Conditions Remain Balanced Heading Into Winter
Calgary’s housing market softened in line with typical seasonal patterns this November as sales, new listings, and inventory levels all eased compared to October. The city recorded 1,553 sales and 2,251 new listings, pushing the sales-to-new-listings ratio to 69%, an improvement from last month and a sign of steadier market balance.
Total inventory declined month-over-month but remained elevated at 5,581 units, which is 28% higher than last year and 15% above long-term November norms.
According to Ann-Marie Lurie, CREB® Chief Economist, higher-density segments such as row and apartment homes continue to see the most supply pressure due to both resale activity and new construction flowing into the market. As a result, buyer’s market conditions are more common in these segments, while detached and semi-detached homes remain relatively balanced across most districts.
The total residential benchmark price fell to $559,000, down 5% year-over-year.
Apartments: –7% YoY
Row homes: –6% YoY
Detached: –2% YoY (still up YTD)
Detached Homes
Detached sales reached 823 units, consistent with typical November activity. Inventory eased from October but remains higher than last year, keeping the months of supply around three months—a balanced range.
Benchmark price: $733,000 (–2% YoY)
YTD price: +1% vs. 2024
Price declines were concentrated in the North East, North, and East districts due to competition from new builds and higher supply.
Semi-Detached Homes
Semi-detached sales were comparable to last year, but higher-than-normal new listings pushed inventory to a five-year November high. Months of supply stayed above three months, indicating balanced conditions.
Benchmark price: $671,700 (steady YoY)
YTD price: +3%
Strongest gains: City Centre (+4%)
Row Homes
Row home sales declined to 257 units, but still sit above long-term norms. Inventory remains elevated at levels not seen since 2018.
Benchmark price: $424,400
Monthly change: ↓
Year-over-year: –6%
YTD prices: –2%
Largest declines: North East and North districts
Apartment Condominiums
This segment continues to face the strongest downward pressure. Sales remained in line with historical averages, but elevated new listings pushed inventory to a record high for November. Months of supply approached six months, marking clear buyer’s market conditions.
Benchmark price: $309,300
Year-over-year: –7%
YTD: –2%
Largest decline: North East (–5%)
Only district with stable prices: West
Regional Highlights
Airdrie
Inventory remains elevated due to more newer homes entering resale.
Prices trending downward but still retain gains from the past four years.
YTD detached prices: –1% YoY
Cochrane
New listings hit a record November high; inventory at 2018 levels.
Despite supply gains, prices remain higher than last year.
YTD detached prices: +2%
Okotoks
Sales improved month-over-month, supported by stronger new-listing activity.
Inventory is rising but still below long-term norms.
YTD prices: higher across all property types
Outlook
As 2025 comes to a close, Calgary’s market is entering winter with balanced conditions in detached and semi-detached homes, while row and apartment segments continue to face elevated supply and softer pricing. Seasonal slowdowns are expected to continue, but underlying demand remains aligned with long-term trends. Buyers will enjoy more choice, while sellers—especially in higher-density segments—will need to price competitively.