Calgary reported 1,234 sales in January, a year-over-year decline of 15 per cent, but in line with typical levels of activity for the month. While sales declined across all property types, the steepest declines occurred in higher-density homes. 

“Following the typical December slowdown, potential buyers for high-density homes were more hesitant to return to the market in January, as increased supply choice across all aspects of the market has reduced the sense of urgency,” said Ann-Marie Lurie, CREB®’s Chief Economist. “At the same time, sellers were quick to bring their listings onto the market, causing the sales-to-new-listings ratio to drop to 44 per cent, mostly due to shifts in apartment and row-style homes. Overall, this is not entirely uncommon for January, as both buyers and sellers weigh their options ahead of the spring market.” 

The rise in new listings compared to sales caused inventory levels to increase to 4,391 units, the highest January level since 2020. However, as with sales, conditions vary by property type, with row and apartment homes facing higher levels of inventory compared to long-term trends. The result is months of supply that ranges from under three months in the detached sector to five months for apartment-style homes. 

Due to declines in the later part of 2025, benchmark prices are lower than levels reported at the start of last year. However, seasonally adjusted figures point to stable levels in January compared to the end of 2025. Nonetheless, year-over-year total residential benchmark prices have declined by nearly five per cent, as steep declines reported in the oversupplied row- and apartment-style homes weighed on total residential prices compared to last year.

Detached

There were 657 sales and 1,243 new listings in January, comparable to levels reported last year. However, new listings did rise over December levels, causing inventories to reach 1,753 units, just shy of long-term averages for the month. With less than three months of supply and a sales-to-new-listings ratio of 53 per cent, conditions remained relatively balanced in the detached market. 

The January unadjusted benchmark price was $724,000, slightly lower than the previous month and over three per cent lower than last January, as prices trended down over the second half of 2025. Price movements varied throughout the city, with year-over-year declines ranging from less than one per cent in the West district to over six per cent lower in the North East. While unadjusted prices did ease over December, this was mostly due to pullbacks in the City Centre and North West districts.

Semi-Detached

There were 118 sales in January and 251 new listings, representing 10 per cent of the market activity in the city. While both sales and new listings improved over December, the growth in new listings was higher, causing the sales-to-new-listings ratio to ease to 47 per cent. Inventory levels improved but conditions remained relatively balanced, with three and a half months of supply.  

Rising supply, which started in the latter part of 2025 and continues into 2026, is creating more price stability. As of January, the benchmark price was $667,000, similar to last month and only one per cent lower than last January. Year-over-year prices in both the North West and West districts remain higher than last year but are lower in every other district.

Row

There were 186 sales in January, down by nearly 25 per cent compared to last year. Meanwhile, supply continued to rise both in terms of new listings and inventory growth, causing the months of supply to push above four months. 

Despite the added supply, the unadjusted benchmark price remained similar to December's levels, but was five per cent lower than last January. The month-over-month stability was due to gains in the City Centre and West districts. Year-over-year price adjustments have been the highest in the North East and East districts, followed by the North and South East districts, which have faced significant competition from the new-home market. 

Apartment Condominium

Apartment-style units continue to struggle with supply. New listings reached 787 units, which is not as high as last year but a significant jump over December and much higher than the 273 sales reported in January, pushing the sales-to-new-listings ratio down to 35 per cent. This drove further gains in inventory, which reached 1,435 units, the highest levels ever reported for January. 

With over five months of supply in January, it is not surprising that prices trended down further. The unadjusted benchmark price was $301,200, nearly one per cent lower than the previous month and eight per cent lower than last January. Prices have been falling across every district, with year-over-year declines ranging from 13 per cent in the North East to six per cent in the City Centre.

REGIONAL MARKET FACTS

Airdrie

While down from last January, sales activity remained relatively strong. With 106 sales and 227 new listings, the sales-to-new-listings ratio dropped to 47 per cent, slightly lower than typical for January. This resulted in some further gains in inventory levels, keeping the months of supply just above three months and in line with long-term trends. The unadjusted benchmark price was $513,900, reporting a modest monthly gain consistent with seasonal trends. However, thanks to pullbacks last year, prices remain five per cent lower than levels reported in January 2025.  

Cochrane

New listings rose to 149 units, the highest level ever reported in January. With only 54 sales, the sales-to-new-listings ratio dropped to 36 per cent, causing inventories to rise and keeping months of supply at five months. After several months of slightly higher months of supply, prices have trended down on a month-over-month basis for three consecutive months. As of January, the unadjusted benchmark price was $550,800, nearly two per cent lower than both December and the start of last year.

Okotoks

Calgary, Alberta, Jan. 2, 2026 – Following several years of strong price growth, 2025 marked a year of transition thanks to strong demand and limited supply. Due to record high starts, supply levels improved across all aspects of the housing market, just as demand pressure eased due to a reduction in migration levels and heightened uncertainty that persisted throughout the spring market. This helped shift the resale market from one that favoured the seller to one that was more balanced. 

In 2025, sales reached 22,751 units, down 16 per cent over last year, but in-line with long-term trends. Much of the shift came from the growth in supply. 2025 saw over 40,000 new listings come onto the market, nine per cent higher than last year, causing inventories to rise and driving more balanced conditions. 

“Supply levels were expected to rise in 2025. However, the growth was higher than expected especially for apartment condominium and row homes. This weighed on prices in those sectors enough to offset the annual gains reported for both detached and semi-detached homes,” said Ann-Marie Lurie, CREB®’s Chief Economist. "Adjustments in both supply and demand varied across the city, with pockets of the market continuing to experience seller’s market conditions versus some areas where the conditions favoured the buyer. This resulted in different price trends based on location, price range and property type.” 

Overall, the annual average total residential benchmark price in 2025 was $577,492, two per cent lower than last year’s annual average. However, annual detached and semi-detached prices rose by a respective one and three per cent, while apartment and row homes saw prices fall by a respective three and two per cent. 

Compared to other districts, the North East reported the largest decline in prices this year. While some of this is related to improved supply across all areas of the city, it is also important to note that the North East district also reported the strongest price growth over the past two years. 

For the first time in three years, we are heading into the New Year with better inventory levels. Details on what is expected to happen in the market in 2026 will be released at CREB®’s annual Forecast Conference on Jan. 20, 2026. 

Detached

Detached sales totaled 11,328 in 2025, down by nearly nine per cent compared to last year. Sales eased across all districts in the city, with the steepest declines occurring in the North East, East and City Centre district. However, unlike the City Centre, the North East and East districts also experienced significant gains in inventory compared to long-term trends, driving annual price declines of two per cent. Meanwhile, in the City Centre detached inventory remained well below long-term averages, which likely prevented stronger sales and contributed to the annual price growth of over three per cent. Despite the differing conditions in different areas of the city, slowing sales and rising supply citywide helped move the market into balanced conditions by the second half of the year. The annual average benchmark price was $752,767, one per cent higher than last year’s annual level.  

Semi-Detached

Semi-detached homes represent the smallest segment of the market, accounting for less than 10 per cent of all sales activity. Sales in 2025 were 2,159, eight per cent lower than last year, but slightly higher than long-term trends. Trends for semi-detached homes have been relatively consistent with the detached market. However, it took longer for this segment of the market to shift to more balanced conditions, resulting in stronger annual price gains. In 2025, the average annual benchmark price was $685,850, nearly three per cent higher than last year. Prices did ease in the North district as competition for new homes weighed on resale activity, but the decline in this district was more than offset by the four per cent gain in the City Centre. 

Row

2025 sales eased by 17 per cent to 3,838 units. Despite the decline, sales were still higher than long-term trends, as row homes are starting to account for a larger share of the overall activity in the city. At the same time, new listings also rose relative to sales, driving inventory gains and taking the pressure off prices. Conditions shifted to more balanced levels relatively early in the year, and by the last quarter conditions ranged from a balanced to a buyer’s market depending on the districts of the city. Overall, this contributed to the annual average benchmark price decline of two per cent. While prices were relatively stable in the City Centre, North West, West  and East districts, additional supply in the resale market and competition from new homes caused prices to decline by four per cent in the North East and North districts.

Apartment Condominium

Apartment-style homes reported the largest adjustment in price in 2025. Sales declined by 28 per cent compared to the near record high levels achieved last year. While the decline was significant, sales were still over 28 per cent higher than long-term trends. The main cause of the shift in conditions was due to the supply. Over the past three years, there has been a rise in apartment-style starts. While most of the apartment starts were purpose-built rental, they are adding to the supply choice and weighing on the resale market. Resale condominiums saw the market shift in favour of buyers by the second half of the year, with elevated months of supply being reported in most districts of the city. This resulted in relatively persistent downward pressure on prices, causing the annual average benchmark price to decline by nearly three per cent. Price declines were the steepest in the North East nearing five per cent. The only area to report relative stability in the annual price was in the West district.

REGIONAL MARKET FACTS

Airdrie

Increased competition from the new home market, along with more supply options in competing resale markets, has contributed to the added supply in the resale market in Airdrie. Following four consecutive years of exceptionally low inventory levels, 2025 saw inventory rise to levels not seen since prior to the pandemic. While sales activity did remain in line with long-term trends despite an annual decline, the push up in inventories caused the months of supply to generally rise throughout the year. Overall, the annual average benchmark price eased by two per cent this year. 

Cochrane

Sales in Cochrane were similar to last year and above long-term trends. While demand stayed relatively strong in the town, steady gains in supply did cause conditions to shift to a more balanced state by the end of 2025. With the shift occurring later in the year, we did not see the same downward pressure on prices. In fact, on an annual basis the benchmark price in Cochrane was $578,325, nearly three per cent higher than last year. Cochrane also tends to see a larger share of newer properties being listed and sold on the resale market, impacting the prices in the resale market. 

Okotoks

Calgary, Alberta, Dec. 1, 2025 – In line with typical seasonal trends, sales, new listings and inventory levels all slowed relative to last month. The 1,553 sales were met with 2,251 new listings, causing the sales-to-new-listings levels ratio to improve to 69 per cent. This also helped support some of the inventory adjustment. However, with 5,581 units in inventory, levels are still 28 per cent higher than last year and over 15 per cent higher than typical levels reported in November. 

“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,” said Ann-Marie Lurie, CREB®’s Chief Economist. “This is partially related to the additional supply choice coming from the new homes sector, some of which end up on the resale market, especially 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, outside of a few pockets of the market, both the detached and semi-detached markets are relatively balanced.”   

The additional supply choice across resale, new and rental markets, is having the most impact on apartment and row style home prices which are reporting year-over-year price declines of seven and six per cent. In comparison detached home prices are down by two per cent compared to last November, but still higher than last year when looking at year-to-date figures. Overall, the unadjusted total combined residential benchmark* price in November was $559,000, nearly five per cent lower than last year. 

*To keep the benchmark price relevant, once a year the attributes of a benchmark home are reviewed and the benchmark prices are updated. The review has been completed and the data has been updated.  While all historical adjustments have occurred, old PDF monthly reports are not adjusted. 

Detached

Detached sales in November were 823 units, just slightly lower than last year’s level, and relatively consistent with activity reported for November. The monthly reduction in new listings helped push down inventory levels compared to last month, but inventory remained well above the lower levels reported last year and are now relatively consistent with long-term trends. Overall, the months of supply remained around three months, reflecting a relatively balanced condition. Despite this we did see unadjusted prices trend down over last month, mostly reflecting seasonal patterns. As of November, the unadjusted detached benchmark price was $733,000, down by nearly two per cent compared to last November. However, when considering the year-to-date figures, prices are still one per cent higher than last year. Most of the downward price adjustments have occurred in the North East, North and East districts as competition from new homes and additional supply choice in other parts of the city are more heavily weighing on those districts.   

Semi-Detached

Sales in November were comparable to levels reported last year and still well above long-term trends, but with new listings also higher than typical levels for this time of year, inventories rose to the highest November level seen over the past five years. While conditions have been generally tighter for this property type, over the past three months we have seen the months of supply remain above three months, resulting in more balanced conditions. While the unadjusted benchmark price of $671,700 did ease over last month, it remained stable compared to last year. Year-to-date price growth has been the strongest in this sector at nearly three per cent, with the largest gains occurring in the City Centre at four per cent, partially offsetting the one per cent pullback in the North district. 

Row

November sales eased to 257, however, last year was a record high for the month and current sales remain above long-term trends. Where there continues to be more notable shifts is in supply. New listings remained comparable to last year and inventories, while reporting the typical seasonal decline, were at November levels not seen since 2018. The additional supply has caused the months of supply to remain slightly elevated, especially over the past three months. This has been placing some downward pressure on prices. In November, the unadjusted benchmark price was $424,400, down over last month and over six per cent lower than last year. While some of the monthly decline is seasonal, more persistent price declines have caused the year-to-date price to fall by nearly two per cent. 

Apartment Condominium

This sector has struggled the most with excess supply. November sales dropped to levels consistent with long-term trends, but new listings remained elevated and November inventory levels hit a record high for the month. The months of supply edged near six months and has been sitting above four months since the summer. This has resulted in relatively persistent price adjustments throughout the second half of the year and as of November the unadjusted benchmark price was $309,300, seven per cent lower than last year at this time. Year-to-date the decline was just over two per cent, with the largest decline occurring in the North East district at nearly five per cent. The only district to see prices remain flat was the West district.

REGIONAL MARKET FACTS

Airdrie

As per typical seasonal behaviour, sales, new listings and inventory levels all eased over levels reported last month. Overall, both sales and new listings have remained at levels consistent with long-term trends for the month, but thanks to earlier gains inventory levels remain elevated for November. Some of the rise is due to a higher share of newer homes coming onto the resale market. The additional supply over the past several months has weighed on prices in Airdrie. While it has by no means offset the gains reported over the past four years, year-to-date benchmark prices for detached homes are down by nearly one per cent compared to last year. 

Cochrane

The seasonal monthly pullback in new listings was not enough to prevent November levels from reaching a record high. While sales also remained relatively strong for November, it was not high enough to cause a more significant monthly pullback in inventories, which have not been this high in November since 2018. Some of the gains in new listings were due to a larger share of new homes being listed on the resale market. While recent gains in supply have caused some adjustments in price, prices continue to remain higher than levels reported last year. Year-to-date detached benchmark prices are nearly two per cent higher than levels reported last year.

Okotoks