Overview: Elevated Supply Persists as Apartment Market Deepens into Buyer's Territory
November 2025 continued the trend that has defined the second half of the year for Calgary real estate. According to the CREB monthly statistics released December 1, 2025, total residential sales reached 1,553 units, a 13.39 percent decline from November 2024. New listings came in at 2,251, down 3.27 percent year over year, while active inventory climbed to 5,581 units, a 28.15 percent increase from the same month last year. Total months of supply rose to 3.59 for all residential properties combined.
"Supply levels have been sitting higher than typical levels for the past three months, mostly due to the gains occurring in the higher-density sectors of row and apartment style units," said Ann-Marie Lurie, CREB's Chief Economist. "This is partially related to the additional supply choice coming from the new homes sector, some of which end up on the resale market, especially near the end of the year. While buyer's market conditions are more prevalent for apartment-style homes and to a lesser extent row homes, outside of a few pockets of the market, both the detached and semi-detached markets are relatively balanced."
The total residential benchmark price settled at $559,000 in November, a 4.64 percent year-over-year decline. The property type divide that emerged in October continued and widened: apartments hit 5.50 months of supply, well into buyer's market territory, while detached homes remained near three months and semi-detached properties held in the balanced range.
November 2025 Calgary by the numbers: 1,553 sales, 2,251 new listings, 5,581 active listings, 3.59 months of supply, and a total residential benchmark price of $559,000.
November 2025 Sales and Listings Activity
November's 1,553 residential sales reflect the typical seasonal slowdown heading into winter, compounded by the demand softening that has characterized 2025. New listings at 2,251 were modestly below last year, which limits some of the inventory growth pressure on the supply side, but active inventory is still significantly elevated because sales have not kept pace with accumulated listings throughout the year.
Days on market averaged 49 in November, a meaningful increase from prior-year figures. The sale-to-list price ratio came in at 97.36 percent, holding above 97 percent overall, but that aggregate masks the wider spread: detached homes in tight districts are still trading near or above list, while apartment condominiums in softer markets are seeing larger discounts off initial asking prices. Sellers willing to negotiate and buyers who have done their research are both finding the market workable.
The distinction CREB's economist draws between the high-density and low-density markets is critical for understanding November. The detached and semi-detached segments are behaving like balanced markets. The apartment and row markets are in buyer's market conditions. These are two very different environments that happen to be packaged into one city-wide headline number, and that number understates both the opportunity for apartment buyers and the relative stability for detached sellers.
Gold dashed line marks the 4-month buyer's market threshold. Scale extended to 6 months. Source: CREB Monthly Statistics, November 2025.
Calgary Home Prices by Property Type in November 2025
The total residential benchmark price of $559,000 in November 2025 is down 4.64 percent year over year. The headline softening continues to be driven by the high-density segments, while detached and semi-detached properties demonstrate considerably more price stability. Understanding where your target property type sits within this divergence is essential context for any buyer or seller making decisions right now.
Source: CREB Monthly Statistics, November 2025
Detached Homes
Detached homes remained Calgary's most stable segment in November 2025. The benchmark price of $733,000 is down 2.15 percent year over year, a moderate decline that reflects the overall market softening while confirming detached supply remains relatively constrained. At 2.97 months of supply, the segment sits squarely in the balanced range, and several western and northwestern communities continue to see detached supply well below two months, maintaining competitive conditions in those pockets.
Semi-Detached Homes
The semi-detached segment posted a benchmark price of $671,700, down just 0.52 percent year over year, making it the most price-stable property type for the month. With 3.29 months of supply, conditions remain balanced. Semi-detached product in Calgary continues to hold its value better than the broader market because supply is limited, new construction pipelines in this category are constrained, and it occupies an appealing price point between detached homes and condominiums for buyers who want attached living without apartment-market dynamics.
Row Homes and Townhouses
Row homes experienced a 6.19 percent year-over-year benchmark price decline in November, landing at $424,400. The 3.51 months of supply is elevated compared to the detached segment but has not reached buyer's market levels city-wide. However, certain districts and communities within the row segment are experiencing conditions that clearly favour buyers, particularly where new construction supply has added competition to the resale inventory. Buyers in this segment should assess local supply conditions rather than relying on city-wide averages.
Apartment Condominiums
The apartment market continues to absorb the sharpest correction in Calgary's residential real estate. November's 5.50 months of supply represents a deepening of the buyer's market conditions that began earlier in the year, and the benchmark price of $309,300 is down 7.17 percent year over year. With days on market for apartments stretching well past the city-wide average and listings accumulating through the fall, buyers in this segment are in one of the most advantageous positions they have seen in Calgary in years. Selection is high, prices are down, and sellers are motivated.
Source: CREB Monthly Statistics, November 2025
Semi-detached homes are the standout property type in November 2025, with a benchmark price down just 0.52 percent year over year at $671,700. This segment is absorbing Calgary's market correction more gracefully than any other property type.
Calgary Real Estate Prices by District in November 2025
The district-level breakdown for November 2025 shows correction spreading more broadly across the city, with the apartment segment dragging down total benchmarks in every area. The West and North West remain the most resilient districts, while the North East, East, and City Centre are experiencing the sharpest year-over-year declines driven by elevated condo supply.
Source: CREB Monthly Statistics, November 2025. Total residential benchmark, all property types combined.
West District: Most Resilient in November
The West district recorded the smallest year-over-year total benchmark decline in Calgary for November 2025, at 2.9 percent. The detached segment continues to drive relative stability here, with limited supply and consistent buyer demand from higher-income demographics. The West's apartment and row presence is more limited compared to other districts, which insulates it from the heavier correction hitting the high-density segments.
North West District: Holding Steady
The North West is down 3.1 percent year over year on a total benchmark basis, the second-best district performance in November. Like the West, the North West benefits from a higher proportion of detached and semi-detached inventory relative to apartments. The detached segment here continues to see months of supply in the tight-to-balanced range, supporting price stability in that category even as the overall district benchmark reflects modest correction.
City Centre and South: Accelerating Corrections
City Centre posted a 5.2 percent year-over-year total benchmark decline in November, driven primarily by elevated apartment inventory in the core. With a high concentration of condominium product, the City Centre benchmark is heavily influenced by the apartment correction. The South district's 4.2 percent decline reflects a more mixed picture: the detached market in the South remains relatively tight, but row and apartment segments are pulling the aggregate figure lower.
South East: Sustained Pressure
South East's 4.3 percent total benchmark decline in November continues the trend from October. The apartment and row segments in this district have accumulated significant supply over the second half of 2025, and prices in those categories are reflecting the competitive conditions buyers enjoy. Detached South East homes have absorbed less of the correction but are not immune to the broader market softening.
North East and East: Deepest Corrections
The North East remains the district with the most pronounced correction city-wide, down 7.2 percent year over year on a total benchmark basis. The East is close behind at 6.3 percent. Both districts have significant concentrations of apartment condominiums, and those properties are trading at meaningful discounts relative to a year ago. For buyers targeting affordability in Calgary, these districts offer entry points that have not been available since the pre-2022 cycle.
What November 2025 Data Means for Calgary Buyers
For detached home buyers, November 2025 is a balanced market with pockets of tightness. In the West and North West, expect competitive conditions on well-priced detached properties, particularly below the $900,000 mark where demand is most concentrated. Pre-approval and readiness to move quickly are important. In the South and South East, detached buyers have slightly more breathing room and room to negotiate, but priced-right listings still sell without dramatic discounts.
Apartment condo buyers are in an enviable position in November 2025. Five-and-a-half months of supply city-wide gives you time, selection, and leverage. Benchmark prices at $309,300 represent real value compared to twelve or eighteen months ago. In the North East and East, apartments are trading at some of the most accessible price points in Calgary, and sellers in those districts are motivated. If you have been waiting for a buyer's market in Calgary condos, this is it.
Row home buyers occupy a middle ground. Conditions are more buyer-friendly than a year ago, particularly in districts where new construction supply has added resale competition. But the row segment has not shifted as decisively toward buyers as apartments, and well-located, priced-right townhouses still attract reasonable competition. Research individual communities within your target district rather than assuming the entire row market has uniform buyer leverage.
What November 2025 Data Means for Calgary Sellers
Detached home sellers in balanced to tight districts still have a path to a strong result in November's market. The combination of limited supply and consistent demand for detached product means that correct pricing is rewarded. The extended days-on-market average of 49 across all property types is driven by the apartment segment; well-priced detached homes in strong areas continue to sell faster and closer to list. Your outcome depends heavily on district and price point.
Apartment sellers face the most challenging conditions in Calgary's market. With 5.50 months of supply and benchmark prices down 7.17 percent year over year, you are in a buyer's market by every measure. The path to a successful sale is aggressive pricing, excellent presentation, and realistic expectations. Waiting for conditions to improve through the winter months is unlikely to help, as inventory typically remains elevated until a meaningful reduction in supply or an increase in demand occurs.
Row and semi-detached sellers have a more nuanced situation. Semi-detached product is holding its value better than most, and a well-priced semi-detached home in the right community can achieve a solid result. Row home sellers need to be aware of local competition, particularly from new construction, and price accordingly. The days of setting a number and waiting for multiple offers are largely gone for row product in areas with high new build inventory.
Outlook: Heading into the Slower Winter Months
December and January are traditionally the slowest months for Calgary real estate activity, and that seasonal trend will layer on top of the structural correction already underway in the apartment segment. Expect inventory to modestly decline through December as fewer new listings enter the market, but active listings will still far exceed prior-year levels in the high-density segments going into 2026.
The key variable to watch heading into early 2026 is borrowing costs. Any meaningful reduction in the Bank of Canada policy rate or a drop in fixed mortgage rates could meaningfully improve affordability for first-time buyers, the primary demand driver for apartment and row products. A rate improvement of even half a point would increase the pool of qualified buyers and reduce the months-of-supply imbalance that is currently driving apartment price declines.
For the detached market, watch for signs of supply normalization. If detached inventory stays below three months of supply through the winter, that segment enters the spring season in a fundamentally healthy position. A strong spring demand surge, particularly if combined with rate improvement, could quickly tighten the balanced detached market and put upward pressure on prices in the West, North West, and South. The detached market's trajectory is the most positive story in Calgary real estate heading into 2026.
Data sourced from CREB Monthly Statistics Package, City of Calgary, November 2025. Released December 1, 2025.
