Real Estate Market Report | Calgary | December 2025
Supply Surge Tilts Market Decisively Toward Buyers
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Calgary Real Estate in December 2025: Inventory Up 40%, Sales Down 13%
Across every segment, supply growth is outrunning demand. New listings tracked 8% above the five-year November average while sales came in 13% below. Inventory expanded 40% and months of supply stretched 57% beyond historical norms for this time of year. What this reflects is reduced buyer urgency and longer decision cycles. Prices are holding reasonably well on an annual basis, but those recent monthly declines signal near-term pressure building. Sellers are facing more competition, while buyers have gained leverage through expanded choice, better timing, and meaningful negotiation flexibility.
Calgary's Detached Homes
The detached segment shows clear cooling compared to recent years. New listings ran 7% above the five-year November average while sales fell 10% short. Inventory climbed 39% above typical levels, pushing months of supply 49% higher than the November norm. The benchmark for detached homes stands at $664,800 (HPI: 292.3), but price momentum has weakened considerably—down 7.40% month-over-month and 3.80% year-over-year. Higher carrying costs and affordability constraints continue weighing on demand. Sellers need to price carefully and prepare for extended market times. Buyers hold notably improved negotiating power compared to the last several years.
Calgary's Apartments
Apartment inventory has expanded despite minimal new supply growth. New listings came in just 2% above the five-year November average, yet sales plunged 26% below typical levels. Inventory still managed to climb 33% above the norm, driving months of supply 64% higher than usual for November. The apartment benchmark sits at $317,300 (HPI: 245.4), and pricing has actually outperformed other segments—up 6.57% month-over-month with 1.70% annual growth. Investor interest and relative affordability continue supporting values, though that elevated supply signals rising competition among sellers heading into the slower winter months.
Calgary's Attached Homes
Attached properties experienced the most dramatic supply expansion relative to historical patterns. New listings surged 17% above the five-year November average while sales declined just 6%. Inventory jumped 51% above typical levels, with months of supply running 60% higher than the November norm. The attached benchmark stands at $438,300 (HPI: 279.3), with pricing softening 0.98% monthly and 3.09% year-over-year. This segment clearly reflects buyer hesitation amid abundant choice. Sellers face pressure to adjust expectations downward, while buyers benefit from strong selection and pricing flexibility across most attached product types.
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