“Selling a condo can easily feel overwhelming, but Bill made the entire process surprisingly effortless. He handled every step with extreme professionalism, attention to detail, and a calm, confident approach. Bill was always available to answer my questions, guide me through contract details, and navigate the closing process without any hiccups. I always felt supported and confident in his guidance from start to finish. I couldn’t have asked for a better partner in selling my property!” Rilwan

“This is my second time working with Bill as my realtor, and once again he provided exceptional service. From our very first meeting, he was well prepared, presenting a detailed list of available condos, along with current listing prices and recent selling prices to help guide my decision-making. Bill used his strong negotiation skills to secure the best possible price and value for the condo I was purchasing. Throughout the entire process, he was honest, approachable, reliable, and always available to answer questions and provide updates. His communication was excellent, and he ensured I had all the information I needed every step of the way. Bill made the purchasing process smooth and stress-free. I would highly recommend him to anyone looking to buy a home or condo, especially first-time buyers who may benefit from his knowledge, guidance, and professionalism.”

Jeanice

Detached home sales improve in September
Calgary, Alberta, Oct. 1, 2026 – September sales totalled 1,650 units, similar to August and nearly four per cent lower than in September 2025. While September sales typically pull back compared with August, stronger detached home sales helped prevent the typical seasonal pullback.

At the same time, new listings also rose from August, causing the sales-to-new-listings ratio to fall to 49 per cent, leaving inventory levels relatively stable compared with August. Stable sales and inventory levels in September prevented any change in the months of supply compared with August, which remained at just under four months.

While the overall market is showing higher supply levels compared with sales activity, conditions vary significantly by property type. Detached properties remain in balanced territory, and the monthly boost in new listings supported gains in sales in September. Meanwhile, higher supply levels for apartment and row homes are contributing to buyer market conditions, as demand is spread across more alternatives in the rental and new home markets.

“The variation in market conditions between property types is related to where the supply was added. The construction boom over the past three years was mostly driven by gains in higher-density sectors, significantly increasing the supply of apartment and row-style homes,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Meanwhile, detached homes did not see the same boost in construction, preventing broad-based supply growth. Thanks to a stronger job market and slower but positive net migration, housing demand has remained strong enough to absorb some of the supply, but not enough to offset the high-density supply added to the market, resulting in a more significant impact on prices for higher-density homes.”

As the market moves through the fall, it is not unusual to see some unadjusted monthly declines in prices. However, many of these adjustments were seasonal, as seasonally adjusted figures show that prices in September are relatively stable compared with August. The unadjusted residential benchmark price was $566,700, nearly one per cent lower than last year. Most of the price adjustments have occurred in higher-density row and apartment-style units, which have reported year-over-year declines of eight per cent and six per cent in September. Meanwhile, detached prices are one per cent lower than last year, mostly due to declines in the North East, East and North districts.


Detached
Sales in September reached 896 units, up from August and more than four per cent higher than last year. The improvement in sales was partly due to a boost in new listings in September compared with August, giving consumers more options. With a sales-to-new-listings ratio of 52 per cent and a months of supply at just over three months, conditions remained relatively balanced. However, conditions have varied across the city, with less than three months of supply in the North West, West and South districts, and nearly six months of supply in the North East district. While the overall market is relatively balanced, the unadjusted benchmark price was one per cent lower than last year. The decline was primarily driven by steep pullbacks in the oversupplied North East district. Meanwhile, prices were higher than last year in both the City Centre and West districts.

Semi-Detached
The year-over-year gain in sales was not enough to offset earlier declines, as year-to-date sales have declined by two per cent for a total of 1,678 sales. The decline in sales matched year-to-date declines in new listings, but a monthly boost in September listings caused the sales-to-new-listings ratio to dip to 45 per cent, contributing to monthly inventory gains and pushing months of supply to nearly four months. While this is a shift from the tighter conditions reported in this sector throughout most of 2026, it is too early to say whether this will continue into the final quarter. While unadjusted prices did trend down in September, much of the decline was in line with typical seasonal behaviour. The unadjusted September benchmark price was $685,200, comparable to levels reported last year at this time.

Row
Sales in September eased compared with August, while new listings rose, causing the sales-to-new-listings ratio to drop to 45 per cent. This also contributed to higher inventory levels compared with both last year and August, resulting in the months of supply rising above four months for the first time since the beginning of the year. Additional competition from new units has weighed on resale activity, as the price spread between new and resale homes remains relatively narrow. The additional supply choice for buyers has also weighed on row prices, but not to the same extent as in the apartment sector. As of September, the unadjusted benchmark price was $412,400, down nearly six per cent from last year. While prices have declined across all districts, the steepest declines, at more than 11 per cent, have occurred in the North East and East districts, while the smallest declines have occurred in the North West, at two per cent.

Apartment Condominium
Apartment sales improved from August, slowing the year-over-year pace of decline to 14 per cent. New listings also rose over August, with 343 sales and 717 new listings, leaving the sales-to-new-listings ratio at 48 per cent. The monthly gains in sales supported modest reductions in inventory levels and prevented any further increases in the months of supply, which remained just above five months. The excess supply of apartment-style units has weighed on prices throughout most of the year. As of September, the unadjusted benchmark price fell to $291,400, down more than one per cent compared with August and more than eight per cent lower than last September. While some of the monthly decline is seasonal, seasonally adjusted prices continued to decline.

Sales and new listings slow in August
Calgary, Alberta, September 1, 2026 – Consistent with trends throughout most of 2026, both sales activity and the number of new listings coming onto the market have continued to trend down compared with 2025 levels. In August, sales in Calgary were 1,660 units, down 16 per cent compared with last year, while new listings fell by nearly 10 per cent to 3,141 units.

The pullback in sales has not occurred across all price ranges, as homes priced over $1,000,000 have recorded gains over last year. These gains have mostly been driven by detached and semi-detached homes and are also consistent with where most of the supply growth has occurred.

“While sales growth in the upper end of the market was possible thanks to improved supply choice, it also reflects longer-term confidence in our market, as some buyers are not shying away from taking advantage of the available supply,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Meanwhile, we have not seen the same pickup in activity in the lower price ranges, as favourable rental conditions are slowing the transition to ownership.”

Inventory levels in August eased compared with the previous month and the same period last year, at 6,509 units. However, given the pullback in sales, the months of supply pushed up to nearly four months. Also consistent with trends throughout this year, conditions vary significantly by property type, with nearly six months of supply for apartment-style homes compared with over three months of supply for lower-density detached homes.

The relatively balanced conditions in the detached and semi-detached sector have prevented any significant shifts in prices compared with the steady price declines occurring in the oversupplied higher-density segments of the market. As of August, the total residential benchmark price was $569,800, similar to the previous month and one per cent lower than 2025 levels.


Detached
Gains in higher-priced sales were not enough to offset the pullbacks occurring for homes priced below $1,000,000, as sales fell by 12 per cent to 875 units. At the same time, new listings trended down compared with both July and August 2025 levels, reaching 1,635 units. The steeper decline in sales compared with inventory levels was enough to support a modest monthly gain in inventory levels and drove up the months of supply to over three months. Market balance varies significantly based on price range and location. The months of supply remain below three months in the North West, West, South and South East districts, and above four months in the North and North East districts. The wide range of market balance is also reflected in pricing. Year-over-year gains of over two per cent have occurred in the West and City Centre districts. Meanwhile, price declines were the steepest in the North East at over six per cent. Overall, the benchmark price in August was $744,300, similar to July and down by one per cent compared with last year.

Semi-Detached
Easing sales in August were enough to push year-to-date sales down to 1,516 units, over two per cent lower than last year’s levels. The easing of August sales was not matched by new listings, causing the sales-to-new-listings ratio to fall to 56 per cent. While inventories eased slightly compared with the previous month, they remain nearly five per cent higher than last year. The steeper monthly pullback in sales compared with inventories was enough to push the months of supply above three months, the first time this has happened since January. Despite the shift, conditions remain relatively balanced, and prices have been relatively stable. As of August, the unadjusted benchmark price was $690,500, similar to the previous month and nearly one per cent higher than last year’s levels. Price gains in the City Centre, North West and West districts offset pullbacks in other areas, contributing to the annual gain.

Row
Sales continued to ease in August compared with last year, contributing to the year-to-date pullback of 15 per cent. Additional new-home supply, along with more rental product availability, has contributed to some of the pullback in sales activity. Meanwhile, the pullback in new listings has helped prevent any further gains in inventory levels, and the months of supply remained near four months for the second month in a row. Like other sectors, conditions vary depending on location. The months of supply pushed above four months in the City Centre, North East and North districts, while remaining near three months in the West district. Prices have been easing across all districts in the city. The range of decline varied from over 12 per cent in the North East to just over one per cent in the North West district. As of August, the benchmark price was $415,200, down nearly one per cent from July and five per cent lower than levels reported last year at this time.

Apartment Condominium
Apartment-style homes continue to face the most oversupply in the market, with nearly six months of resale supply. More rental supply is weighing on ownership demand from both first-time buyers and investors, which is slowing sales activity while supply levels remain elevated. In August, sales activity continued to fall, contributing to the year-to-date decline of 26 per cent. New listings have also been declining enough to prevent any further inventory gain, but not enough to help the market shift away from buyer-market conditions. Persistently high supply levels relative to demand have weighed on apartment-style prices for the past two years. As of August, the unadjusted benchmark price was $295,400, nearly one per cent lower than the previous month and eight per cent lower than 2025 levels. Prices peaked in August 2024 at $341,300 and currently sit nearly 13 per cent lower than the peak price.

Price declines driven mostly by apartment condominiums
Calgary, Alberta, August 4, 2026 – As we move into the second half of the year, it is not a surprise to see slower market activity. In July, both sales and new listings eased over June levels, declining to 1,904 sales and 3,323 new listings. Sales were nine per cent lower than last year’s levels, while new listings were 15 per cent lower. The adjustment in both sales and new listings caused little change in the sales-to-new-listings ratio, which sat at 57 per cent.

In July, the unadjusted total residential benchmark price was $569,200, down slightly over June and two per cent lower than levels reported last year. The persistent oversupply of apartment condos is contributing to a steeper price decline of over eight per cent. Meanwhile, at the other end of the spectrum, detached prices have eased by under two per cent compared to last year, mostly driven by adjustments in the North East and North Districts.

“Several consecutive years of high construction levels and the sudden drop in mostly international migration have contributed to the shift in housing market conditions mostly for higher-density homes, a transition that started in the second half of last year,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “While new home construction is slowing, there are over 17,000 apartment-style units under construction. This continues to weigh on rental and higher-density properties, driving price adjustments.”

While demand has slowed this year, levels remain stronger than those reported during the challenging market conditions experienced from 2015 to 2019. What has shifted significantly is the additional supply choice across the housing spectrum. Total resale inventory levels remained relatively stable compared to both June and July 2025. However, the slower July sales pushed the months of supply up to three and a half months. While the months of supply is rising across all property types, conditions remain mostly balanced in the detached and semi-detached sectors. In the higher-density sectors, the market continues to favour the buyer for apartment-style homes with nearly five months of supply, while row is experiencing some signs of oversupply.


Detached
Sales in July eased to 1,012 units, down nearly two per cent over last year. These numbers have been trending lower throughout most of the year. While slower sales are partly due to changing economic conditions, we have also seen a pullback in the number of new listings. In July, new listings fell to 1,707 units, nine per cent lower than last year, contributing to the year-over-year inventory declines that have persisted since March. The pullback in sales this month outpaced the pullback in inventory levels, causing the months of supply to rise to nearly three months. While this is still in a balanced range, conditions do differ from under two months in the West District to over five months in the North East District. Added competition from the new home market is also weighing on recently built homes listed on the resale market. As of July, the unadjusted detached price in Calgary was $743,900, lower than June and nearly two per cent lower than prices reported last July. While prices have eased over 2025’s peak, it has not erased all the gains reported over the past several years. Price movement has varied significantly across each district. Compared to last year, prices have improved in both City Centre and the West District. The steepest decline occurred in the North East at nearly six per cent.

Semi-Detached
Despite a typical monthly pullback, sales remained similar to last year, keeping year-to-date levels relatively consistent with 2025. While new listings eased in July, they remain down three per cent so far this year. Throughout most of 2026, conditions have remained relatively balanced, with a sales-to-new-listings ratio remaining near 60 per cent and months of supply below three months. As of July, the unadjusted benchmark price was $691,000, down from June but similar to last year’s level. While prices have remained relatively stable for semi-detached homes, there is variation throughout the city. Most sales activity occurred in the City Centre, where year-to-date prices have remained stable compared with 2025. The West District was the only district to record a year-over-year price gain, while the steepest declines occurred in the North East, where buyers’ market conditions have emerged.

Row
For the third consecutive month, row sales have trended down, contributing to a year-to-date decline of 15 per cent. Over the past several months, we have also reported a pullback in new listings, keeping the sales-to-new-listings ratio above 55 per cent. While inventory levels have also been trending down, they remain elevated based on long-term trends. The steep pullback in sales this month was enough to push the months of supply up to nearly four months. An upward trend in the months of supply over the past few months has prevented any further price increases. In July, the unadjusted benchmark price eased to $418,500, down over the previous month and six per cent lower than last year’s levels. Added competition in the new home market has also weighed on resale row prices. However, like other property types, year-to-date price declines range from 12 per cent in the North East and East Districts to a three per cent decline in the West District.

Apartment Condominium
Increased rentals and new supply are weighing on ownership demand for resale condos as sales have fallen by nearly 26 per cent so far this year. While new listings have been easing over last year’s levels and are helping to bring down inventory, the 1,999 units available in the resale market are still elevated compared to long-term trends and sales. The combined impact of additional supply and reduced demand has kept the months of supply in a range that has favoured the buyer since the end of spring 2025. The persistent excess supply has placed downward pressure on prices. As of July, the unadjusted benchmark price was $297,600, down over June, over eight per cent lower than last year’s levels and 13 per cent below peak levels reported in 2024. While the rate of decline has ranged across districts, all districts have reported relatively steep adjustments in prices.



REGIONAL MARKET FACTS

Airdrie
Sales continued to trend down in July compared to 2025, contributing to the year-to-date decline of nearly 14 per cent. However, new listings have also been easing, helping to push the sales-to-new-listings ratio back above 55 per cent in July. While this did little to cause a shift in inventory, the months of supply eased back below four months. Should this trend continue, it will help to support a more balanced state in the Airdrie market. Nonetheless, supply choice in the resale market along with added competition coming from both the new home market in Airdrie and supply choice in Calgary are weighing on prices. Detached prices in July eased to $603,100, four per cent lower than last year’s levels. This decline has outpaced Calgary’s, and now the price spread between Calgary and Airdrie is returning to levels that are more consistent with historical norms.

Calgary, Alberta, May 1, 2026 – In line with seasonal expectations, both sales and inventory levels trended up relative to March’s activity. Despite this typical monthly rise, April sales totalled 2,104 units, six per cent lower than levels reported in 2025.

“Sales were expected to ease this year as our market transitioned away from strong demand that was driven by previously rapid migration growth. Improved supply choice across the entire housing spectrum has reduced the urgency among potential purchasers, helping our market shift away from seller’s market conditions to more balanced conditions,” said Ann-Marie Lurie, CREB®’s Chief Economist. “However, the trend of limited supply choice in the detached market continues, while conditions favour the buyer in the apartment condominium market.”

With 3,829 new listings in April, the sales-to-new-listings ratio remained at 55 per cent, supporting a modest monthly gain in supply. Inventory levels reached 5,973 units, nearly two per cent higher than levels reported last April. Overall, the months of supply remained just below three, representing relatively balanced conditions. However, this ranged from just over two months for detached homes to over four months for apartment-style homes.

The unadjusted total residential benchmark price trended up compared with March, reaching $568,800. The monthly gain was mostly associated with seasonal improvements, which is expected heading into the spring market. Monthly gains were higher in the detached and semi-detached segments. Overall, compared with the previous year, prices remain three per cent lower, with modest year-over-year declines in the detached and semi-detached sector, while declines neared nine per cent for apartment-style units.

So far in 2026, conditions have varied, ranging from seller’s market conditions and price growth for detached homes in some parts of the city to buyer’s market conditions and price adjustments in the apartment condominium sector.


Detached
With 1,095 sales and 1,863 new listings, inventory levels reported a modest monthly gain. However, with 2,468 units in inventory, levels remain lower than those reported last year and below long-term trends, while months of supply remained just over two. The tighter conditions helped support prices in April, which continued to rise compared with March, causing the pace of year-over-year price declines to ease to under three per cent. As of April, the unadjusted benchmark price was $745,400. Within the detached market, conditions varied by district. Calgary’s North West, West and South districts experienced seller’s market conditions, with less than two months of supply, driving stronger monthly price gains. Meanwhile, conditions in the North East favoured the buyer, causing prices to trend down from the previous month. Benchmark price changes in April ranged from a year-over-year decline of eight per cent in the North East to a two per cent increase in the West district.

Semi-Detached
Recent improvements in new listings helped to support the rise in sales this month. Year to date, there have been 700 sales and 1,190 new listings, similar to last year’s levels. In April, both the sales-to-new-listings ratio and months of supply remained at the lower end of the balanced range. Conditions supported further monthly price growth, as the unadjusted benchmark price reached $690,000. Gains over the past three months have brought prices to levels only slightly lower than those reported last April. As in the detached sector, conditions vary by location. In April, prices trended up over March in all districts except the North East and East, which are also reporting higher months of supply. Tighter conditions in other areas supported monthly price gains. Year to date, benchmark prices improved over last year’s levels in the City Centre, North West and West districts.

Row
Sales, new listings and inventory levels all trended over the previous month, in line with seasonal expectations. However, year to date, the pullback in sales has outpaced the pullback in new listings, causing the sales-to-new-listings ratio to average 51 per cent and inventories to trend higher than levels reported last year at this time. While inventories have improved, months of supply has remained in a relatively balanced range at nearly three months. Conditions vary significantly across the city, contributing to differing price trends. The North East district reported the highest months of supply and the steepest year-to-date price adjustments, at over 11 per cent. Meanwhile, the smallest year-to-date price adjustments occurred in the West, at less than a two per cent decline.

Apartment Condominium
The pace of growth in new listings slowed in April relative to the gains in sales, causing the sales-to-new-listings ratio to improve to 46 per cent. However, this is not enough to prevent further inventory gains. In April, inventory rose to 1,920 units, nearly three per cent higher than last year and 27 per cent above long-term trends. With over four months of supply, conditions continue to favour the buyer, preventing any significant upward pressure on prices. As of April, the unadjusted benchmark price was $301,400, slightly higher than March. Gains were mostly driven by improvements in the North West, South East and West districts, while prices continued to trend down in the North East, North and East districts. Compared with last April, benchmark prices have declined by nearly nine per cent, with the steepest declines in the North East, East, North and South East districts.



REGIONAL MARKET FACTS

Airdrie
Despite seasonal gains, sales in Airdrie eased compared with last year, causing year-to-date sales to decline by nearly 12 per cent. While sales have slowed, they remain in line with long-term trends. New listings have also trended down compared with last year, but recent gains supported further increases in inventory. With 494 units in inventory and 151 sales, months of supply remained just above three months. While conditions are not as tight as they were the previous year, they remain relatively balanced and are supporting modest price gains following last year’s decline. The benchmark price reached $516,700 in April, nearly one per cent higher than March, but still more than five per cent lower than last April.

2025 housing market shifted to more balanced conditions
Calgary, Alberta, Jan. 2, 2026 – Following several years of strong price growth, 2025 marked a year of transition thanks to strong demand and limited supply. Due to record high starts, supply levels improved across all aspects of the housing market, just as demand pressure eased due to a reduction in migration levels and heightened uncertainty that persisted throughout the spring market. This helped shift the resale market from one that favoured the seller to one that was more balanced.

In 2025, sales reached 22,751 units, down 16 per cent over last year, but in-line with long-term trends. Much of the shift came from the growth in supply. 2025 saw over 40,000 new listings come onto the market, nine per cent higher than last year, causing inventories to rise and driving more balanced conditions.

“Supply levels were expected to rise in 2025. However, the growth was higher than expected especially for apartment condominium and row homes. This weighed on prices in those sectors enough to offset the annual gains reported for both detached and semi-detached homes,” said Ann-Marie Lurie, CREB®’s Chief Economist. “Adjustments in both supply and demand varied across the city, with pockets of the market continuing to experience seller’s market conditions versus some areas where the conditions favoured the buyer. This resulted in different price trends based on location, price range and property type.”

Overall, the annual average total residential benchmark price in 2025 was $577,492, two per cent lower than last year’s annual average. However, annual detached and semi-detached prices rose by a respective one and three per cent, while apartment and row homes saw prices fall by a respective three and two per cent.

Compared to other districts, the North East reported the largest decline in prices this year. While some of this is related to improved supply across all areas of the city, it is also important to note that the North East district also reported the strongest price growth over the past two years.

For the first time in three years, we are heading into the New Year with better inventory levels. Details on what is expected to happen in the market in 2026 will be released at CREB®’s annual Forecast Conference on Jan. 20, 2026.


Detached
Detached sales totaled 11,328 in 2025, down by nearly nine per cent compared to last year. Sales eased across all districts in the city, with the steepest declines occurring in the North East, East and City Centre district. However, unlike the City Centre, the North East and East districts also experienced significant gains in inventory compared to long-term trends, driving annual price declines of two per cent. Meanwhile, in the City Centre detached inventory remained well below long-term averages, which likely prevented stronger sales and contributed to the annual price growth of over three per cent. Despite the differing conditions in different areas of the city, slowing sales and rising supply citywide helped move the market into balanced conditions by the second half of the year. The annual average benchmark price was $752,767, one per cent higher than last year’s annual level.

Semi-Detached
Semi-detached homes represent the smallest segment of the market, accounting for less than 10 per cent of all sales activity. Sales in 2025 were 2,159, eight per cent lower than last year, but slightly higher than long-term trends. Trends for semi-detached homes have been relatively consistent with the detached market. However, it took longer for this segment of the market to shift to more balanced conditions, resulting in stronger annual price gains. In 2025, the average annual benchmark price was $685,850, nearly three per cent higher than last year. Prices did ease in the North district as competition for new homes weighed on resale activity, but the decline in this district was more than offset by the four per cent gain in the City Centre.

Row
2025 sales eased by 17 per cent to 3,838 units. Despite the decline, sales were still higher than long-term trends, as row homes are starting to account for a larger share of the overall activity in the city. At the same time, new listings also rose relative to sales, driving inventory gains and taking the pressure off prices. Conditions shifted to more balanced levels relatively early in the year, and by the last quarter conditions ranged from a balanced to a buyer’s market depending on the districts of the city. Overall, this contributed to the annual average benchmark price decline of two per cent. While prices were relatively stable in the City Centre, North West, West and East districts, additional supply in the resale market and competition from new homes caused prices to decline by four per cent in the North East and North districts.

Apartment Condominium
Apartment-style homes reported the largest adjustment in price in 2025. Sales declined by 28 per cent compared to the near record high levels achieved last year. While the decline was significant, sales were still over 28 per cent higher than long-term trends. The main cause of the shift in conditions was due to the supply. Over the past three years, there has been a rise in apartment-style starts. While most of the apartment starts were purpose-built rental, they are adding to the supply choice and weighing on the resale market. Resale condominiums saw the market shift in favour of buyers by the second half of the year, with elevated months of supply being reported in most districts of the city. This resulted in relatively persistent downward pressure on prices, causing the annual average benchmark price to decline by nearly three per cent. Price declines were the steepest in the North East nearing five per cent. The only area to report relative stability in the annual price was in the West district.

Pace of new listings growth slows, preventing further inventory gains
Calgary, Alberta, Nov. 3, 2025 – Inventory levels eased over last month thanks to the combined impact of a monthly pullback in new listings and a monthly pick up in sales. With 6,471 units in inventory and 1,885 sales the October months of supply returned to three-and-a-half months after pushing up to four months in September. While both row- and apartment-style properties continue to report elevated supply levels compared to demand, conditions remain relatively balanced for both detached and semi-detached properties.

Year-to-date sales in the city totaled 20,082, down nearly 16 per cent compared to last year, but still in line with longer-term trends. Much of the decline in sales has been driven by pullbacks for apartment- and row-style homes.

“Improved rental supply and easing rents have slowed ownership demand for apartment- and row-style homes. It is also these segments of the market that have seen October inventories reach a record high for the month,” said Ann-Marie Lurie, CREB®’s Chief Economist. “Excess supply for apartment- and row-style properties is weighing on prices in those segments more so than any other property type, influencing total residential prices.”

As of October, the total unadjusted residential benchmark price in Calgary was $568,000, down nearly one per cent compared to last month and over four per cent lower than last year’s levels. The largest price adjustments occurred for row- and apartment-style properties where prices have eased by a respective six and seven per cent compared to last October.


Detached
October sales reached 1,012 units, an improvement over last month, but still five per cent lower than last year’s levels. At the same time there were 1,593 new listings that came onto the market, causing the sales-to-new-listings ratio to rise to 64 per cent and inventories to trend down over last month to 2,913. Inventory levels remain slightly higher than long-term trends for the month, but with just under three months of supply, conditions remain relatively balanced and far better than conditions reported during the 2015 to 2019 period.

Despite relatively balanced conditions, there are pockets of the market that are experiencing buyer’s market conditions, which is impacting prices. Citywide detached benchmark prices eased to $744,400 in October, one per cent lower than last year. However, price adjustments ranged from a year-over-year gain of nearly two per cent in the City Centre to a decline of over five per cent in the North East district. Despite recent adjustments, year-to-date prices remain over one per cent higher than last year.

Semi-Detached
Sales improved over last month while new listings slowed, causing the sales-to-new-listing ratio to rise to 57 per cent, which is slightly lower than typical levels for this time of year, but high enough to prevent any significant change in inventory levels compared to last month. With 186 sales and 613 units in inventory, the months of supply was over three months, higher than last year’s extremely low levels, but lower than last month.

More inventory choice has weighed on prices over the past several months. However, with an October benchmark price of $683,100, prices remain nearly one per cent higher than last year and on a year-to-date basis are over three per cent higher than last year.

Row
With 275 sales in October, year-to-date row sales totaled 3,412 units, a 17 per cent decline over last year. While row sales remain well above long-term trends, new listings have been on the rise and reached record highs so far this year. As of October, there were 1,054 units in inventory, the highest ever reported for the month and nearly 32 per cent higher than long-term averages. This also caused the months of supply to remain around four months.

The additional supply choice has weighed on prices. The October benchmark price was $431,200, over one per cent lower than last month and nearly six per cent lower than prices reported last year at this time. The steady slide in row prices have caused year-to-date prices to drop by one-and-a-half per cent. Price adjustments did vary across the city with the largest year-to-date declines occurring in the North East and North districts.


Apartment Condominium
The pullback in new listings relative to sales this month did help prevent further gains in inventory levels. However, with 1,891 units in inventory and 412 sales, the months of supply remained elevated at nearly five months. Apartment condominiums have been experiencing buyer’s market conditions for nearly 6 months, placing downward pressure on prices. As of October, the benchmark price was $318,200, down over one per cent compared to last month, and nearly seven per cent lower than last October.

On a year-to-date basis, prices are nearly two per cent lower than last year’s levels. The largest year-to-date price declines occurred in the North East and South East districts at four per cent, as those districts are either reporting the highest months of supply on the resale market or are facing significant competition from the new home market.

SEPTEMBER 2025 HOUSING MARKET UPDATE

October 1, 2025
A boost in new listings drives further inventory gains and price adjustments
The 1,720 sales in September were not high enough to offset the 3,782 new listings coming onto the market, driving further inventory gains as we move into the fall. There were 6,916 units in inventory in September, 36 per cent higher than last year and over 17 per cent higher than levels traditionally reported in September. Both row and apartment style homes have reported the largest boost in supply compared to long-term trends.

“Supply levels have been rising in the resale, new home and rental markets. The additional supply choice is coming at a time when demand is slowing, mostly due to slower population growth and persistent uncertainty. Resale markets have more competition from new homes and additional supply in the rental market, reducing the sense of urgency amongst potential purchasers. Ultimately, the additional supply choice is weighing on home prices,” said Ann-Marie Lurie, CREB® Chief Economist.

Supply levels relative to demand typically drive shifts in home prices. In September, the sales to new listings ratio dipped to 45 per cent, and the months of supply pushed up to four months for the first time since early 2020. This is a higher level of supply compared to demand than is typically seen in the Calgary market and, should this persist, we could see a market that shifts more in favour of the buyer. However, conditions do vary by property type, price range and location.

Inventory gains for apartment style homes over the past several months have contributed to buyer market conditions in this segment, driving year-over-year price adjustments of over six per cent for a total benchmark price of $322,900 in September. While the detached segment has also seen a rise in the months of supply, it has not been as high as the apartment condo sector. At a benchmark price of $749,900, detached home prices are only one per cent lower than last year, with most of the adjustments driven by the North East and North districts.


Detached
Sales in September slowed to 859 units, nine per cent lower than last year and below long-term trends for September. At the same time, new listings rose to 1,905 units, causing the sales to new listings ratio to fall to 45 per cent, levels not seen since 2018. While there has been an unexpected shift in September, it is too early to tell if this trend will continue as prior to this month the detached market has remained relatively balanced.

Improved supply choice is causing prices to decline relative to the record highs reported during the spring. As of September, the unadjusted benchmark price was $749,900, down nearly one per cent from both last month and last year. While prices have eased from peak levels across all districts, the largest decline occurred in the North East and East district at over six per cent. Despite recent adjustments on a year-to date basis, prices remain nearly two per cent higher than last year’s levels, with the City Centre reporting the highest gain at over four per cent.



Semi-Detached
New listings rose to 361 units in September, while sales fell to 156 units, causing the sales to new listings ratio to drop to 43 per cent. This also caused a rise in inventory levels and the months of supply pushed up to nearly four months. This is a significant shift compared to last month, where there was less than three months of supply.

Like the detached sector, it is too early to say if this trend will continue, but so far it has had minimal impact on home prices. As of September, semi-detached price was $684,800, slightly lower than last month and nearly one per cent higher than last year. Year-to-date price growth has been the highest for semi-detached homes at over three per cent, as this segment took longer to shift from a seller’s market to one that was more balanced. Most of the price growth was driven by gains reported in the City Centre.



Row
Following a pullback last month, new listings posted modest monthly gains. The 592 new listings were met with 304 sales, causing the sales to new listings ratio to fall to 51 per cent. This is not as low as the other property types and at these levels it was enough to prevent any further monthly gain in the already elevated inventory levels. September inventory levels were 1,099 units, the highest September level reported since 2018, and 30 per cent higher than longer-term trends for the month. The largest gains in inventory occurred in the North East district, which also reported the highest months of supply and price decline compared to last year.

More supply choice has impacted resale prices, with the unadjusted benchmark price being $437,100. This is down less than one per cent over last month and nearly five per cent lower than last year’s prices. Year-to-date price adjustments have been much smaller at one per cent, as declines in the North East, North and South East districts offset the gains reported in other parts of the city.


Apartment Condominium
The most significant adjustment in the market occurred in the apartment condominium sector as improving rental supply, delayed adjustments in interest rates and improved selection for other property types has slowed apartment style demand from both first-time buyers and investors. September reported 401 sales and 924 new listings, dropping the sales to new listings ratio to 43 per cent and causing inventory to rise to 1,999 units.

The rise in supply caused the months of supply to push up to five months, the first time it has done that since 2021. As elevated levels of supply have persisted since June, prices have been trending down. As of September, the benchmark price was $322,900, down over one per cent compared to last month and over six per cent compared to last year. The year-to-date price adjustment has been just over one per cent. Condo prices have slid across all districts compared to last September. The largest decline occurred in the North East district at over ten per cent, while the smallest decline occurred in the City Centre at five per cent.

AUGUST 2025 HOUSING MARKET UPDATE

September 2, 2025
Price declines mostly driven by higher density home types
Improving supply choice has changed the dynamics of the Calgary market driving price declines over the past several months. Higher price adjustments are occurring for apartment and row style properties while detached and semi-detached properties have reported modest declines. As of August, the unadjusted total residential benchmark price was $577,200, down over last month and nearly four per cent lower than levels reported last year.

“Perspective is needed when it comes to price adjustments. The most significant price adjustments are occurring for row and apartment style homes as they are also the product type that are facing the largest gains in supply choice,” said Ann-Marie Lurie, Chief Economist at CREB®. “Meanwhile price adjustments in the detached and semi-detached markets range from modest price growth in some areas to larger price declines in areas with large supply growth. Overall, recent price adjustments have not offset all the gains that have occurred over the past several years.”

August reported 1,989 sales, nearly nine per cent lower than last year. Sales have slowed compared to the high levels reported over the past four years. However, activity is still above long-term trends, reflecting relatively strong demand. What has changed is the supply situation. New listings remain elevated, keeping the sales-to-new-listings ratio below 60 per cent and pushing inventory to 6,661, the highest August amount since 2019.

More inventory choice coupled with lower sales has caused the months of supply to rise to 3.4 months in August, much higher than the sellers’ market conditions reported over the previous four years, but still well below the buyer market conditions observed prior to the pandemic. While the market is much more balanced compared to last year, there is significant variation depending on property type, price range and location.


Detached
Detached home sales eased to 995 units in August, while new listings rose to 1,748 units, keeping the sales-to-new listings ratio below 60 per cent. This prevented any significant shift in inventory, as the 3,051 units were the highest levels reported in August since 2020. Higher inventory levels and easing supply have helped balance out the detached market. However, districts like the North East, North and East are experiencing buyer market conditions.

The unadjusted benchmark price in August was $755,600 down by nearly one per cent over last month and last year’s levels. While prices have eased there is significant variation depending on location. Compared to last year, prices reported the largest decline in the North East and East district at five per cent, while prices in the city centre were over two per cent higher. As many of the adjustments have occurred over the past few months, year-to-date Calgary prices remain two per cent higher than last year.


Semi-Detached
August sales improved over last year’s levels, but it was not enough to offset earlier pullbacks with year-to-date sales of 1,557—eight per cent lower than last year—but higher than long-term trends. At the same time, new listings slowed compared to sales pushing the sales-to-new listings ratio up to 67 per cent and preventing any further monthly inventory gains. Inventory gains have not been as high for this product type, and the months of supply remained below three months in August. This is one of the reasons that the prices have not seen the same adjustment.

In August the unadjusted benchmark price was $687,200 down over last month, but nearly one per cent higher than last year, and nearly four per cent higher on a year-to-date basis. Price growth has varied across the city, with the largest year-over-year gains occurring in city centre. Meanwhile the largest declines have occurred in the North East, East and North districts.


Row
Sales in August slowed, contributing to the year-to-date decline of nearly 16 per cent. While new listings did ease in August compared to last year and last month, they have generally been on the rise pushing up inventory levels. In August, there were 1,103 units in inventory, reaching the second highest level on record for August, only slightly lower than the record high in reported in 2018. Due to the relatively strong sales, the months of supply has only pushed slightly above three months, far more balanced than last year, but not as high as the 6.4 months report back in 2018.

Nonetheless, additional supply choice has weighed on prices. In August, the unadjusted benchmark price in the city was $439,600, reflecting the fourth consecutive monthly decline and nearly five per cent lower than last August. While prices eased across all districts, price declines exceeded five per cent in the North East, North, South and East districts. These districts generally reported high levels of supply in the resale sector or had significant competition from new home supply.

Apartment Condominium
Sales continue to slow in August contributing to a year-to-date pullback of nearly 30 per cent. While sales are still above long-term trends, they have not been high enough to offset the level of new listings in the market. In August alone there were 877 new listings compared to the 449 sales, keeping the sales-to-new-listings ratio relatively low at 51 per cent. The low ratio that has persisted throughout this year has contributed to the higher inventory levels seen in the market. While August inventory levels did not rise over last month, with 1,979 units available, this is the highest August inventory ever reported.

The months of supply for apartment condos have remained around four months since June. The excess supply relative to demand has been weighing on prices. As of August, the unadjusted benchmark price was $326,500, reflecting the fifth consecutive monthly decline and nearly six per cent lower than levels reported last August. Most of the supply is concentrated in the City Centre, which reported a year-over-year decline of five per cent, slightly higher than the rate of decline reported in the West district at three per cent. Meanwhile, the highest price declines occurred in the North East district at over 11 per cent.