Pulse Of The City
NOVEMBER 2025 MARKET UPDATE
The Calgary real estate market entered October with a mix of steady demand, rising supply in certain segments, and shifting prices that are starting to tell a new story. After several years of fast-moving conditions, the market is now behaving more like a long-distance runner catching its breath - still moving forward, but at a calmer and more sustainable pace.
This month, the number of new listings slowed down. At the same time, sales picked up compared to September. That combination helped ease inventory levels, bringing the months of supply back to 3.43 months, down from four months in September. In simple terms: we avoided another jump in inventory, and the market stayed balanced in some areas, especially detached and semi-detached homes.
But not every part of the market is moving at the same speed.
Row homes and apartment condominiums are seeing a very different picture. These segments have reached record-high October inventory levels. Improved rental supply and easing rents have softened ownership demand, creating extra competition among sellers and putting pressure on prices.
You’ll see this shift clearly in the numbers:
• Total residential benchmark price: $568,000
→ Down 1% from last month, and 4% lower than last year.
• Row homes: Prices down roughly 6% year-over-year.
• Apartments: Prices down nearly 7% year-over-year.
When supply outpaces demand, prices adjust - and that is exactly what’s happening in these two segments.
Meanwhile, detached and semi-detached homes remain steadier. Inventory is higher than last year, but conditions are still relatively balanced, and prices are holding close to 2024 levels.
Across the city, year-to-date sales are down 16%, but still in line with long-term trends. Much of that decline is due to fewer sales in the apartment and row categories rather than in the more traditional detached and semi-detached segments.
Think of the market as a four-lane highway:
• Two lanes (detached & semi-detached) are flowing smoothly.
• The other two (row & apartment) have traffic piling up, slowing things down.
Understanding which lane you’re in makes all the difference when planning your next move.
In the next section, we’ll break down October’s performance in detail - including sales, listings, inventory, and prices - so you can see exactly where opportunities are emerging whether you’re buying, selling, or investing.
Market Performance
Sales: Slower Than Last Year, but Up From September
Calgary recorded 1,885 sales in October, which is:
• 13% lower than October 2024
• But higher than September 2025
This pattern suggests something important:
Even though buyers aren’t moving as fast as they did last year, demand hasn’t disappeared. It’s simply adjusting to a market with more options and more competition in some segments.
Year-to-date, Calgary has recorded 20,082 sales, a 16% drop from last year. This is mainly due to fewer sales in the apartment and row categories - not detached homes.
Think of it like a restaurant where two menu items suddenly aren’t as popular. The kitchen is still busy… but the orders have changed.
New Listings: A Small Pullback That Prevented Inventory from Growing
October saw 3,233 new listings, almost the same as last year (down only 1%).
The slowdown in new listing growth mattered, because it stopped inventory from climbing even further.
Most of the new listing activity came from:
• Detached homes
• Semi-detached homes
Apartment and row listings didn’t surge this month - which helped keep those segments from feeling even more oversupplied than they already are.
Inventory: Near Record-High Levels in Some Segments
Overall inventory sat at 6,471 units, which is:
• 30% higher than last year
• Still elevated for this time of year
• Easing slightly from September
This pushed the months of supply to 3.43, down from last month’s four months but nearly 50% higher year-over-year.
Here’s where the story splits:
Balanced Inventory Segments
• Detached
• Semi-detached
These categories sit close to three months of supply - which is relatively balanced.
Oversupplied Segments
• Row homes (inventory at a record October high)
• Apartment condos (nearly five months of supply)
When supply rises faster than demand, prices eventually respond - and we are seeing that now.
Benchmark Price: A Clear Shift in Market Momentum
The total residential benchmark price in October was $568,000, representing:
• A 1% drop from September
• A 4% drop from last October
Most of the downward pull came from two property types:
• Row homes: benchmark at $431,200 → down 6% year-over-year
• Apartments: benchmark at $318,200 → down nearly 7% year-over-year
Detached and semi-detached prices softened only slightly compared to last year, but are still holding considerably stronger than the other segments.
This price shift shows a change in the market’s rhythm.
For the first time in years, buyers in certain categories have more breathing room - and more negotiating power.
Why This Month Matters
October 2025 wasn’t just another fall month.
It was a month where:
• Listings slowed.
• Sales picked up.
• Inventory eased a little.
• Prices continued adjusting.
These are all signs of a market working toward equilibrium - not too fast, not too slow - but definitely different from the frenzied pace of previous years.
Before we break down each segment (detached, semi-detached, row, and apartment), here’s a simple question to think about:
Question for you:
If you knew which segment was gaining strength and which one was losing momentum, how would that shape your next real estate decision?
We’ll answer that in Section 3.
Sector-Specific Analysis
1. DETACHED HOMES
Detached homes continue to be the “steady heartbeat” of Calgary’s market.
Sales & Listings
• 1,012 sales in October → down 5% from last year.
• 1,593 new listings → slightly higher than last year.
• This pushed the sales-to-new-listings ratio to 64%, a healthy range.
Inventory
• Inventory dropped to 2,913 units from September.
• Months of supply sits at 2.88 → a balanced market.
Detached homes have enough demand to keep things moving, but not so much demand that buyers feel rushed.
Prices
• Benchmark price: $744,400, down 1% from last year.
• Year-to-date, prices are still 1% higher than 2024.
But price trends depend heavily on the district:
• City Centre: +1.7% year-over-year
• North East: –5.5% year-over-year
It’s a reminder that Calgary is not one single market.
It’s a collection of micro-markets - each with its own rhythm.
2. SEMI-DETACHED HOMES
Semi-detached homes are holding steady, even as inventory climbs.
Sales & Listings
• 186 sales in October → almost identical to last year.
• 329 new listings → up 15%.
• Sales-to-new-listings ratio is 57%, slightly under “normal” but still healthy.
Inventory
• 613 units in inventory.
• Months of supply: 3.30 → higher than last year, but stable compared to September.
More choice for buyers means more competition for sellers - but not enough to cause sharp price drops.
Prices
• Benchmark price: $683,100
→ Up 1% from last year.
→ Up 3% year-to-date.
This is one of the only property types in Calgary where prices remain above last year.
Semi-detached homes continue to appeal to move-up buyers who want more space but aren’t ready for detached-home prices.
3. ROW HOMES
Row homes are facing a noticeable shift, and it shows in every metric.
Sales & Listings
• 275 sales in October → down 22% year-over-year.
• 520 new listings → flat compared to last year.
Inventory
• 1,054 units → the highest October inventory on record.
• Months of supply: 3.83 → up sharply from last year.
This is a clear sign of oversupply. Buyers now have more options, and sellers are competing harder for attention.
Prices
• Benchmark price: $431,200
→ Down 6% year-over-year.
→ Down 1% from last month.
→ Down 1.5% year-to-date.
Districts like the North East and North are seeing the steepest drops.
Row homes were one of the hottest property types for years - but that momentum has cooled.
4. APARTMENT CONDOMINIUMS
Apartments continue to feel the most pressure.
Sales & Listings
• 412 sales → down 26% from last year.
• 791 new listings → down 14%.
Even with fewer new listings, sales aren’t keeping up.
Inventory
• 1,891 units in inventory.
• Months of supply: 4.59 → deep into buyer’s-market territory.
This is the sixth straight month where apartments have been in a buyer’s market.
Prices
• Benchmark price: $318,200
→ Down 7% year-over-year.
→ Down 1% from last month.
→ Down nearly 2% year-to-date.
Districts like the North East and South East show the largest declines, partly due to fierce competition from the new-home market.
When buyers have this many options, prices naturally soften.
A Quick Story to Bring It Together
Imagine walking into a store with four aisles:
1. Detached: shelves mostly full, people shopping steadily.
2. Semi-Detached: plenty of choice, but items still moving.
3. Row Homes: shelves overflowing - discounts starting to appear.
4. Apartments: overstocked - more discounts, more negotiation.
That’s Calgary right now.
Each aisle has a different feel.
Each tells a different story.
And understanding these differences is key to making smart decisions.
Regional Market Insights
Airdrie • Cochrane • Okotoks
Airdrie: More Listings, Softer Prices
Airdrie slowed down in October.
Sales stayed close to long-term trends, but new listings climbed to a record high for October.
Key Numbers
• 535 units in inventory
• 136 sales
• Months of supply: just over 4 months
• Benchmark price: $520,400
→ down 1% from last month
→ down nearly 5% from last year
Extra supply - both resale and new homes - is creating real pressure.
What It Means
Buyers have more choice.
Sellers have more competition.
Prices have been trending downward since April.
If Airdrie were a conversation, it would sound like:
“Slow and steady… but let’s keep an eye on things.”
Cochrane: Balanced and Stabilizing
Cochrane had a healthier October.
Sales improved from last month, and new listings eased slightly.
Key Numbers
• Sales-to-new-listings ratio: 55%
• Inventory stayed high, but did not increase
• Months of supply: just over 4 months
• Benchmark price: $585,200
→ similar to last month
→ up 2% from last year
→ up nearly 4% year-to-date
Cochrane remains one of the steadier markets outside Calgary.
A subtle but important detail:
A larger share of newer homes are now being sold on the resale market.
This can help lift overall prices because newer properties naturally sell higher.
What It Means
Cochrane isn’t surging, but it’s holding strong - like a runner keeping a solid pace while everyone else slows down.
Okotoks: More Listings Arrive, Prices Stay Firm
Okotoks saw a jump in new listings - 91 in October, much higher than last year.
Sales, however, moved slower, which helped lift inventory slightly.
Key Numbers
• Sales-to-new-listings ratio: under 50%
• Inventory is improving, but still low compared to historical trends
• Benchmark price: $618,600
→ up from last month
→ same as last October
→ up 1% year-to-date
Even with more listings, prices have remained firm thanks to limited long-term supply. This has prevented any major downward shift.
What It Means
Okotoks is gradually easing into balance - but still behaves like a tight market.
Sellers hold an edge. Buyers need to act quickly if the right home comes up.
A Simple Way to Think About It
Imagine three neighbouring communities:
• Airdrie:
More homes on the shelf → prices dipping.
• Cochrane:
Good balance of new listings and sales → prices holding and even rising.
• Okotoks:
More listings arriving, but long-term low supply → prices stable.
Each town is telling a different story.
That’s why understanding local trends - not just Calgary-wide numbers - is so important when planning your next move.
Forecast
What to Expect for the Remainder of 2025
1. Sales: Stable but Lower Than Last Year
Sales should remain close to October levels for the rest of the year.
Why?
• Detached and semi-detached homes still have consistent buyer activity.
• Apartment and row home demand has cooled and will likely stay lower due to high inventory and more rental supply.
• Interest rates have stabilized, which reduces sudden swings in demand but doesn’t create a surge either.
Forecast:
Expect sales to finish the year below 2024 levels but aligned with long-term averages.
This is a “normalizing” market - not a shrinking one.
2. New Listings: Slower Growth Ahead
New listing growth has already slowed in October, and that pattern should continue.
Three reasons:
1. Many homeowners refinanced during lower-rate years and have no desire to move.
2. Sellers who needed to list have already done so earlier in the year.
3. Cooler seasons normally bring fewer listings.
Forecast:
Listings will remain steady or decline slightly into December.
This should keep most segments from becoming oversupplied - with two clear exceptions.
3. Inventory: Higher Than Last Year, but Not Rising Out of Control
Inventory eased slightly in October but remains elevated compared to last year.
As we head toward year-end:
• Detached and semi-detached inventory should stay near balanced levels.
• Row home inventory will likely stay at or near record highs.
• Apartment inventory will remain elevated due to slower sales and competition from newer builds.
Forecast:
Expect total inventory to remain higher than 2024, but not spike dramatically unless new listing activity unexpectedly rises.
4. Prices: More Softening in Some Segments, Stability in Others
This is where the market really splits into two stories.
Detached & Semi-Detached Homes
These should remain the most stable categories.
• Balanced supply
• Consistent, steady demand
• Prices only slightly down from last year
Forecast:
Prices may edge lower in November and December but should remain close to current levels.
Row Homes & Apartments
These segments face real downward pressure.
• High inventory
• Slower sales
• Increased rental supply
• Competition from new builds
Forecast:
Expect continued price softening through year-end, especially in the North East, North, and South East districts.
Row and apartment prices may see another small dip before stabilizing in early 2026.
5. Compositional Shifts to Watch
The type of homes selling affects the overall price numbers.
This is important.
If more smaller or lower-priced homes sell - such as apartments - it can pull down the average or benchmark even if detached homes stay stable.
And we already see:
• More inventory in the lower-price segments
• Buyers shifting toward affordability
Forecast:
Expect benchmark and average prices to show modest declines into December strictly because of these shifts, not because every home type is falling at the same pace.
6. The Economic Factors at Play
A few key forces will shape the rest of 2025:
1. Improved rental supply → lowers pressure on first-time buyers.
2. Easing rents → slows transition from renting to owning for apartments and rows.
3. Stable interest rates → keeps demand predictable.
4. Strong migration trends → supports long-term demand, especially in detached/semi-detached.
None of these point to a dramatic swing - up or down - before year-end.
Forecast:
Expect stability, not volatility.
7. What This Means for Buyers and Sellers
For Buyers
• More choices in row homes and apartments
• More negotiating power
• Less pressure to rush
• Detached and semi-detached remain steady, not overheated
For Sellers
• Pricing correctly is critical - especially for row and apartment listings
• Condition and marketing matter more than ever
• Detached and semi-detached sellers can still expect healthy activity if priced right
For Investors
• Opportunities may appear in the oversupplied segments
• Rental conditions are improving
• Long-term fundamentals remain strong due to migration and employment
A Simple Way to See the Forecast
If the market was a weather report:
• Detached & Semi-Detached: Partly cloudy, light breeze, no storm.
• Row Homes: Cloudy with a chance of price drops.
• Apartments: Overcast - improvements expected next year.
Nothing extreme.
Just a calm, steady finish to 2025.
The October 2025 market gave us a clear message: Calgary is shifting into a calmer, more balanced phase - but not all property types are moving in the same direction. Detached and semi-detached homes remain steady. Row homes and apartments are feeling the weight of higher supply. And surrounding markets like Airdrie, Cochrane, and Okotoks each tell their own story.
Here are the key insights in simple terms.
1. Sales Are Slower, But the Market Isn’t Stopping
Year-to-date sales are down from last year. But they still align with long-term averages. That means the market isn’t shrinking - it’s normalizing. Buyers are taking a little more time. Sellers are recognizing the need for smart pricing. And the rush of the past few years has finally settled.
2. Supply Is Higher, But Not Everywhere
Total inventory sits well above last year, but the increase isn’t the same in every segment.
• Detached & Semi-Detached: balanced
• Row Homes & Apartments: record or near-record highs
This is why prices are adjusting differently depending on the property type.
3. Prices Tell the Story of a Market Looking for Balance
Detached and semi-detached prices have softened slightly but remain close to last year’s levels. Row homes and apartments, however, are seeing more meaningful declines - between 6% and 7% year-over-year.
This doesn’t signal a crash. It signals a rebalancing.
When extra supply meets slower demand, prices naturally cool.
4. Each Region Around Calgary Has Its Own Momentum
• Airdrie: Higher supply → softer prices
• Cochrane: Stable supply → prices rising slightly
• Okotoks: Inventory improving, but still tight → prices holding
These local differences matter. A buyer looking in Airdrie has a very different experience than someone looking in Okotoks.
5. What This Means for You Right Now
Here’s the most important takeaway:
The right strategy depends on the segment you are in.
If you are selling
Price with precision.
Showcase value.
Use strong marketing to stand out - especially in row and apartment segments where competition is high.
If you are buying
Take advantage of choice and negotiating room in certain categories.
Detached and semi-detached homes offer steady long-term value.
Apartments and row homes may present opportunities not seen in years.
If you are investing
The oversupply in some segments can create strong entry points.
At the same time, long-term fundamentals - migration, employment, and affordability - remain strong.
A Market That Rewards Strategy, Not Guesswork
Calgary is not moving in one direction.
It’s moving in several - all at the same time.
That’s why understanding your specific situation matters more than following headlines.
A well-informed plan always beats assumptions.
And whether you’re planning to buy, sell, or invest, having expert guidance can make the process smoother, faster, and far less stressful.
The Calgary market is changing. Some segments are stabilizing. Others are shifting. And every community is moving at its own pace. In a market like this, the best decisions come from having a clear plan - one built on real data, local experience, and honest guidance.
Whether you're thinking about buying, selling, or investing, you don’t have to navigate these decisions alone. I’m here to make the process easier, clearer, and far more predictable.
If you’d like help understanding what this market means for your situation, reach out anytime:
Call or Text: (403) 809-9386
Book a time to chat: PlanWithMike.ca
Let’s talk about your goals, your timeline, and the best next steps.
No pressure. Just straight, helpful advice - built on experience and backed by real market insight.
Your best move starts with a conversation.
I’d love to help.
Mike Abou Daher
Realtor®
Real Broker
team@mikeaboudaher.com
(587) 333-6400 - Work
(403) 809-9386 - Mobile
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BY MIKE ABOU DAHER.