Calgary Real Estate Market Update: Sept 2025
There’s no way to sugar coat this - the Calgary market is no longer red-hot. Supply is climbing, demand is softening, and buyers are gaining leverage.
In September 2025, total sales across all property types were 1,720 units, while new listings surged to 3,782. Inventory now sits at 6,916 units, 36% higher than last year and well above the long-term averages. The sales-to-new-listings ratio fell to just 45%, a strong signal that demand is not keeping pace with supply. Months of supply climbed to roughly four months, the highest level we’ve seen since early 2020.
Condos are facing the most pressure with 401 sales compared to 924 new listings, inventory is piling up and benchmark prices are down more than 6% year-over-year, now around $322,900. Detached homes are holding up better, with a benchmark price of roughly $749,900, but some districts (especially NE and East Calgary) are already seeing declines. Semi-detached and row homes are also feeling the impact of rising inventory, with modest price drops month-over-month.
What’s Happening
Several factors are contributing to the current situation:
Supply is outpacing demand: A wave of new listings has pushed inventory higher, creating more choice for buyers and more competition among sellers.
Competition from new builds, rentals, and CHMC MLI Select Properties: Resale homes are no longer the only option as record numbers of new builds are being completed and hitting the market.
Population & migration trends: Slowing growth from immigration, foreign temporary workers, international students and interprovincial migration is dampening demand.
Interest rates: Any change could swing affordability and demand but interest rates would have to drop significantly to spart significant buyer demand.
Buyer Expectations: Based on national news coverage, buyers are now starting to expect to see price declines so they want to wait for a better deal. This can be a self-fulfilling prophecy unless another catalyst for demand kicks in.
TORONTO/GTA DUMPSTER FIRE: The Toronto market is the worst I have ever seen and it’s affecting the Calgary market because many investors that bought Calgary pre-construction also have investment properties in Toronto. I have seen investors that bought in Toronto in the last 5 years losing $150,000-$200,000 or even $500,000 at a luxury condo building in Yorkville! Not to mention investors are bleeding negative cash flow of $1,000-$2,000 per month (and even more during occupancy). As a result, many investors are tapped out and can’t afford to continue, so are liquidating their real estate portfolios (including in Calgary) at any price to raise cash for their closings, stop the cash burn, or just simply out of fear.
What Does This Mean for Investors?
The Calgary market is showing cracks, especially in the condo market as supply is building, demand is cooling. I expect:
The Calgary condo market especially is showing cracks; supply will decline modestly through the fall but remain elevated-well above levels from the last few years
This means Calgary prices will continue to decline over the next 6-12 months as new inventory continues to hit the market and the Toronto market worsens, so expect single digit declines in Calgary - this is not a crash.
There is a silver lining because after 2026, there is virtually no new pre-construction inventory coming to the market in Toronto or Calgary and this will be the catalyst for a slow real estate market recovery. No more supply, no more investor liquidations, no more fire-sales, no more new units.
Expect inflation to continue to go up modestly, which will continue to increase rebuild costs and further limit future supply - projects right now don’t “pencil” (i.e. work financially) so builders simply won’t build at a loss.
Once people start seeing prices going up month-over-month, there will be a rush to buy because there is SIGNIFICANT buyer demand is waiting to see what will happens right now - I just have no idea when that will happen.
If you need to sell in Calgary, now is the time. Otherwise, be prepared to hold for a 12-18 months before things improve.
What Am I Doing?
I’m not selling the 4 condos I own in Calgary - they are all tenanted, the rent I’m getting is covering all of the monthly expenses, and I’m building equity. Even though I think the Calgary market is cooling, I think in 5 years I’ll be laughing at the cash flow being generated and that I will experience significant appreciation - you simply can’t build units in Calgary again for the prices today and Calgary’s economic fundamentals are still in place - a resilient, high-growth market with long-term upside,
It’s impossible to time the market and I know it’s scary but there are incredible deals out there for savvy investors willing to buy when others are fearful. However this is not a get rich quick scheme, you must be prepared to generate long-term returns over the next 2-5 years, .
Stay informed, stay patient, and get in touch if you want to look at the opportunities.
Considering An Investment?
Investing in Calgary right now is about finding the value deals - developers are offering incredible sales on many of their projects - unheard of a year ago.
With cash flow positive properties, deposits as low as 5%, and closings as late as 2028, it’s definitely worth considering.
DETAIL BY PROPERTY TYPE
(Statistics from the Calgary Real Estate Board)
Condos
Highest months of supply since 2021 have caused prices to slowly decline (largest declines in NE: 10%, smallest in City Center: 5%).
Sales: 401 (down 20.1% from Sept 2024)
New Listings: 924 (down 6.9%)
Inventory: 1,999 (up 23.2%)
Months of Supply: 5.0 (buyer’s market)
Days on Market: 52 (up from 33 days)
Benchmark Price: $322,900 (down 6.4%)
Townhouses/Row Houses
Inventory remains 30% higher than long-term trends and the highest level since 2018; prices are likely to slowly fall from here.
Sales: 304 (down 19.4% from Sept 2024)
New Listings: 592 (down 1.8%)
Inventory: 1,099 (up 47.1%)
Months of Supply: 3.6 (balanced market)
Days on Market: 44 (up from 25 days)
Benchmark Price: $437,100 (down 4.8%)
Detached Houses
Market remains well balanced but building inventory is likely to cause price pressure through the fall/winter.
Sales: 859 (down 8.8% from Sept 2024)
New Listings: 1,905 (up 6.3%)
Inventory: 3,201 (up 38.2%)
Months of Supply: 3.7 (balanced market)
Days on Market: 38 (up from 27 days)
Benchmark Price: $749,900 (down 1.0%)
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 with
2 bedrooms starting in the $300s, Closings as late as 2028, and multi-year Rental Guarantees!