Is It a Good Time to Buy a Condo in Calgary? [2025 Market Analysis]

For many prospective homeowners and investors, Calgary's condo market in 2025 presents both questions and opportunities. Is it a good time to buy? Are prices rising or falling? How does a condo compare to a single-family home in terms of affordability and lifestyle?

This article offers a precise, data-driven examination of the Calgary condo market, analyzing price trends, mortgage rates, condo fees, and long-term outlooks. Whether you're a first-time buyer or exploring real estate investment opportunities, this guide will help you determine whether now is the right time to purchase a condo in Calgary.

Understanding Calgary's Condo Market in 2025

Current Market Trends and Statistics

As of Q2 2025, Calgary's condo market continues to show steady growth. According to the Calgary Real Estate Board (CREB), the average benchmark price for apartment-style condos reached approximately $312,000 in May 2025, marking a 4.8% increase from the same time last year.

Buyer activity remains solid, supported by demand for urban housing and more affordable options. The sales-to-new-listings ratio has been hovering around 62%, indicating a slight seller's market, though buyers who are financially prepared still have opportunities.

Comparison With Previous Years

In 2023, the average condo price was around $288,000. Since then, prices have climbed gradually, driven by limited inventory, stable demand, and continued migration into Calgary. Communities such as Beltline, Sunnyside, and Bridgeland have seen the strongest demand, especially among younger professionals and first-time buyers.

Are Condo Prices Dropping in Calgary?

Price Movements and Buyer Outlook

Condo prices in Calgary have remained relatively stable and even experienced modest growth through 2024 and into 2025. Unlike some markets where rising interest rates have caused volatility, Calgary's condo market has shown resilience, partly due to the affordability of this housing segment compared to detached homes.

According to recent figures from CREB, there has been a consistent upward trend in prices, especially in neighbourhoods with access to public transit and lifestyle amenities.

Factors Behind Price Stability

Several factors are influencing price movements:

• Higher mortgage rates have shifted some buyers away from detached homes toward more affordable condos.

• Population growth continues as Calgary attracts new residents from across Canada and around the world.

• New condo construction remains limited, which keeps supply constrained and helps support prices.

How Much Are Condo Fees in Calgary?

Condo fees in Calgary typically range from about $0.45 to $0.70 per square foot, depending on the building's location, age, and amenities. For example, an 800-square-foot condo may have monthly fees ranging from $360 to $560.

What Condo Fees Usually Include

Condo fees generally cover several everyday expenses. These may include insurance for the building, maintenance of shared areas, and contributions to the reserve fund for long-term repairs and maintenance. In many cases, they also include garbage collection, landscaping, and basic utilities such as water and heating.

Factors That Affect Fee Variations

You'll find that fees tend to be higher in buildings with more amenities, such as fitness centres or concierge services. Older buildings may also have elevated fees due to ongoing maintenance needs. Conversely, mid-rise developments located further from the downtown core often come with lower costs.

Calgary Compared to Other Alberta Cities

When we compare Calgary's market to other major cities in Alberta, Calgary leads the province in terms of price appreciation. The average condo price in Calgary currently sits at $312,000, while in Edmonton, the average is closer to $231,000. Red Deer, a smaller market, has seen only minimal movement, with average prices around $208,000.

While Calgary condos may be more expensive, they also offer greater potential for return on investment due to stronger job growth, increased demand, and more competitive rental markets.

Key Considerations for First-Time Buyers

Budgeting for Ownership

Buying a condo involves more than just a mortgage payment. As of 2025, a buyer putting 10% down on a $310,000 condo with a fixed mortgage rate of 5.4% can expect monthly payments of around $1,690. When you factor in condo fees—averaging around $450—and property taxes estimated at $190, the total monthly cost comes to approximately $2,330. In many cases, this is comparable to, or slightly more affordable than, renting a similar unit.

Financing and Down Payments

In Canada, first-time buyers can purchase with as little as 5% down on properties under $500,000. That said, putting down 20% or more can help avoid CMHC mortgage insurance, which adds to long-term costs.

Support Programs for First-Time Buyers

Federal programs, such as the First-Time Home Buyer Incentive, can reduce the size of your mortgage by offering a 5–10% shared equity loan. Additionally, the Home Buyers' Plan allows you to withdraw up to $35,000 from your RRSP tax-free to put toward your down payment.

Comparing Condos to Single-Family Homes in Calgary

Cost and Lifestyle Differences

If you're weighing whether to buy a condo or a detached home, cost is likely your first concern. The average single-family home in Calgary currently costs about $695,000—more than double the average condo price. For many buyers, that alone makes condos the more accessible choice.

Beyond pricing, condos require far less maintenance since the building is professionally managed. You won't need to mow lawns, clear snow, or worry about major repairs, such as roofing or window replacement. However, detached homes offer more privacy, outdoor space, and long-term value for larger households.

The Role of Community in Condo Living

Amenities That Add Value

Many of Calgary's newer condos offer amenities that enhance daily life. It's common to find buildings with on-site fitness centres, rooftop terraces, party rooms, and even co-working lounges. These shared features help build a sense of connection among residents.

Building Community

Condo living often promotes a stronger sense of community, particularly in buildings that host social events or maintain active resident groups. For buyers who value interaction and shared experiences, condos can offer more than just a place to live—they offer a way to feel more connected to the people around them.

Conclusion: Making an Informed Decision

To recap, Calgary's condo market in 2025 is stable and experiencing moderate growth. Prices are increasing but remain more affordable than those of single-family homes. Monthly costs are competitive with renting, especially for first-time homebuyers who take advantage of incentives. With the right condo in the right neighbourhood, buyers can enjoy both value and a sense of community.

If you're considering purchasing a condo this year, now is a good time to evaluate your options. Calgary remains one of the more affordable major cities in Canada, boasting strong long-term potential.

For personalized advice based on your goals, lifestyle, and budget, connect with a local condo expert at Kyan Properties. Their team can help you explore available listings and make informed decisions with confidence.