Calgary Housing Market September 2025 | Inventory Growth & Price Trends

Surge in New Listings Fuels Inventory Gains

The Calgary housing market in September 2025 saw a significant boost in supply as 3,782 new listings came onto the market—far outpacing the 1,720 sales recorded during the month. This imbalance pushed total inventory to 6,916 units, which is 36% higher than last year and 17% above long-term September averages.

This increase in available homes marks one of the largest year-over-year supply gains in recent years and is shaping the market heading into fall.

Supply Trends by Property Type

The largest inventory gains have been concentrated in row homes and apartment-style condos, both of which are now reporting supply levels well above long-term trends. Detached and semi-detached homes are also seeing supply growth, though less dramatic.

Ann-Marie Lurie, Chief Economist at CREB®, explained:

“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.”

Market Balance and Buyer Conditions

The sales-to-new-listings ratio dipped to 45% in September, a clear indicator that supply is outpacing demand. Meanwhile, months of supply rose to four months—the highest level since early 2020.

Historically, Calgary has maintained tighter conditions, but if this trend continues, the market could shift further into buyer’s market territory. Still, conditions remain highly variable depending on property type, price range, and location.

Calgary Home Prices: September 2025

The effects of higher supply are already showing up in Calgary real estate prices:

• Apartments: Inventory gains have pushed this segment firmly into a buyer’s market. Benchmark prices fell over 6% year-over-year, reaching $322,900 in September.

• Detached homes: Supply growth has been less extreme compared to apartments, keeping prices relatively resilient. The benchmark price was $749,900, just 1% lower than last year. Most of these adjustments were concentrated in the North East and North districts.

• Row homes: Facing similar inventory pressures as apartments, this segment is also seeing downward price adjustments, though less steep.

What This Means for Buyers and Sellers

• For buyers: More inventory means greater choice and negotiating power, especially in higher-density housing segments like apartments and row homes.

• For sellers: Detached homeowners remain in a stronger position, with relatively stable prices. However, pricing competitively is key in today’s market as more listings hit the market and competition increases.

Key Takeaway

• New listings surged, pushing inventory to 6,916 units (+36% year-over-year).

• Demand is slowing, while supply is expanding across resale, new builds, and rentals.

• Buyer conditions are emerging as the sales-to-new-listings ratio falls to 45% and supply rises to 4 months.

• Apartment-style condos saw the steepest decline (-6% year-over-year), while detached homes remain relatively resilient (-1% year-over-year).

• Bottom Line: Buyers now have more options in the Calgary housing market, especially in the condo segment, while detached homes are holding their value more steadily.