May Market Recap: No Spring Surge, Just a Steady Climb

by Steve Phillips

Hello Real Estate District,

(Click here if you want to watch the video instead of reading)

Alright team—it’s May, and things are moving.

Alberta Showings: Consistent… Just Not Crazy

Alberta showings through mid-May have been stable, but we’re still 17% below last year’s pace.
Translation: Buyers are out there—they’re just not in a frenzy. Yet.

Calgary Showings: Climbing Back from the Slow Start

Calgary showings have risen 7% over the past two weeks, making up ground from the sleepy start to May.
That’s a good signal—especially for what’s coming next.

Calgary Sales: A Dip… Then a Rebound?

Sales dropped over 5% week over week, which directly tracks with the slower showing activity in early May.
But based on the recent rebound in showings, this looks like a temporary blip—not a trend.

Week-over-week sales increases were strongest in the $300K–$400K and $700K–$800K price points—where supply is finally catching up with demand.

Overall? May’s shaping up to be totally average for sales.

Inventory: Almost Normal, Finally Balanced

Total listing inventory is now 96% of normal for this time of year—our closest brush with "normal" in months.
Inventory between $500K–$1M is rising steadily, especially in the $700K+ range.

This means move-up buyers have options, and those higher-end sellers need sharp marketing to stand out.

New Listings: The Late Spring Push is Real

We’re on track to exceed normal new listing volume for May,
Driven by a delayed spring market (thank you, election uncertainty),
Sellers are finally saying, “okay, it’s time.”

This is giving buyers breathing room—and also creating more competition for sellers who were hoping for multiple offers.

Migration = Momentum

Net migration to Alberta continues to hit record levels, especially from:
- Non-permanent residents, who are heating up the rental market, and
- Interprovincial movers, fueling demand in higher price points

More people = more pressure on inventory = more potential in the months to come.

Months of Supply & Market Balance

Months of supply is edging up, getting close to buyer market territory.
But don’t be fooled—the market is still competitive:
- List-to-sale price ratio is 98.4%, which is above average
- Days on market is down 35% from normal, sitting at just 40 days

This is still a demand-driven market, just without the chaos.

Opportunities in the Market Right Now

First-Time Buyer Sellers ($300K–$400K) – Inventory is moving, and demand is still sticky. If they’re thinking of listing—the time is now. 2️⃣

Move-Up Buyers in the $700K–$900K Range – Inventory is finally healthy here. Get them looking before rates (or prices) shift. 3️⃣

Sellers Must Dial In Strategy – With more competition, price, prep, and marketing matter more than ever. 4️⃣

Rental Investors: Watch the Trend – With non-permanent residents surging, the rental demand is about to spike. Think: suites, condos, duplexes.

Final Takeaway: Slow Burn, Not a Blowout

Sales dipped, but showings are rising

Inventory is almost back to normal

Demand is still driving the market—just more calmly

And migration could keep the fire burning longer than expectedSo this Spring might not be a sprint—but it’s a solid, steady marathon.
And we’re pacing for a strong finish. And remember: It’s not about how fast the market’s moving—it’s about how well you move with it. Let’s keep leading.