New listings slowing pace, interest rates easing & typical seasonal market upon us — but so will soon be the return of buyers-market conditions.

Last month delivered exactly what we’d hope to see if Calgary is to remain broadly in balanced territory. New listings eased, sales activity ticked up, and overall inventory stayed in the 2–4 months range city-wide. However, demand for Apartment and Row homes has noticeably cooled. Inventory in those segments has climbed to levels that signal a shift toward buyers-market conditions. This is also reflected in year-to-date numbers showing sales down 16%, driven largely by slowing activity in those categories.

“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.”

The upside? Even with softer sales and higher inventory year over year, the city-wide benchmark price remains within 5% of last year’s peak. That speaks to a remarkably stable Calgary market. We’re seeing an increase in price reductions, which is a strong indicator that the days of “reaching” are behind us. Buyers now have room to be more selective, and the focus has shifted to well-maintained homes priced in line with the market.

What’s next?
We expect the usual seasonal slowdown in new listings over the winter. If interest rates continue to ease as anticipated, sidelined buyers may re-enter the market and help absorb some of the excess or stale inventory that’s accumulated. In response, some sellers will reduce their prices, while others may temporarily withdraw and plan for a spring return.

For sellers, hitting the market over the next few months will require stronger prep and a more strategic launch if they want to secure a sale within the first 30 days. For buyers, the pace will feel more manageable, but with fewer new listings coming to market, selection may still feel limited despite overall inventory being higher. The good news is that competition is lighter and negotiations more flexible.

Overall, if interest rates continue trending down over the winter, demand should hold steady. At minimum, we’re well-positioned to start the February spring market in balanced conditions.

Calgary Market Summary by Product Type

Detached

Summary:
Detached homes saw a slight uptick in sales compared to last month but remain below last year’s levels. Inventory is trending down month-over-month but still slightly above long-term averages. Overall, detached conditions remain relatively balanced, though certain districts have slipped into buyers-market territory, resulting in modest price adjustments.

Key Points:

• 1,012 sales in October → up from last month, 5% lower YoY
  
• 1,593 new listings → sales-to-new-listings ratio 64%
  
• Inventory: 2,913 units → trending down vs. last month
  
• Months of supply: just under 3 months → balanced
  
• Benchmark price: $744,400 → 1% lower YoY
  
• Prices range widely by district:
  
  • +2% YoY in City Centre
    
  • –5% YoY in North East
    
• YTD prices remain +1% despite recent softening
  

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Semi-Detached

Summary:
Sales improved and new listings slowed, keeping supply in check and preventing significant inventory buildup. Prices remain stable, supported by slightly tighter conditions compared to the previous month.

Key Points:

• 186 sales in October
  
• Inventory: 613 units
  
• Sales-to-new-listings ratio: 57%
  
• Months of supply: just over 3 months
  
• Benchmark price:$683,100
  
  • +1% YoY
    
  • +3% YTD
    
• More inventory choice has applied mild downward pressure in recent months but not enough to shift pricing trend negative.
  

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Row Homes

Summary:
Row homes continue to see slowing demand, record-high new listings, and elevated inventory. Months of supply remain around four months, and price declines have now become more pronounced across many districts.

Key Points:

• 275 sales in October
  
• YTD sales: 3,412 → 17% decline YoY
  
• New listings: record highs this year
  
• Inventory: 1,054 units → highest October on record
  
• Months of supply: ~4 months
  
• Benchmark price:$431,200
  
  • –1% MoM
    
  • –6% YoY
    
  • –1.5% YTD
    
• Largest price declines YTD: North East and North districts
  

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Apartment Condominiums

Summary:
Apartments remain firmly in buyers-market conditions with elevated supply and softening prices. Inventory remains high despite a recent pullback in new listings.

Key Points:

• 412 sales in October
  
• Inventory: 1,891 units
  
• Months of supply: ~5 months → buyers-market for 6+ months
  
• Benchmark price:$318,200
  
  • –1% MoM
    
  • –7% YoY
    
  • –2% YTD
    
• Largest YTD declines (–4%): North East & South East
  
• Competition from the new home market is also impacting resale pricing
  

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Regional Market Summary

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Airdrie

Summary:
Sales remain steady, but new listings hit a record high for October, pushing inventory up and keeping months of supply elevated. Prices continue their downward trend, now sitting below last year’s levels.

Key Points:

• Inventory: 535 units
  
• Sales: 136
  
• Months of supply: 4+ months
  
• Benchmark price: $520,400
  
  • –1% MoM
    
  • –5% YoY
    
• Prices have been trending down since April
  
• Additional competition from new builds is affecting resale values
  

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Cochrane

Summary:
Sales improved and new listings eased slightly, helping stabilize inventory. Conditions remain looser than the past few years but are more aligned with long-term norms. Prices remain stable and higher than last year.

Key Points:

• Sales up this month
  
• Sales-to-new-listings ratio: 55%
  
• Months of supply: just over 4 months
  
• Benchmark price:$585,200
  
  • Flat MoM
    
  • +2% YoY
    
  • +4% YTD
    
• Higher price growth partly driven by more new homes entering resale market
  

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Okotoks

Summary:
New listings surged while sales slowed, creating a small uptick in inventory—but supply remains low by historical standards. Prices continue to hold steady and are slightly up year-to-date.

Key Points:

• 91 new listings → significant increase
  
• Sales slowed → sales-to-new-listings ratio <50%
  
• Inventory rising but still below long-term averages
  
• Benchmark price:$618,600
  
  • + MoM
    
  • Flat YoY
    
  • +1% YTD
    
• Low inventory continues to support price stability