Calgary Real Estate Market Update: December 2025
After several years of aggressive price growth, Calgary’s real estate market entered a clear transition phase in 2025. The result was a shift away from the extreme seller’s market conditions investors had grown accustomed to in 2023/24 and toward a more traditional, balanced and segmented Calgary real estate market, with outcomes increasingly depended on property type, location, and pricing strategy.
Big Picture: Supply Finally Catches Up
In 2025, Calgary recorded 22,751 residential sales, a 16% decline year-over-year, but still in line with long-term averages. This was not a demand collapse. Instead, the primary driver was a sharp increase in supply.
More than 40,000 new listings entered the market (9% higher than last year), which pushed inventories higher across all housing types. This occurred alongside reduced migration inflows and heightened economic uncertainty that persisted through the spring market, easing the urgency that had previously defined buyer behaviour.
Pricing: Divergence by Property Type
The annual total residential benchmark price in 2025 was $554,700, down 4.9% year-over-year. However, headline numbers mask an important divergence beneath the surface:
Detached homes: -2.8%
Semi-detached homes: -1.6%
Row homes: -5.8%
Apartment condominiums: -8.7%
This divergence reinforces a key theme investors must internalize: Calgary is no longer a uniform market. Returns are increasingly dictated by supply pipelines, local inventory levels, and competition from new construction that did not exist before.
Regional Performance: North East Leads the Pullback
The North East district recorded the largest price declines in 2025. While this reflects improved supply across the city, it is also important contextually: the North East experienced some of the strongest price growth over the prior two years, making it more vulnerable once conditions normalized.
Looking Ahead to 2026
For the first time in three years, Calgary is entering the New Year with healthier inventory levels. This creates a fundamentally different setup for 2026 - one where disciplined pricing, strong locations, and asset selection will matter far more than general market momentum.
For investors, this is not a market to fear - but it is one that rewards a selectivity, long-term investing strategy. Desperate sellers are creating incredible buying opportunities that will not exist 12 months from now for savvy investors. If you see the long-term potential and understand that prices can’t remained depressed forever and are willing to ride it out, now is the time to be jumping into the market.
Stay informed, stay patient, and get in touch if you need help selling a property or if want to explore the opportunities - there are NO BRAINER deals out there right now if you know where to look.
Considering An Investment?
Investing in Calgary right now is about finding the value deals - developers are offering incredible deals that were unheard of a few years ago.
With cash flow positive properties at today’s rents and interest rates - it is definitely worth considering if you’re a long-term investor.
DETAIL BY PROPERTY TYPE
(Statistics from the Calgary Real Estate Board)
Condos
Sales: 272 (down 23.8% from Dec 2024)
New Listings: 354 (down 0.3%)
Inventory: 1,238 (up 19.6%)
Months of Supply: 4.6 (balanced market)
Days on Market: 57 (up from 48 days)
Benchmark Price: $303,600 (down 8.7%)
Condos experienced the most significant correction in 2025 and the key issue was supply. Over the past three years, apartment-style starts increased materially (largely in purpose-built rental), but the additional inventory expanded consumer choice and weighed heavily on the resale condo market. By the second half of the year, most districts reported elevated months of supply, firmly shifting conditions in favour of buyers.
Townhouses/Row Houses
Sales: 171 (down 25.0% from Dec 2024)
New Listings: 204 (down 16.0%)
Inventory: 653 (up 37.2%)
Months of Supply: 3.8 (balanced market)
Days on Market: 50 (up from 40 days)
Benchmark Price: $421,300 (down 5.8%)
Townhomes remained above long-term trends as this segment continues to represent a growing share of Calgary’s housing mix. The challenge in 2025 was competition with rising resale inventory and increased supply from new construction product. These dynamics pushed the market into balanced (and in some districts, buyer-favoured) conditions relatively early in the year.
Detached Houses
Sales: 587 (down 4.2% from Dec 2024)
New Listings: 559 (up 3.1%)
Inventory: 1,587 (up 29.1%)
Months of Supply: 2.7 (seller’s market)
Days on Market: 52 (up from 42 days)
Benchmark Price: $726,900 (down 2.8%)
Sales eased across all districts, with the City Center City Centre inventory remaining well below long-term averages, actually supporting price growth of over 3%! North East saw the steepest declines as inventory rose sharply. Citywide, slowing sales and rising inventory pushed detached homes into balanced conditions by the second half of the year.
Book A Call to Review Investment Options
I’m here to help you analyze the market and make decisions that fit your investment goals, get in touch today!
Calgary offers some of the most affordable investment opportunities in Canada with some of the highest rents per dollar invested (and properties that actually cash flow!)