Real Estate Market Report | Calgary | September 2025
Inventory Up, Prices Down in Calgary
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So what's happening in the Calgary real estate market as of September 2025?
After a red-hot run, Calgary’s housing market appears to be finding its ceiling. New listings rose 11% in August, continuing a steady five-month trend of inventory buildup. At the same time, sales declined by 11%, widening the gap between supply and demand. Total inventory climbed 32% compared to the five-year August average, and months of supply surged 44%, indicating the strongest shift toward balance Calgary has seen since early 2022. Benchmark prices declined 0.70% month-over-month and are now up only 0.51% year-over-year—flatlining compared to the gains seen earlier this year. The market is still active, but urgency is fading, and buyers have room to negotiate.
Calgary's Detached Homes
Detached properties—typically Calgary’s most resilient segment—saw a sharper pullback. New listings rose 10% versus the five-year average, but sales dropped 11%, mirroring the overall market. Inventory increased 28%, pushing months of supply up 42%. This supply-demand imbalance drove the benchmark price down 2.30% from July, and prices are now 2.96% lower than this time last year. It’s the first clear signal that detached prices may be under real pressure. Buyers are becoming more selective, and the competition that once drove bidding wars is giving way to price-conscious decision-making.
Calgary's Apartments
The apartment segment experienced the most significant demand drop, with sales falling 19% compared to the August average of the last five years. Meanwhile, new listings rose 10% and inventory climbed 30%, lifting months of supply by 38%. Benchmark pricing slipped 1.34% month-over-month and is now down 5.85% year-over-year—making it the weakest performing property type in the city. While prices remain relatively accessible, affordability alone isn’t stimulating demand. Soft investor interest and increased supply continue to weigh heavily on this segment.
Calgary's Attached Homes
Attached homes (duplexes, rowhomes, townhomes) saw sales drop 18%, while inventory rose 41%, pushing months of supply up 65%—the steepest increase of any segment. Yet benchmark prices rose 1.82% month-over-month and are up 2.10% year-over-year to $462,200. This signals that buyer interest remains strong, likely from those looking for a middle ground between condo pricing and detached space. But if supply continues to rise without a demand match, this segment may see pricing pressure emerge through the rest of the summer.
It’s critical to understand the dynamics in your local property market
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September 2025 Calgary Real Estate Market Update: Inventory & Prices
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