Winter Market Update
As we move into the winter season, the Calgary real estate market is settling into a more balanced rhythm. November typically brings a softer pace, and this year followed suit with 1,553 sales and 2,251 new listings, resulting in a 69% sales-to-new-listings ratio. While inventory eased slightly from October, supply remains elevated at 5,581 units, higher than both last year and what we normally see for November.
A significant share of this additional supply is coming from higher-density housing—particularly row homes and apartment-style condos. Increased options from the new-build sector are also feeding into the resale market, contributing to more choice for buyers. As a result, buyers’ market conditions are showing up most clearly in the apartment segment, and to a lesser degree in row homes, while detached and semi-detached properties remain relatively balanced across most districts.
These supply changes are directly influencing pricing. Apartments and row homes are seeing the largest year-over-year pullbacks, while detached and semi-detached homes remain steadier. The overall unadjusted benchmark price for Calgary landed at $559,000 in November—about 5% lower than the same month last year.
Below is a breakdown of how each property type performed and what buyers and sellers should know heading into the winter market.
Detached Homes in Calgary
Detached home sales reached 823 units, right in line with typical November activity. New listings eased, helping inventory tick down slightly from October, though supply remains higher than last year. With about three months of supply, the detached market is sitting in balanced territory.
Prices dipped seasonally, with the detached benchmark price settling at $733,000—down 2% year-over-year, but still up 1% year-to-date. The most pressure is showing in the North East, North, and East districts, where increased competition from new builds and more inventory options are influencing pricing.
Semi-Detached Homes in Calgary
Semi-detached sales were similar to last year and remain above long-term trends. Higher-than-usual listing activity pushed inventory to the highest November level in five years, shifting this segment into a more balanced state after years of tight conditions.
The benchmark price dipped slightly month-over-month to $671,700 but held steady compared to last year. Year-to-date, semi-detached homes lead the market in price growth at nearly 3%, with the City Centre seeing the strongest gains.
Row Homes in Calgary
Row home sales eased to 257 units, down from last year’s record but still outperforming long-term norms. Inventory remains elevated for this time of year, creating more supply pressure than we’ve seen in recent winters.
The benchmark price for row homes came in at $424,400, down month-over-month and 6% lower than last November. Year-to-date, prices are down nearly 2%, marking a more sustained softening in this segment.
Apartment Condominiums in Calgary
Apartments continue to face the most oversupply. Sales returned to long-term averages, but listing activity remained strong, pushing inventory to a record high for November. With months of supply sitting near six months, the apartment sector is firmly in buyers’ market territory.
The apartment benchmark price is now $309,300, down 7% year-over-year and just over 2% year-to-date. The largest decreases occurred in the North East, while the West district held stable.
What This Means for Buyers and Sellers
Buyers have more choice in the apartment and row home segments, especially with elevated inventory and softened pricing.
Sellers in detached and semi-detached categories are still operating in balanced conditions, though pricing needs to reflect seasonal trends and district-specific competition.
Investors may find opportunities in softer segments where pricing has adjusted and supply has increased.
As the year wraps up, the Calgary market is moving toward balance—not a cooldown. Demand remains steady, but buyers now have more options than they’ve had in several years, especially in higher-density housing.
If you’d like help navigating the market or want a personalized breakdown for your neighbourhood, I’m here to help.
