Calgary’s housing market is entering the winter season in relatively balanced condition, according to the latest November 2025 statistics released by the Calgary Real Estate Board (CREB). While sales, listings, and inventory all followed typical seasonal slowdowns, supply levels remain elevated compared to last year, keeping price growth in check.
Sales Slow, Inventory Climbs Above Long-Term Averages
In November, Calgary recorded 1,553 home sales and 2,251 new listings, producing a sales-to-new-listings ratio (SNLR) of 69 percent. Although this ratio points to stable conditions, overall inventory remains high.
CREB reported 5,581 active listings, which is:
- 28 percent higher than November 2024
- More than 15 percent above typical November levels
Chief economist Ann-Marie Lurie noted that higher supply has been driven largely by growth in row homes and apartment-style units, as new construction adds additional options that later appear in the resale market.
Balanced Conditions Dominate Detached and Semi-Detached Segments
While apartment and row homes show signs of a buyer’s market, CREB says the detached and semi-detached markets remain relatively balanced.
Detached Homes
- 823 sales, consistent with last November
- Unadjusted benchmark price: $733,000
- Down 2 percent year-over-year
- Still 1 percent higher on a year-to-date basis
Most downward price pressure occurred in the northeast, north, and east districts, driven by competition from new builds and increased supply in nearby communities.
Semi-Detached Homes
- 166 sales, similar to 2024 levels
- Inventories at the highest November level in five years
- Supply remains above three months, signaling balanced conditions
- Unadjusted benchmark price: $671,700, comparable to 2024
- Year-to-date prices up nearly 3 percent, with the city centre leading at 4 percent growth
Row Homes See Price Drops as Inventory Rises
Row homes recorded 257 sales, remaining above long-term averages but below last year’s record November. Inventory levels reached their highest point since 2018, contributing to softer pricing.
- Unadjusted benchmark price: $424,400
- Down 6 percent year-over-year
- Year-to-date prices lower by roughly 2 percent
Condo Market Faces the Most Downward Pressure
The apartment condominium sector continues to see the highest supply levels and the steepest price adjustments.
- Inventory hit a record high for November
- Sales dropped to long-term averages
- Benchmark price: $309,300, down 7 percent year-over-year
- Northeast Calgary saw the largest annual decline at 5 percent
CREB attributes much of the decline to elevated supply from both new construction and resale listings.
Balanced Market Conditions Continue
Overall, Calgary sits at about three months of supply, indicating a balanced market despite elevated inventory. Unadjusted home prices continued to trend downward in November, though much of the decline aligns with typical seasonal patterns.
- Unadjusted total residential benchmark price: $559,000
- Down around 5 percent from 2024
Surrounding Areas: Cochrane and Okotoks Show Shifting Conditions
Cochrane
- New listings reached record highs
- Sales remained strong but not enough to significantly reduce inventory
- Inventory is now the highest since November 2018
- Detached benchmark prices remain 2 percent higher year-to-date
Okotoks
- Sales improved month-over-month and matched last year’s levels
- Higher new listing activity increased buyer choice
- Inventory remains below long-term trends
- Prices in Okotoks are higher year-to-date across all property types
Source: https://calgaryherald.com/news/calgary-housing-market-balanced-creb
Canada Housing Market 
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