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A Shift Toward Balance as Inventory Rises Across All Housing Segments
The Calgary housing market continued its gradual shift toward more balanced conditions this September, as an influx of new listings outpaced sales for the third consecutive month.
According to CREB®, 1,720 homes sold in September, down 14% year-over-year, while new listings climbed to 3,782, leading to 6,916 active listings across the city — the highest September inventory level since 2018.
Detached Homes
Detached sales totalled 859 units, down nearly 9% from last year, while new listings increased by 6%.
This pushed the months of supply to 3.7, up from 2.5 a year ago.
The benchmark price for detached homes now sits at $749,900, down 1% year-over-year, with the Northeast and East districts seeing the largest price declines (over 6%).
Despite short-term adjustments, prices remain ~2% higher year-to-date than in 2024.
Semi-Detached Homes
Semi-detached properties showed resilience, with the benchmark price rising 0.9% year-over-year to $684,800.
Sales were down 14%, but price stability reflects continued demand for well-located and newer duplex-style homes.
This segment recorded the strongest year-to-date price growth (3%) among all property types, led by the City Centre district.
Row (Townhomes)
Row home sales dropped 19% to 304 units, while listings remained steady.
Inventory climbed 46%, pushing the months of supply to 3.6, the highest since 2018.
The benchmark price declined 4.8% year-over-year to $437,100, driven mainly by weakness in the Northeast and North districts.
Apartments & Condos
The condo sector saw the sharpest market correction.
With inventory up 23% and sales down nearly 20%, the months of supply reached 5.0 — the first time since 2021.
The benchmark price fell 6.4% year-over-year to $322,900, as higher rental supply and reduced investor activity weighed on demand.
District Trends
City Centre: Benchmark $576,800 (+4.4%) — remains the most stable submarket.
North East: Benchmark $485,000 (+7.9%) — affordability still driving sales activity.
West: Benchmark $707,300 (+6.5%) — among the city’s highest-value regions.
South East: Benchmark $563,800 (+3.7%) — balanced with steady growth in family homes.
Outlook
With more listings hitting the market and sales moderating, Calgary is transitioning from a long-standing seller’s market toward balanced or even buyer-favored conditions in some segments.
If inventory continues to rise through fall, buyers will benefit from more choice, less competition, and opportunities to negotiate — particularly in the condo and row home markets.
However, detached and semi-detached properties in desirable locations remain relatively resilient, supported by continued migration and limited new supply.
Bottom Line
Inventory and selection are growing citywide.
Prices have eased but remain higher than pre-pandemic levels.
Buyers have more leverage this fall, especially in condos and townhomes.
Sellers should focus on pricing strategically to stay competitive as market conditions evolve.
Source: Calgary Real Estate Board (CREB®), Monthly Statistics Package – September 2025.
