Calgary Real Estate Market Update – September 2025
The Calgary real estate market is shifting rapidly. Listings are up nearly 50% compared to last year, and price adjustments are happening almost as quickly as new properties hit the market. While momentum is building, perspective matters more than ever.
Prices and Property Types
As of August 2025, the unadjusted total residential benchmark price was $577,200 — down from last month and nearly 4% lower than the same time last year. The biggest declines are showing up in the apartment and row-style property segments, while detached and semi-detached homes are experiencing more modest adjustments.
“Perspective is needed when it comes to price adjustments. The most significant price adjustments are occurring for row and apartment style homes as they are also the product type that are facing the largest gains in supply choice,” said Ann-Marie Lurie, Chief Economist at CREB®. “Meanwhile price adjustments in the detached and semi-detached markets range from modest price growth in some areas to larger price declines in areas with large supply growth. Overall, recent price adjustments have not offset all the gains that have occurred over the past several years.”
Supply and Sales Activity
August reported 1,989 sales, nearly 9% lower than last year. While that’s a slowdown compared to the record highs of the past four years, sales activity is still above long-term trends.
The real change is on the supply side:
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New listings remain elevated, pushing inventory to 6,661 units — the highest August level since 2019.
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The sales-to-new-listings ratio has fallen below 60%, showing the market is no longer in the overheated seller’s territory.
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Months of supply rose to 3.4 in August. That’s a far cry from the tight seller’s market we saw over the past four years, though still well below the buyer’s market conditions we experienced before the pandemic.
What It Means for Buyers and Sellers
For buyers, this shift means more choice and more room to be selective, especially in condos and townhomes where price corrections are most noticeable. For sellers, it means strategy matters: pricing, presentation, and timing are key in a market where buyers have more options.
The market is far more balanced than it has been in recent years, but conditions vary significantly depending on property type, price range, and location. Whether you’re buying or selling, understanding these nuances is critical to making the right move.