Calgary Market Update: Prices Are Dropping Like Pumpkins at Costco 🎃
More price adjustments. More listings. More choices.
If you’ve been watching the Calgary real estate market, you’ve probably felt the shift too.
The Big Picture
Prices are coming down, and buyers are heating up.
We’re seeing more price adjustments than at any point in the past 20+ years — a clear sign that sellers are responding to changing market conditions.
Despite that, Calgary continues to hold strong. Sales, absorption, and our local economy all point in the right direction. Compared to most of the country, Calgary remains one of the most balanced and resilient markets in Canada. (Regina is one of the few exceptions we’re watching closely for our investor clients.)
What the Data Is Saying
According to the latest Calgary Real Estate Board (CREB®) report, there were 1,720 sales in September, which wasn’t enough to offset the 3,782 new listings added to the market. That increase drove total inventory up to 6,916 units, a 36% rise from last year and 17% higher than the long-term average for September.
The biggest gains in supply came from row and apartment-style homes, which have seen the most significant boost compared to historic levels.
CREB® Chief Economist Ann-Marie Lurie explains it well:
“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.” — Ann-Marie Lurie, CREB® Chief Economist
In simple terms? More homes are hitting the market, and buyers have more options — so urgency is cooling, and prices are easing.
The Shift in Numbers
The sales-to-new-listings ratio dropped to 45%, and months of supply rose to four months — the highest since early 2020.
That’s a meaningful change for Calgary. A balanced market typically sits closer to two months of supply, so if this trend continues, we could see a slow shift toward a buyer’s market.
That said, the story depends on what and where you’re buying or selling:
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Apartment condos are now seeing the sharpest correction, with benchmark prices down over 6% year-over-year to $322,900.
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Detached homes, meanwhile, have shown only a 1% price decline compared to last year, sitting at a benchmark price of $749,900.
Most of the downward movement has been in the North East and North districts, where inventory gains have been strongest.
What It Means for Sellers
If you’re planning to sell, pricing right from the start is more important than ever.
Testing the market at a higher number often leads to chasing the market down later. Each time a price adjustment happens, you lose a little bit of momentum and positioning. The good news? There are still serious buyers out there — and well-prepared, well-presented homes are moving.
What It Means for Buyers
For buyers, this is a welcome change. More inventory and easing rates mean more selection and negotiating room. But with more options comes more decisions — and that’s where expert guidance makes all the difference.
Our Takeaway
This market is cooling, but not collapsing.
The fundamentals in Calgary remain strong: solid employment, population growth, and affordability relative to other major cities.
The shift simply means the easy market is over — strategy matters again.
Whether you’re thinking of buying, selling, or just staying informed, we’re here to help you make the right move with data, experience, and a plan that fits you.