Calgary Housing Market Report
- The housing inventory was 36% higher than last September.
- At 1,720, Calgary's monthly home sales saw a 14% year-over-year decline.
- The average home price of $615,005 is down 1.1% year over year.
- The market is shifting toward buyer-favourable conditions for the first time since early 2020.
- Detached home average price decreased by 4.6% year-over-year to $782k.
- Semi-detached home average price increased by 2.1% year-over-year to $687k.
- Townhouse average price decreased by 2.3% year-over-year to $457k.
- Condo apartment average price increased by 0.4% year-over-year to $349k.
- October 4, 2025 Update: Today’s Lowest mortgage rate in Calgary is 3.79% for 5-Year Variable.
Calgary Housing Market Overview
Calgary Housing Market: Price Movements for September 2025
Benchmark Home Price | $572,800 | -0.7% 1-Month Change | -4.0% 1-Year Change |
Average Home Price | $615,005 | +0.4% 1-Month Change | -1.1% 1-Year Change |
Median Home Price | $560,000 | -1.7% 1-Month Change | -0.9% 1-Year Change |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
Executive Summary
In September 2025, the Calgary housing market showed significant signs of shifting toward buyer-favorable conditions for the first time since early 2020. The market experienced a 14% year-over-year decline in sales, with 1,720 homes changing hands. At the same time, inventory increased by 36% from the previous year, reaching 6,916 units.
The overall benchmark home price for Calgary was $572,800, representing a 4.0% year-over-year decrease and a 0.7% monthly decline. The average home price of $615,005 was 1.1% lower annually but increased 0.4% from August. The median price declined 0.9% year-over-year to $560,000 and fell 1.7% from the previous month.
The sales-to-new-listings ratio dropped to 45%, and months of supply reached 4.0 months—levels not seen since early 2020. This marks a significant shift from the balanced conditions of recent months toward more buyer-favorable conditions.
Average Prices
Calgary's average home price in September 2025 was $615,005, showing a significant moderation after the market peaked in May 2025 at $650,239.
By Property Type:
- Detached homes: $782,069, down 4.6% year-over-year and slightly higher than August (+0.1%)
- Semi-detached homes: $686,834, up 2.1% annually and up 4.5% monthly
- Townhouses: $456,848, down 2.3% year-over-year but down 0.6% from August
- Apartments: $349,085, up 0.4% compared to last September and up 4.8% from August
Average home prices do not show the true extent of price changes because of the substitution effect. When changes in home prices or mortgage rates reduce consumers' buying power, they shift their purchases to more affordable options. As a result, the average price can underrepresent house price inflation. Moreover, luxury homes have an outsize effect on average prices, and fluctuations in the number of luxury home sales cause fluctuations in average prices.
There has been a continued change in the property types that Calgary buyers purchase. Over the past four years, the composition of home sales in the Calgary real estate market shifted toward condos while shifting away from detached houses.
Sales Numbers and Benchmark Prices
The benchmark home price in Calgary declined 4.0% year over year and 0.7% monthly to $572,800. In September 2025, 1,720 homes changed hands; this number has fallen 14% compared with last September. 3,782 new listings in Calgary increased by 2.6% year over year (YoY).
The sales-to-new listings ratio (SNLR) is 45%, which is significantly lower from last month (57% in August) and well below last year (54%). The SNLR indicates that the Calgary housing market has shifted toward buyer market conditions. Inventory increased 36% year over year to 6,916 units. Inventory stands at 4.0 months of supply compared with 3.4 in August and 2.5 months in September 2024.
In September 2025,
- Detached homes: The benchmark price decreased 0.95% year over year to $749,900, 0.75% lower month over month. The sale of 859 detached homes shows an 8.8% year-over-year decrease. Currently, inventory stands at 3.7 months of detached home sales.
- Semi-detached homes: Benchmark home prices grew 0.9% year-over-year to $684,800, 0.35% lower than in August 2025. Sales of semi-detached homes decreased by 14% YoY, reaching 156 units. Currently, inventory stands at 4.0 months of semi-detached home sales.
- Townhouses: Benchmark townhouse prices declined 4.8% YoY and 0.6% MoM to $437,100 for September 2025. The number of row houses sold decreased 19% YoY to 304 units. Currently, inventory stands at 3.6 months of row home sales.
- Apartments: Benchmark apartment prices are down 6.4% year-over-year to $322,900, declining by 1.1% from last month. The number of apartments sold decreased by 20% YoY to 401 units. Currently, inventory stands at 5.0 months of apartment home sales.
Calgary Home Prices (Benchmark)
Calgary home prices have fluctuated over the past twenty years, yet they have shown healthy appreciation, with a Cumulative Annual Growth Rate (CAGR) of 5.0% from January 2005.
Median Prices
As another price indicator, we can also look at the median prices for Calgary houses, decreasing by 0.9% yearly to $560,000. Calgary median home prices are 1.7% lower than in August 2025.
Median prices by property type:
- Detached homes: $690,000, 2.8% lower than last September and unchanged monthly
- Semi-detached homes: $572,500, down 3.8% annually and down 2.8% MoM
- Townhouses: $419,000, down 6.8% from last year and down 3.7% from the previous month
- Apartments: $318,000, declining by 3.6% annually and up 3.2% monthly
Context
Homes in Calgary are much more affordable than homes in Toronto and Vancouver. At the same time, Calgary is slightly less affordable than Montreal's larger housing market. Yet, prices have risen 39% over the past five years, and affordability has declined significantly in Calgary. This trend makes life for renters and future homeowners more difficult and reduces economic dynamism and productivity growth in the largest population center in Canada's prairies.
The recent shift toward more balanced and buyer-favorable conditions, driven by increased supply in both resale and rental markets along with slower population growth, is helping to ease some affordability pressures.
Supply and Demand
The September 2025 market showed a clear shift in supply-demand dynamics. With 3,782 new listings entering the market against only 1,720 sales, the sales-to-new-listings ratio dropped to 45%—the lowest level since 2018 for September. This has pushed months of supply to 4.0 months, crossing into buyer market territory for the first time since early 2020.
The additional supply is coming as demand slows due to reduced population growth and persistent economic uncertainty, reducing the sense of urgency among potential purchasers.
The impact varies significantly by property type. Apartment condominiums are experiencing the most pronounced buyer market conditions with 5.0 months of supply, while detached homes at 3.7 months remain in balanced conditions. Row homes and semi-detached properties are at 3.6 and 4.0 months, respectively.
For a longer-term horizon, it is instructive to consider changes in the Calgary population and the number of housing starts.
Calgary Population Chart
As of the last estimate, Calgary’s population is 1,778,881, growing at 3-year and 5-year annualized rates of 4.9% and 3.4% respectively.
As of the 2021 census, Calgary had 594,513 private dwellings, of which 563,440 (95%) were occupied by regular residents. The population in 2021 was 1,540,242. Thus, on average, 2.7 people lived in each private dwelling. At the 5-year annualized rate, the population is expected to grow by around 60,500 people each year, which translates into a requirement of around 22,000 new dwellings per year.
Calgary Housing Starts Chart
Over the past five years, Calgary builders have started an average of 15,900 units yearly. Looking at more recent data, they have started an average of 20,400 units per year over the past three years.
Macro Economics Trends
The Alberta real estate market avoided a pandemic bubble and remained relatively affordable. The home price in the Calgary region is 33% higher than it was ten years ago (compared with a 29% rise in CPI). Over the same period, Greater Toronto home prices rose by 64% and Montreal's by 104%. This price rise means Calgary's cumulative annual growth rate (CAGR) over the past ten years has been 2.9%.
Alberta, in general, and Calgary, in particular, enjoy more economic freedom (and arguably more natural resources) than many other parts of Canada. As a result, Alberta offers some of the highest incomes and wages among Canadian provinces, and Calgary offers some of the highest incomes and wages among Canadian cities.
The recent cooling in the Calgary market reflects broader trends affecting Canadian housing markets, including slower population growth, persistent uncertainty about economic conditions, and increased competition from both new home construction and the rental market. While prices have adjusted from their spring 2025 peaks, the market remains above pre-pandemic levels, and year-to-date prices are still showing modest gains over 2024 in many property categories.
Home Prices in Calgary
Calgary Housing Market Statistics for All Property Types in September 2025
Average Sold Price and Benchmark Price
Total Transactions and New Listings
Property Type Distribution
Market Overview for Detached Homes in September 2025
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes in September 2025
Average Sold Price
Transactions
Market Overview for Townhouses in September 2025
Average Sold Price
Transactions
Market Overview for Condo Apartments in September 2025
Unlike other major metro areas in Canada, such as Toronto real estate or Vancouver real estate, as recently as two years ago condo apartments were a relatively small part of Calgary's real estate market. Two years ago, they made up close to one-seventh of total home sales and a much smaller proportion of sales volume in dollars due to their lower prices. Currently, they constitute close to one-third of homes sold in the Calgary real estate market.
Average Sold Price
Transactions
Calgary Region Breakdown by Region for September 2025
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view and tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to cover damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Calgary Real Estate Board (CREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
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