorded in Upper Mount Royal. Homes in this central luxury community sold for a median of $83,040 below asking, with a median sold price of just over $3 million. Known for its historic homes, large lots, and proximity to downtown, Upper Mount Royal remains one of Calgary’s most prestigious neighbourhoods.

Elbow Park followed, with homes selling for $60,000 below asking. Located along the Elbow River, the historic neighbourhood in southwest Calgary had a median sold price of just under $1.9M.

Hounsfield Heights–Briar Hill took third place for most underbid neighbourhoods in Q4, posting a median difference of $55,000 and a median sold price of just over $1,100,000. This inner-city neighbourhood sits near major roadways and offers elevated views of downtown to the south and the Rocky Mountains to the west.

Taking fourth spot, Banff Trail saw homes sell for roughly $34,800 below list price. Situated near McMahon Stadium and the University of Calgary, the neighbourhood had a median sold price of $865,000 and includes a mix of older bungalows and newer developments.

Rounding out the top five was Hamptons, where homes sold for about $31,450 below asking. Posting a median sold price of $791,000 the neighbourhood is located in northwest Calgary and is known for its golf course, larger detached homes, and suburban setting.

Calgary buyers had greater room to negotiate at the close of 2025, while sellers adjusted pricing expectations to meet market conditions. The fourth quarter data suggests a market where pricing discipline and realistic listing strategies are playing a larger role in closing deals.

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 175 neighbourhoods out of Calgary’s approximately 200 met this threshold in Q4, down from 184 in Q2. 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.