Calgary’s housing market cooled in October, with sales and prices both declining
Calgary’s housing market lost momentum in October, as home sales dropped 13% compared to the same month last year and prices continued their downward slide, according to new data from the Calgary Real Estate Board (CREB).
The city saw 1,885 homes change hands last month, while year-to-date sales fell nearly 16% to 20,082—levels more in line with long-term trends after last year’s heated pace.
Inventory levels rose sharply, with 6,471 homes for sale in October, a 30% jump from a year earlier.
New listings, however, edged down 0.9% year-over-year, signaling a slowdown in the pace of fresh supply coming to market.
Supply surge meets softer demand
“Improved rental supply and easing rents have slowed ownership demand for apartment- and row-style homes. It is also these segments of the market that have seen October inventories reach a record high for the month,” said Ann-Marie Lurie, CREB’s chief economist.
“Excess supply for apartment- and row-style properties is weighing on prices in those segments more so than any other property type, influencing total residential prices.”
The city’s residential benchmark price slipped 4.1% year-over-year to $568,000, with the largest declines seen in row and apartment-style properties—down 6% and 7%, respectively, from October 2024.
Detached homes hold steadier, but not immune
Detached home sales improved over September but remained 5% below last year’s levels, with the benchmark price easing to $744,400, a 1% annual drop. Price trends varied across the city, with the City Centre posting a modest 2% gain while the North East district saw a 5% decline.
Row and apartment-style homes bore the brunt of the market’s correction. Row home sales totaled 275 in October, with inventory at a record high for the month and prices down nearly 6% year-over-year.
Apartment condominiums continued to face buyer’s market conditions, with the benchmark price falling to $318,200. That's 7% lower than last October.
Regional markets see mixed results
In Calgary’s surrounding regions, market dynamics diverged. Airdrie saw record-high October listings and continued price declines, with benchmark prices falling nearly 5% year-over-year to $520,400.
Cochrane’s sales picked up, keeping prices steady at $585,200, up 2% from last year. Okotoks saw a jump in new listings and stable prices, with the benchmark at $618,600.
Shifting rental dynamics, rising inventory, and regional supply-demand imbalances continue to shape Calgary’s housing market. While the city’s sales and prices have softened, CREB emphasized that conditions remain more balanced than during previous downturns, with detached and semi-detached segments showing relative stability.
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