“A boost in new listings drives further inventory gains and price adjustments.”
September brought a noticeable shift in Calgary’s real estate market. After a quieter summer, activity picked up this fall — but not evenly. Roughly 1,700 sales were recorded in September, less than half the number of new listings that hit the market. As a result, inventory levels climbed to 36% higher than this time last year and now sit well above long-term averages. Apartment and row-style homes have transitioned into clear buyers’ market conditions, a trend that’s expected to continue through the winter.
“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.
For the first time in nearly five years, Calgary’s housing market as a whole has shifted into balanced conditions. If current trends in supply and demand continue, we could see a full buyers’ market emerge through the winter months. That said, there’s potential for a rebound in the spring, particularly if interest rates begin to ease as expected.
On pricing, we’ve entered correction mode. Citywide benchmark prices are showing early signs of softening, with apartment and row home sectors already recording a 6% year-over-year decline — possibly a preview of what’s to come in other property types.
What This Means for Buyers and Sellers
Buyers: You finally have options. With inventory climbing, you can take a more relaxed and strategic approach to your search. Negotiation power has returned — especially on listings that have been sitting for some time.
Sellers: Entering the market now is like jumping into a pool full of competitors. Success depends on how well-prepared your listing is. Pricing sharply, improving your home’s condition, and professional staging are more important than ever. Strategy is everything — and working with an experienced Realtor who understands shifting market dynamics can make all the difference.
We’re also seeing more conditional deals collapse, so having a professional who can keep negotiations steady and guide your sale through to completion is essential in today’s climate.
Summary – Calgary Market by Product Type
Detached
- Sales: 859 units (↓9% YoY), below long-term September trends.
- Listings: 1,905 units → sales-to-new-listings ratio 45%, lowest since 2018.
- Prices: Benchmark $749,900 (↓1% MoM & YoY).
- Trend: Prices easing citywide; largest declines in North East & East (↓6%+).
- Year-to-date: Still ↑2% YoY, led by City Centre (↑4%+).
- Market: Shifting from balanced toward more supply.
Semi-Detached
- Sales: 156 units; new listings 361 units → ratio 43%.
- Supply: Months of supply rose to ~4 months (up from <3).
- Prices: Benchmark $684,800 (↓slightly MoM, ↑1% YoY).
- Year-to-date: Strongest growth of all property types (↑3%+).
- District Highlight: City Centre led price gains.
- Market: Gradually moving toward balance but still relatively stable.
Row Homes
- Sales: 304 units; new listings 592 → ratio 51%.
- Inventory: 1,099 units — highest September level since 2018 (↑30% vs long-term trend).
- Prices: Benchmark $437,100 (↓<1% MoM, ↓5% YoY).
- Year-to-date: Minor decline (~1%).
- District Highlight: North East had largest inventory increase & price drop.
- Market: Supply improving; pricing pressure building.
Apartment Condominiums
- Sales: 401 units; new listings 924 → ratio 43%.
- Inventory: 1,999 units; months of supply 5 months (highest since 2021).
- Prices: Benchmark $322,900 (↓1% MoM, ↓6% YoY).
- Year-to-date: ↓1%.
- District Highlights:
- North East: Largest price drop (↓10%+).
- City Centre: Smallest decline (↓5%).
- North East: Largest price drop (↓10%+).
- Market: Demand softening amid higher supply and interest rate effects.
Summary by Regional Area
Airdrie
- New Listings: 295 (record high).
- Sales: Declined → ratio 45%; inventory 571 units.
- Supply: First time above 4 months since 2020.
- Prices: Benchmark $526,000 (↓1% MoM, ↓5% YoY).
- Year-to-date: ↓1%, still higher than pre-2023 levels.
- Market: More balanced; prices adjusting downward.
Cochrane
- New Listings: 148 (record high).
- Sales: 62 units → ratio 42%; months of supply >5 months.
- Prices: Benchmark $584,300 (↓1% MoM, ↑1% YoY).
- Year-to-date: ↑4%.
- Market: Supply rising, easing earlier price pressures.
Okotoks
- New Listings: 69 (↓YoY).
- Sales: 51 → ratio 74%; months of supply 2.5 (still tight).
- Prices: Benchmark $613,900 (↓1% MoM, ↓3% YoY).
- Year-to-date: ↑1.5%.
- Market: Remains tighter than others but experiencing mild price softening.
✅ Overall Takeaway:
Across Calgary and surrounding areas, new listings are climbing while sales ease, pushing markets from seller-favouring toward balanced conditions. Prices are softening month-over-month across all product types, especially in North East Calgary and Airdrie, but most remain up modestly year-to-date thanks to strong spring performance.
