Calgary’s housing market has shifted over the past year, and new data suggests most neighbourhoods are no longer seeing the over-asking frenzy buyers got used to. According to a recent analysis from Wahi, 99% of Calgary neighbourhoods with five or more sales in Q3 2025 saw homes sell below list price, a clear sign that market conditions have cooled and buyer leverage has increased.
This marks a notable change in momentum. Selling below asking is now the norm across Calgary, not the exception.
Why This Shift Matters
Not long ago, multiple offers and over-asking sales were common in many Calgary communities. Today, widespread underbidding signals a move toward a more balanced market, where pricing strategy and negotiation matter more than rushing to outbid other buyers.
Wahi’s Q3 2025 data shows the median gap between list price and sold price was approximately -$10,200, widening from around -$7,800 in Q2 2025. While these discounts are still considered modest, the trend points to growing negotiating room for buyers.
What This Means for Buyers
1. More negotiating power
When most homes sell below asking, buyers gain leverage not just on price, but also on conditions, repairs, and closing timelines.
2. More realistic pricing
Sellers are increasingly pricing homes closer to market value rather than leaving room for bidding wars. For buyers, this means list price is a more reliable indicator of what a home will actually sell for.
3. Less pressure to rush
With fewer bidding wars, buyers can take more time to inspect properties, compare options, and make more informed decisions.
4. Still competitive in select pockets
Selling below asking does not always mean deep discounts. Well-priced homes in desirable locations can still attract strong interest, and many sales are only slightly under list price. The key difference is that buyers are no longer being forced into over-asking offers across the city.
How Underbidding Is Measured
Market reports like this compare median list prices to median sold prices across neighbourhoods. When the median sold price falls below the median list price, that area is considered to be in underbidding territory. In Q3 2025, nearly every Calgary neighbourhood with sufficient sales data met this criteria.
Bottom Line
Calgary’s housing market isn’t crashing, it’s normalizing. With 99% of neighbourhoods selling below asking and the gap between list and sold prices widening compared to earlier in 2025, buyers currently have more breathing room than they’ve had in years.
For buyers willing to be patient and strategic, this type of market can offer meaningful opportunities.
References
Wahi. (2025, November 4). Nearly every Calgary neighbourhood now selling below asking [Press release].
https://wahi.com/ca/en/press-releases/nbspcalgarys-real-estate-market-took-a-clear-turn-toward-more-balanced-conditions-in-q3-2025-with-99-of-neighbourhoods-seeing-homes-sell-below-list-pricenbsp
Wahi. (2025, July 29). Calgary real estate market stays strong with modest underbidding [Market update].
https://wahi.com/ca/en/learning-centre/real-estate-101/buy/calgary-market-pulse-q2-2025/
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