Calgary Housing Market November 2025 | Sales, Supply & Price Trends

by Madison Ogilvy

Conditions Remain Relatively Balanced as We Head Into Winter

The Calgary housing market in November 2025 followed typical seasonal patterns, with sales, new listings, and inventory levels all slowing compared to October. However, despite the seasonal pullback, overall supply levels remain higher than what is normally reported at this time of year.

There were 1,553 sales in November, which were met with 2,251 new listings, bringing the sales-to-new-listings ratio to 69 per cent. This shift supported a modest adjustment in inventory, but overall supply remains elevated, with 5,581 units in inventory — 28 per cent higher year-over-year and over 15 per cent higher than long-term November averages.

Inventory Trends and Market Conditions

“Supply levels have been sitting higher than typical levels for the past three months, mostly due to the gains occurring in the higher-density sectors of row and apartment-style units,” explained Ann-Marie Lurie, CREB® Chief Economist.

She added:

“This is partially related to the additional supply choice coming from the new homes sector, some of which ends up on the resale market near the end of the year. While buyer’s market conditions are more prevalent for apartment-style homes and, to a lesser extent, row homes, both the detached and semi-detached markets remain relatively balanced outside of a few pockets.”

The increased supply is being felt most strongly in the apartment and row sectors, where new home completions and more rental options are influencing both demand and pricing. Detached and semi-detached homes continue to show more stable market conditions, with balanced supply relative to sales.

Calgary Real Estate Prices: November 2025

The added supply across the market is having the greatest impact on Calgary real estate prices for apartment and row-style homes, which saw year-over-year price declines of –7% and –6%, respectively.

Detached home prices declined –2% year-over-year, though year-to-date detached pricing remains higher than last year overall, showing continued resilience in that segment.

As of November, the unadjusted total residential benchmark price was $559,000, representing a nearly –5% year-over-year decline.

Note: CREB® has completed its annual benchmark attribute review, meaning benchmark values have been updated to reflect current typical home characteristics. Historical PDFs may not reflect these adjustments.

Key Takeaways

Sales: 1,553
New listings: 2,251
Sales-to-new-listings ratio: 69%
Inventory: 5,581 units (+28% year-over-year; +15% vs. long-term trends)
Apartment prices: –7% year-over-year
Row home prices: –6% year-over-year
Detached home prices: –2% year-over-year (still higher on a year-to-date basis)
Benchmark price: $559,000 (–5% year-over-year)
Market conditions: Buyer’s market for apartments; softer conditions for rows; balanced for detached and semi-detached