Calgary Real Estate Market Update: November 2025
A Trifecta of Bad: More Supply, Softer Prices, and Worsening Conditions
The Calgary real estate market is showing clear signs of seasonal slowdown, but this year’s cooling comes with a notable shift in supply levels and pricing trends that investors should pay attention to. It looks like the improvements seen in October were short lived.
In November, there were 1,553 sales and 2,251 new listings, pushing the sales-to-new-listings ratio to 69%. This improvement helped ease some of Calgary’s inventory pressure, but total inventory still sits at 5,581 units which is 28% higher than last year and more than 15% above typical November levels.
The higher supply is being driven mainly by a surge in supply across resale, new construction, and rentals in the townhome and condo markets, but especially from pre-construction units sold several years ago and are now just completing and spilling into the resale market as investors sell their units. As a result, buyer’s market conditions are most evident in the condo and townhome segments, while detached and semi-detached remains relatively balanced, except in a few localized pockets.
Overall, Calgary’s combined unadjusted benchmark price for November landed at $559,000, nearly 5% lower than last year and showing no signs of improvement. The Calgary real estate market in December is generally very quite so we’ll have to wait to see if the new year can breathe some life into the market.
Keeping Perspective
While prices are adjusting short-term, the fundaments of Calgary remain firmly in place:
Investment from the federal government to get major infrastructure initiatives going
Very affordable compared to other major Canadian cities
What This Means for Investors
After several years of a very strong real estate market, the Calgary market is normalizing. Continued oversupply will keep pressure on prices until the excess inventory is absorbed by the market. 2026 will be another year of record pre-construction deliveries, so I expect things to get worse over the next 12 months (a slow steady drop, not a crash) and for things to start to improve in 2027 when new builds drop to zero and the real estate cycle will start anew.
I’m holding all of my Calgary units for the long-term, but if you don’t plan to, now is the time to sell.
Stay informed, stay patient, and get in touch if you need help selling a property or 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
The condo market continues to face the strongest headwinds. Sales returned to long-term norms, but new listings stayed elevated, pushing November inventory to a record high for the month.
Sales: 307 (down 28.4% from Nov 2024)
New Listings: 555 (down 15.3%)
Inventory: 1,690 (up 14.0%)
Months of Supply: 5.5 (deep buyer’s market)
Days on Market: 59 (up from 45 days)
Benchmark Price: $309,300 (down 8.4%)
The condo market continues to face the strongest headwinds. Sales returned to long-term norms, but new listings stayed elevated, pushing November inventory to a record high for the month. Months of supply edged close to six months, firmly in buyer’s-market territory, and has been above four months since summer.
This supply imbalance has resulted in ongoing price adjustments throughout the second half of the year. The unadjusted condo benchmark price is now $309,300, down 7% year-over-year. Year-to-date, prices are just over 2% lower, with the North East district seeing the sharpest declines at nearly 5%.
Townhouses/Row Houses
Townhome inventory levels are the highest for a November since 2018 bringing prices down.
Sales: 257 (down 22.1% from Nov 2024)
New Listings: 396 (down 1.7%)
Inventory: 901 (up 37.8%)
Months of Supply: 3.5 (balanced market)
Days on Market: 53 (up from 35 days)
Benchmark Price: $424,000 (down 6.6%)
Townhome sales eased to 257 units, a decline from last year’s record-setting November but still above long-term trends. However, supply is where the most notable shifts are occurring. New listings stayed consistent with last year, and despite expected seasonal cooling, inventory levels are the highest for a November since 2018.
This increase has kept the months of supply elevated for three consecutive months, creating sustained downward pressure on prices.
The unadjusted benchmark price for townhomes fell to $424,400, down month-over-month and more than 6% lower than last year. While part of the monthly decline is seasonal, the broader trend is more persistent—year-to-date prices have slipped nearly 2%.
Detached Houses
Detached inventory is aligned with long-term averages and sales are nearly identical to last year.
Sales: 823 (down 4.9% from Nov 2024)
New Listings: 1,075 (up 3.2%)
Inventory: 2,444 (up 31.9%)
Months of Supply: 3.0 (balanced market)
Days on Market: 45 (up from 34 days)
Benchmark Price: $733,000 (down 2.3%)
Detached sales reached 823 units, nearly identical to last year and in line with typical November activity. New listings pulled back month-over-month which helped ease some inventory pressure, overall detached inventory remains elevated compared to 2024 and is now more aligned with long-term averages.
The months of supply remained around 3 months, signaling balanced conditions but prices followed normal seasonal trends and softened compared to October. The unadjusted detached benchmark price is now $733,000, down nearly 2% from last November, though still 1% higher year-to-date.
Most downward price pressure is occurring in the North East, North, and East districts, where competition from new-build product and increased supply is most concentrated.
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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!)