Overview: Calgary's Overall Market Crosses Into Buyer's Territory
September 2025 marked a notable shift in Calgary's housing market, with the total residential months of supply crossing above four months city-wide for the first time in the current correction cycle. According to CREB's monthly statistics released October 1, 2025, total sales reached 1,720 units, down 14 percent from September 2024. New listings came in at 3,782 while active inventory climbed to 6,916, reflecting continued supply accumulation across multiple property segments.
"Continued gains in new listings relative to sales are keeping inventory elevated and placing downward pressure on prices, particularly in the apartment and row segments where supply levels have been most pronounced," said Ann-Marie Lurie, CREB's Chief Economist. "The detached and semi-detached markets are holding up comparatively well, but the aggregate picture has shifted in favour of buyers."
The total residential benchmark price reached $572,800, a 4.04 percent decline from September 2024. With overall months of supply at 4.02, the city-wide market has technically crossed the four-month buyer's market threshold, though that figure masks the wide divergence between property types. Detached and semi-detached homes remain in balanced territory while apartments have pushed well into buyer's market conditions.
September 2025 Calgary by the numbers: 1,720 sales, 3,782 new listings, 6,916 active listings, 4.02 months of supply, and a total residential benchmark price of $572,800.
September 2025 Sales and Listings Activity
The 1,720 residential sales represent a 14 percent year-over-year decline, continuing the demand pullback that has characterized 2025. The 3,782 new listings added meaningful supply to an already elevated inventory pool, pushing active listings to 6,916 units. Sellers are entering the market but buyers have not returned at a pace to absorb that supply, resulting in the inventory buildup that now defines September's market conditions.
Average days on market reached 42 for September, reflecting longer decision timelines as buyers exercise the selection advantage they now hold. The sale-to-list price ratio held at 97.71 percent, indicating that correctly priced properties are still transacting reasonably close to asking price, but overpriced listings are sitting longer and attracting harder negotiations. The gap between well-priced and aspirationally priced properties has widened considerably.
Year-to-date, the detached segment has significantly outperformed apartments and row homes on both pricing and sales velocity. The market is not uniformly soft. Buyers targeting the right property type and district still encounter competition in certain pockets, but the aggregate data tells a story of a market that is cooling across the board relative to the prior year.
Gold dashed line marks the 4-month buyer's market threshold. Source: CREB Monthly Statistics, September 2025.
Calgary Home Prices by Property Type in September 2025
The total residential benchmark of $572,800 in September 2025 reflects a 4.04 percent year-over-year decline, but blends dramatically different outcomes across property types. Detached and semi-detached homes have proven far more resistant to price pressure than row homes and apartments, a pattern that has held consistently throughout 2025 as supply accumulates disproportionately in the higher-density segments.
Source: CREB Monthly Statistics, September 2025
Detached Homes
Detached homes remained Calgary's most resilient property segment in September 2025. The benchmark price of $749,900 represents a modest 0.95 percent year-over-year decline, by far the smallest correction among property types. With 3.73 months of supply, the detached segment stays firmly in balanced territory. Sellers of well-maintained detached properties in desirable districts continue to achieve competitive results, with limited competition from new supply keeping conditions tighter than the city-wide average suggests.
Semi-Detached Homes
The semi-detached segment posted the only positive year-over-year benchmark price gain of any property type in September 2025, up 0.94 percent to $684,800. At 3.96 months of supply, just below the four-month threshold, conditions remain balanced. Limited new semi-detached supply and consistent demand from buyers seeking attached product at a price point between detached and condo have insulated this segment from the broader correction. Semi-detached sellers in Calgary's stronger districts are still operating from a position of relative strength.
Row Homes and Townhouses
Row homes saw meaningful price erosion in September, with the benchmark falling 4.81 percent year over year to $437,100. The 3.62 months of supply is approaching the upper end of the balanced range, and competition from the apartment sector and rental market alternatives is weighing on buyer urgency. Buyers in the row segment have more selection and negotiating leverage than they did in 2024, particularly in districts where row construction has added new supply to the resale pool.
Apartment Condominiums
The apartment market in September 2025 is clearly the most challenged segment in Calgary. At 4.99 months of supply, apartments have crossed well into buyer's market territory, and the benchmark price of $322,900 is down 6.41 percent year over year. Improved rental supply has reduced the urgency to purchase for many would-be buyers, and existing owners looking to sell face a market where selection is abundant and buyers are exercising patience and negotiating leverage. Record September inventory in this segment points to continued price pressure heading into fall.
Source: CREB Monthly Statistics, September 2025
The semi-detached segment posted the only positive year-over-year price change in September 2025, up 0.94 percent, while apartments fell 6.41 percent year over year and crossed well past the buyer's market threshold at 4.99 months of supply.
Calgary Real Estate Prices by District in September 2025
District-level data for September 2025 shows broad price softening across Calgary, with no district recording a year-over-year benchmark gain. The sharpest declines are concentrated in the North East and East, where apartment supply is heaviest. The City Centre has also crossed into significant correction territory due to its dense condo inventory. The West and North West continue to hold up better than the city-wide average, anchored by stronger detached market fundamentals.
Source: CREB Monthly Statistics, September 2025. Total residential benchmark, all property types combined.
West District
The West district recorded the smallest year-over-year total benchmark decline among all Calgary districts in September 2025, at 2.3 percent. The detached segment in the West continues to benefit from limited resale supply and stable demand from buyers prioritizing established communities with larger lots. West Calgary's premium pricing provides a buffer; buyers here are less rate-sensitive and more motivated by lifestyle factors, which has kept demand relatively steady even as the broader market cools.
North West District
The North West posted a 2.1 percent year-over-year total benchmark decline in September, the second-best performance citywide. The area's detached and semi-detached segments have held up well, with months of supply remaining in balanced territory. The North West's apartment market has seen more softening, which partially pulls down the district benchmark. Overall, the North West remains one of Calgary's more stable markets, with consistent buyer interest in both established and newer communities.
City Centre and South
The City Centre recorded a 4.4 percent total benchmark decline year over year in September, driven substantially by the apartment condo segment where supply levels have been climbing throughout 2025. At this level, City Centre crosses into the red zone for the month. The South district is down 3.7 percent, with apartments and row homes leading the correction while the detached South market remains comparatively stable. Buyers targeting inner-city condo living have growing selection and pricing power in the City Centre.
South East District
South East posted a 3.2 percent year-over-year total benchmark decline in September, landing in the moderate correction range. The apartment and row segments have seen inventory build, providing buyers with meaningful choice, while the detached South East market has been more insulated. South East communities with a higher proportion of detached product have held up better than those dominated by condominium and townhouse inventory.
North East and East
The North East and East districts are experiencing the sharpest corrections in September 2025, with total benchmarks down 7.9 percent and 6.5 percent respectively. Both districts have the highest concentration of apartment condominiums relative to other property types, and the apartment correction is hitting hardest in areas where condo supply is most plentiful. Buyers focused on affordability in the North East and East have perhaps the strongest negotiating position in the current Calgary market.
What September 2025 Data Means for Calgary Buyers
For buyers targeting detached homes in Calgary's stronger districts, September 2025 still requires preparation and responsiveness. Supply in the West, North West, and South detached segments stays relatively tight, and well-priced properties continue to attract serious interest. Come pre-approved, understand the specific sub-market you are targeting, and do not assume that city-wide inventory data translates into easy leverage in these tighter segments. The buyer's advantage exists unevenly across the market.
Apartment condominium buyers have one of the strongest negotiating positions Calgary has seen in several years. With 4.99 months of supply city-wide and benchmark prices at $322,900, buyers can take their time, negotiate on price and terms, and expect genuine competition among sellers. In the North East and East, where corrections have been most severe, the value opportunities are real and measurable compared to 2023 peak pricing.
Row home buyers sit in a middle position. Supply has risen enough to give buyers real choice and some pricing flexibility, particularly in the South East and North East. However, row homes in desirable inner-city and established communities continue to see reasonable activity. Knowing which specific communities are seeing the most supply accumulation is the key to identifying where negotiating power is greatest.
What September 2025 Data Means for Calgary Sellers
Sellers in September 2025 must price with the current market in mind. Average days on market at 42 and a sale-to-list ratio of 97.71 percent signal that buyers are selective and patient. Overpriced listings accumulate days-on-market history that buyers use as a lever to negotiate harder. The sellers who succeed in this environment are those who price correctly from day one and ensure their property is well-presented and professionally marketed.
Detached sellers in Calgary's tighter districts, particularly the West and North West, are still operating from a position of relative strength compared to other property types. If your detached home is priced to reflect current comparable sales, you can still achieve a competitive result. But the leverage that produced routine bidding wars in 2022 and 2023 is not available in September 2025, and expectations need to be calibrated accordingly.
Apartment sellers face the toughest conditions in the current market. With 4.99 months of supply and prices down 6.41 percent year over year, the competitive environment is firmly in the buyer's favour. Sellers who need to exit the apartment market should price aggressively from the start, avoid protracted price reductions, and be prepared to negotiate on both price and conditions to achieve a timely sale.
Outlook: What to Watch for the Rest of 2025
September's data confirms that the correction that began earlier in 2025 is deepening as the year moves into its final quarter. With inventory at elevated levels across the apartment and row segments, and sales running below prior-year pace, the supply-demand imbalance is not resolving quickly. Any meaningful recovery in demand would need to be significant to materially reduce months of supply before year-end.
Interest rate movements remain the key wildcard for the fall. Any Bank of Canada rate reduction could unlock latent buyer demand, particularly among first-time buyers and investors who have been sitting on the sidelines. Rate-sensitive segments like apartments and row homes would be the first to benefit from improved affordability, and any demand surge in those segments could slow or reverse the current price correction faster than the inventory data alone would suggest.
For the detached market, the outlook heading into Q4 2025 is one of continued relative stability. Supply in the West, North West, and South detached segments is unlikely to surge in the fall, and demand from upgrade buyers and new Calgarians has not collapsed. If months of supply in those segments stay below four through the end of the year, detached prices in Calgary's stronger districts should hold near current levels heading into 2026.
Data sourced from CREB Monthly Statistics Package, City of Calgary, September 2025. Released October 1, 2025.
