Rising listings and slowing demand tipped Calgary’s housing market further toward buyers in September
Calgary’s housing market took a decisive turn in September, as a surge in new listings collided with cooling demand to drive up inventory and push prices lower across most property types.
The Calgary Real Estate Board said 1,720 homes sold in September, down 14% from last year. Meanwhile, new listings climbed to 3,782, swelling total inventory to 6,916 units. That's 36% higher than a year ago and well above the city’s long-term average for this time of year.
The months of supply reached 4.02, the highest since early 2020, underscoring a market that has shifted away from the frenzied seller’s conditions of recent years.
Buyers gain more options, prices soften
“Supply levels have been rising in the resale, new home and rental markets. The additional supply choice is coming at a time when demand is slowing, mostly due to slower population growth and persistent uncertainty,” said Ann-Marie Lurie, CREB chief economist.
“Resale markets have more competition from new homes and additional supply in the rental market, reducing the sense of urgency amongst potential purchasers. Ultimately, the additional supply choice is weighing on home prices,” Lurie said.
RBC Economics reports six straight quarters of improved housing affordability in Canada, but Robert Hogue warns gains will slow as income growth cools and rate cut effects fade. https://t.co/DgC1xYn13M
— Canadian Mortgage Professional Magazine (@CMPmagazine) October 3, 2025
Apartments see steepest price drop
The apartment sector saw the sharpest correction, with the benchmark price falling over 6% year-over-year to $322,900. Inventory in this segment rose to nearly 2,000 units, pushing the months of supply to five—the highest since 2021.
“The most significant adjustment in the market occurred in the apartment condominium sector as improving rental supply, delayed adjustments in interest rates and improved selection for other property types has slowed apartment style demand from both first-time buyers and investors,” the CREB report noted.
Detached homes, while also affected by rising supply, experienced a more modest price drop. The benchmark price slipped nearly 1% year-over-year to $749,900, with the steepest declines concentrated in the North East and East districts. Row and semi-detached homes also saw inventory gains and price softening, with row house prices down almost 5% from last year.
Economic headwinds and outlook
The shift comes as Calgary’s economy faces headwinds from slowing population growth and broader national challenges, including the ongoing uncertainty around US trade policy.
The Bank of Canada’s move to lower interest rates in September could offer some relief, but market watchers caution that elevated inventory may continue to weigh on prices in the near term.
CREB flagged that while the market is tilting in favour of buyers, conditions vary widely by property type and district. “It is too early to say if this trend will continue, but so far it has had minimal impact on home prices,” Lurie said, referring to the semi-detached segment.
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