Calgary's real estate market saw year-over-year declines in both sales and new listings in October, putting the market firmly in balanced territory.
“With 6,471 homes in inventory and 1,885 sales, the October months of supply returned to three-and-a-half months after pushing up to four months in September,” said Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB).
“While both row- and apartment-style properties continue to report elevated supply levels compared to demand, conditions remain relatively balanced for both detached and semi-detached properties.“
Year-to-date sales at the end of October were 20,082, down 16% from the same time last year, but in line with long term trends, said Lurie.
“Much of the decline in sales has been driven by pullbacks for apartments and row-style homes,” she said.
“Improved rental supply and easing rents have slowed ownership demand for apartment- and row-style homes. It is also these segments of the market that have seen October inventories reach a record high for the month.
“Excess supply for apartments and row-style properties is weighing on prices in those segments more so than any other property type, influencing total residential prices.”
Calgary’s market-wide benchmark price in October was $568,000, down less than 1% from September and more than 4% above September 2024.
Here are Luries’ overviews of the market by home type.
Single-family
October sales reached 1,012 homes, an improvement over September, but still 5% lower than September 2024. There were 1,593 new listings, causing the sales-to-new-listings ratio to rise to 64% and inventory to decline to 2,913 homes. Despite relatively balanced conditions, there are pockets of the market that are experiencing buyer’s market conditions, which is impacting prices. The citywide benchmark price was $744,400 in October, 1% lower than last year. Price adjustments varied from a year-over-year gain of nearly 2% in the city centre to a decline of over 5% in the northeast district.
Semi-Detached
Sales improved over September while new listings slowed, with the sales-to-new-listing ratio rising to 57%, which is slightly lower than typical levels for this time of year, but high enough to prevent any significant change in inventory levels compared to last month. With 186 sales and 613 units in inventory, there were more than three months of supply, higher than last year, but lower than September. The October benchmark price was $683,100 nearly 1% higher than last year and year-to-date more than 3% higher than last year.
Row/townhomes
October sales were 275 homes, taking year-to-date sales to 3,412 homes, down 17% from last year. Sales are well above long-term trends and new listings have been on the rise and reached record highs this year, with 1,054 homes in inventory, the highest ever reported for the month and nearly 32% higher than long-term averages. The months of supply hovered around four months, with the additional supply pushing down prices. The October benchmark price was $431,200, 1% lower than September and nearly 6% lower than October 2024. The year-to-date price dropped 1.5%, with the largest year-to-date declines in the northeast and north districts.
Apartment Condominium
Lower new listings relative to sales in October prevented further gains in inventory. However, with 1,891 units in inventory and 412 sales, the months of supply remained elevated at nearly five months.
Apartment condominiums have been experiencing buyer’s market conditions for nearly six months, placing downward pressure on prices. As of October, the benchmark price was $318,200, down more than 1% compared to September and nearly 7% lower than October, 2024.The largest year-to-date price declines occurred in the northeast and southeast at 4% , as those districts are either reporting the highest months of supply on the resale market or are facing significant competition from the new home market.
