The Calgary housing market continued to shift toward balanced conditions in November 2025, with rising inventory, softening sales, and moderating price growth across most property types. According to new data from WOWA, Calgary remains more stable than other major Canadian markets, even as affordability challenges and economic uncertainty shape buyer demand.
Inventory Climbs 28 Percent As Sales Decline
Calgary recorded 5,581 active listings in November, up 28 percent from last year and well above typical seasonal levels. Meanwhile, 1,553 homes sold, representing a 13.6 percent year-over-year decline.
The combination of higher supply and softer sales pushed the market into balanced territory, with 3.6 months of supply. Balanced conditions typically emerge between 3 to 5 months of supply.
Average Home Price Holds Steady at $615,986
The average home price in Calgary reached $615,986, essentially unchanged year-over-year (+0.05 percent) but down 4.2 percent month-over-month.
Price trends varied significantly by property type:
- Detached homes: $755,596 (down 3.8 percent YoY)
- Semi-detached: $660,385 (down 6 percent YoY)
- Townhouses: $446,304 (down 4.2 percent YoY)
- Apartments: $359,761 (up 1.7 percent YoY)
Condo apartments were the only segment to post an annual increase in average price.
Benchmark Price Declines 4.8 Percent
The MLS HPI benchmark price fell to $559,000, down 4.8 percent year-over-year and 1.3 percent month-over-month, reflecting broader cooling in typical home values.
Median prices also softened, dropping 2.3 percent annually to $560,000.
Sales-to-New-Listings Ratio Points to Seasonal Tightening
The sales-to-new-listings ratio (SNLR) rose to 69 percent, up from 58 percent in October but lower than the 77 percent posted in November 2024. While this suggests mild seller’s market conditions, WOWA notes this is largely due to seasonal listing slowdowns rather than meaningful tightening.
Breakdown by property type:
- Apartments: 5.5 months of supply (buyer’s market)
- Detached: 3.0 months (seller’s market)
- Townhouses: 3.5 months (balanced)
- Semi-detached: 3.3 months (balanced)
Calgary’s Population Growth Continues to Support Long-Term Demand
Calgary’s population reached 1,778,881, growing at a 4.9 percent annualized rate over three years. This level of growth requires roughly 22,000 new dwellings per year to keep pace with demand.
Over the past three years, builders have averaged 20,400 housing starts annually, keeping supply closer to demand than in other major Canadian cities.
Affordability Still Favourable Compared to Toronto and Vancouver
Despite rising prices over the past five years (+36 percent), Calgary remains significantly more affordable than Toronto or Vancouver. However, affordability has eroded compared to past years due to strong demand, mortgage rates, and the shift toward higher density housing.
Canada Housing Market 
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