Calgary Housing Market Update – September 2025

A Surge in Listings Brings Balance Back to the Market

Calgary’s housing market saw a notable shift in September as new listings surged and inventory continued to climb, signaling a gradual transition toward more balanced conditions.

Sales reached 1,720 units, but they were not enough to offset the 3,782 new listings entering the market. This pushed total inventory up to 6,916 units, which is 36% higher than last year and 17% above long-term averages. The increase was most pronounced in row and apartment-style homes, segments that now show clear signs of moving into buyer’s market territory.

According to Ann-Marie Lurie, CREB® Chief Economist, supply has been rising across resale, new home, and rental markets, while demand has eased due to slower population growth and general uncertainty. This combination is reducing urgency among buyers and putting modest downward pressure on prices.

Market Balance and Pricing Trends

The sales-to-new-listings ratio dropped to 45%, and months of supply increased to four months for the first time since early 2020. If this trend continues, Calgary could see more buyer-friendly conditions heading into winter.

• Detached Homes: Sales slowed to 859 units (down 9% YoY). The benchmark price dipped slightly to $749,900, down about 1% from last month and last year.

• Semi-Detached Homes: Inventory rose, but prices remained stable at $684,800, about 1% higher than a year ago.

• Row Homes: Inventory reached its highest September level since 2018, pushing prices down nearly 5% YoY to $437,100.

• Apartments: The sector saw the sharpest shift, with inventory climbing to 1,999 units and prices falling over 6% YoY to $322,900.

Regional Highlights

• Airdrie: Record-high new listings (295 units) pushed inventory up and prices down 5% YoY to $526,000.

• Cochrane: New listings hit a record 148 units; prices eased slightly to $584,300, still up 1% YoY.

• Okotoks: Fewer new listings kept conditions tighter, but prices softened 3% YoY to $613,900.

Outlook

As Calgary heads into fall, more inventory and softer demand are creating breathing room for buyers after several years of strong seller’s markets. Price declines remain moderate overall, and market conditions vary by property type and area. Unless demand rebounds significantly, buyers may continue to see improved selection and negotiating power through the end of the year.