Overview: A Year of Two Markets Closes With Divergence Intact
December 2025 brought the curtain down on a year that reshaped Calgary's real estate landscape. According to the CREB monthly statistics released January 2, 2026, total residential sales for December reached 1,126, a 14.57 percent decline from December 2024. New listings at 1,219 were down 1.53 percent year over year, and active inventory closed the year at 3,860 units, up 28.92 percent from December 2024. Months of supply for all residential properties sat at 3.43 entering 2026.
"Supply levels were expected to rise in 2025. However, the growth was higher than expected especially for apartment condominium and row homes. This weighed on prices in those sectors enough to offset the annual gains reported for both detached and semi-detached homes," said Ann-Marie Lurie, CREB's Chief Economist. "Adjustments in both supply and demand varied across the city, with pockets of the market continuing to experience seller's market conditions versus some areas where the conditions favoured the buyer. This resulted in different price trends based on location, price range and property type."
The total residential benchmark price for December settled at $554,700, a 4.71 percent year-over-year decline. On an annual average basis, the 2025 benchmark was approximately $577,492, a two percent decline from 2024's annual average. But that two percent figure is itself a blend of detached homes posting modest annual price gains and apartments recording declines approaching three percent for the full year.
December 2025 Calgary by the numbers: 1,126 sales, 1,219 new listings, 3,860 active listings, 3.43 months of supply, and a total residential benchmark price of $554,700.
December 2025 Sales and Listings Activity
December is always Calgary's quietest month for real estate activity, and 2025 was no exception. The 1,126 sales and 1,219 new listings represent the seasonal trough, with most buyers and sellers deferring decisions until the new year. What is notable about December 2025 is that inventory, even at its winter low of 3,860 active listings, is 28.92 percent above where it stood a year ago. The market is entering 2026 with a larger inventory base than it had at the start of 2025.
Days on market averaged 53 in December, reflecting both the seasonal quiet and the broader trend of buyers taking more time across all property types. The sale-to-list ratio held at 97.12 percent, which is still healthy, though it represents a gradual erosion from the 98-plus percent ratios of 2022 and 2023. Sellers are generally achieving close to list price when they price correctly, but overpriced listings are sitting significantly longer than in prior years.
Year-to-date through December, total residential sales for 2025 came in well below 2024 levels, with the bulk of the shortfall concentrated in the apartment and row segments. Detached sales held up considerably better relative to prior years, supported by the persistent supply constraint in that category that has characterized Calgary's market through multiple cycles.
Gold dashed line marks the 4-month buyer's market threshold. Source: CREB Monthly Statistics, December 2025.
Calgary Home Prices by Property Type in December 2025
The total residential benchmark of $554,700 in December 2025 reflects a year of diverging outcomes across property types. Zooming out to the full-year 2025 picture: detached homes posted modest annual gains while apartments declined roughly three percent over the course of the year. The annual average benchmark of approximately $577,492 represents a two percent pullback from 2024, but that figure underestimates both the stability in the detached segment and the depth of correction in apartments.
Source: CREB Monthly Statistics, December 2025
Detached Homes
Detached homes closed 2025 as Calgary's most stable property segment. The December benchmark of $726,900 is down 2.63 percent year over year, but on an annual average basis detached homes were essentially flat to modestly positive in 2025. With 2.70 months of supply in December, the detached market enters January 2026 in a balanced state, and several high-demand communities in the West and North West remain supply-constrained. Detached prices are holding up because the underlying fundamentals: limited new supply, consistent demand from a growing Calgary population, are still intact.
Semi-Detached Homes
Semi-detached homes posted benchmark prices of $666,800 in December, down 1.56 percent year over year. For the full year 2025, the semi-detached segment was one of the better performers, posting modest positive annual gains. The 3.98 months of supply in December is the highest it has been all year for this property type, approaching the four-month threshold but not yet crossing it. The semi-detached segment's resilience through 2025 reflects both limited new construction in this category and consistent buyer demand from families seeking attached living with more space than a condo provides.
Row Homes and Townhouses
Row homes recorded a benchmark price of $421,300 in December 2025, down 5.64 percent year over year. For the full year, the row segment was one of the weaker performers among property types, with annual prices declining roughly two percent on average. The 3.82 months of supply is elevated relative to detached and semi-detached properties. The row segment has faced headwinds from new construction supply that has competed directly with resale inventory, and from easing rental rates that have reduced urgency among potential first-time buyers who were previously motivated to move from renting to owning a townhouse.
Apartment Condominiums
Apartment condominiums experienced the most pronounced correction of any property type in 2025. The December benchmark of $303,600 is down 7.35 percent year over year, and on an annual average basis apartments declined approximately three percent over the full year of 2025. With 4.55 months of supply entering the winter slow period, the apartment market carries elevated inventory into 2026. This creates a challenging environment for current sellers but a genuinely attractive entry point for buyers who have the patience to navigate a buyer's market. The $303,600 benchmark represents real affordability compared to where prices were just two years ago.
Source: CREB Monthly Statistics, December 2025
Calgary's apartment benchmark of $303,600 in December 2025 represents one of the most accessible price points in the city's housing market in years, with supply at 4.55 months and year-over-year prices down 7.35 percent. Buyers entering this segment now are acquiring at a meaningful discount from the recent peak.
Calgary Real Estate Prices by District in December 2025
December's district breakdown illustrates how differently the correction has landed across the city. The North West stands out as one of the most resilient areas, while the North East and East districts have absorbed the deepest year-over-year benchmark declines, driven by their concentration of apartment condominiums and their higher sensitivity to the rental market dynamics that have weighed on high-density ownership demand.
Source: CREB Monthly Statistics, December 2025. Total residential benchmark, all property types combined.
West District: Holding Value Through the Cycle
The West district's 3.7 percent year-over-year total benchmark decline in December is notable in the context of a city-wide correction. Detached homes in the West, which make up a large share of the district's inventory, have held their value comparatively well through 2025. Communities in the West consistently see months of supply in the one-to-two range for detached product, insulating prices from the broader softening.
North West District: Narrowest Correction in Calgary
December's standout district is the North West, where the total benchmark declined just 0.7 percent year over year. This near-flat performance is the best result of any Calgary district in December 2025 and reflects the North West's strong fundamentals: a higher proportion of detached and semi-detached inventory, limited new supply relative to demand, and consistent buyer interest from families and move-up purchasers. The North West's detached market enters 2026 in particularly healthy shape.
City Centre and South: Elevated Corrections from Condo Mix
City Centre posted a 4.7 percent total benchmark decline in December, driven primarily by the apartment segment where elevated inventory continues to weigh on prices. The South district is down 4.3 percent, a reflection of both the broader correction and the apartment supply buildup in South Calgary communities. Detached homes in both districts have absorbed less of the correction and remain fundamentally balanced in terms of supply.
South East: Approaching Five Percent Annual Decline
The South East's 4.9 percent year-over-year total benchmark decline places it in the upper end of the correction range for Calgary districts. The apartment and row segments are the primary drivers, while detached South East properties have fared better. Buyers looking for below-average entry points across all property types will find more options here than in the West or North West, with the trade-off of more price softening risk in the higher-density categories.
North East and East: Deepest Annual Corrections City-Wide
The North East ends 2025 with an 8.3 percent year-over-year total benchmark decline, the steepest correction of any Calgary district. The East follows at 7.6 percent. Both districts have significant apartment condo concentrations, and those properties have absorbed the largest price corrections as supply has accumulated throughout the year. For buyers with long investment horizons, the entry price points in these districts reflect a meaningful discount from the 2022-2023 peak period. For sellers, patience and accurate pricing are the most important tools heading into 2026.
What December 2025 Data Means for Calgary Buyers
Heading into 2026, the data strongly favours buyers in the apartment condominium segment. With benchmark prices at $303,600 and supply at 4.55 months, you have the most favourable buying conditions for condos that Calgary has seen in several years. The winter months traditionally see less competition from other buyers, meaning January and February could represent the least competitive window for apartment purchases before spring activity potentially improves conditions for sellers. If you have been waiting for the right time to buy a Calgary condo, the early months of 2026 deserve serious consideration.
For detached home buyers, the market entering 2026 is genuinely balanced but not a buyer's market. Months of supply at 2.70 for detached homes means you have meaningful selection compared to 2022 and 2023, but you are not operating with the same leverage that apartment buyers have. Well-priced detached homes in the West, North West, and South continue to attract buyers and sell with limited days on market. Come prepared, know your target communities, and do not assume that all detached properties will accept significant discounts. Location matters enormously within this segment.
Semi-detached buyers entering 2026 are in a balanced-to-favourable position. With months of supply approaching four and prices down modestly year over year, this segment offers better value today than it did a year ago while still retaining the stability characteristics that have defined it through 2025. Semi-detached properties in established inner-city and northwest communities remain in demand and represent one of the more durable Calgary property investments heading into 2026.
What December 2025 Data Means for Calgary Sellers
Sellers entering 2026 should understand that the bifurcated market conditions of 2025 are likely to persist at least through the first half of the year. If you are selling a detached home in a supply-constrained area, the narrative for your listing can emphasize the limited availability and the relative stability your property type has demonstrated through the correction. That is a legitimate and powerful selling point, and it will attract buyers who have seen the apartment market's volatility and are paying a premium for that detached stability.
Apartment sellers face the most challenging environment as 2026 begins. The market is carrying elevated inventory into the new year, days on market are extended, and benchmark prices are down meaningfully from a year ago. The path to success for apartment sellers is disciplined pricing, excellent presentation, and a clear-eyed understanding of what the comparable sales data actually says, not what prices were in 2022. Work closely with your agent to set a price that attracts buyer activity from day one rather than chasing the market down through successive price reductions.
Row and semi-detached sellers occupy different positions. Semi-detached properties in well-located communities can still be positioned as a value proposition relative to detached homes, and this segment has the most attractive year-over-year price story of any property type. Row home sellers need to be aware of local new construction competition and price to the current market reality. Across all segments, the sellers who will achieve the best results in early 2026 are those who price correctly from the start, not those who test the market high and adjust later.
Outlook: What 2026 Holds for Calgary Real Estate
The setup for 2026 Calgary real estate is one of two distinct markets that will likely evolve at different paces. The detached segment, entering the year with roughly 2.70 months of supply, is positioned to benefit from any improvement in buyer demand. If interest rates decline meaningfully or if spring migration patterns bring a fresh wave of buyers into the city, detached homes in established districts could see price stability restored and possibly modest gains. The fundamental constraint of limited detached supply in Calgary's most desired areas has not changed.
The apartment segment faces a longer road. Inventory entering 2026 is substantially elevated, and the structural factors that built it, easing rents reducing ownership urgency, new construction supply competing with resale, are not going to reverse immediately. A meaningful recovery in apartment prices likely requires either a significant reduction in new completions, a meaningful increase in buyer demand from improved affordability through rate reductions, or both. Watch the months-of-supply figure for apartments closely through the first half of 2026. A sustained decline below four months would signal a genuine inflection point.
The broader Calgary economic backdrop remains constructive. The city's employment base, population growth from interprovincial and international migration, and the relative affordability advantage Calgary holds over Vancouver and Toronto continue to support long-term housing demand. The correction underway is not a fundamental collapse but rather a normalization after an extraordinary run. For buyers, this normalization offers an entry point that will likely look attractive in a five-to-ten year view. For sellers, patience and pricing discipline will determine outcomes in this more nuanced environment.
Data sourced from CREB Monthly Statistics Package, City of Calgary, December 2025. Released January 2, 2026.
