PRICE DECLINES MOSTLY DRIVEN BY HIGHER DENSITY HOMES
Calgary Alberta - September 2, 2025
DETACHED
Detached home sales eased to 995 units in August, while new listings rose to 1,748 units, keeping the sales-to-new listings ratio below 60%. This prevented any significant shift in inventory, as the 3,051 units were the highest levels reported in August since 2020.
Higher inventory levels and easing supply have helped balance out the detached market. However, districts like the North East, North and East are experiencing buyer market conditions. The unadjusted benchmark price in August was $755,600 down by nearly 1% over last month and last years levels.
While prices have eased there is significant variation depending on location. Compared to last year, prices reported the largest decline in the North East and East district at 5%, while prices in the city centre were over 2% higher. As many of the adjustments have occurred over the past few months, year-to-date Calgary prices remain 2% higher than last year.
SEMI-DETACHED
August sales improved over last year’s levels, but it was not enough to offset earlier pullbacks with year-to-date sales of 1,557— 8% lower than last year—but higher than long-term trends. At the same time new listings slowed compared to sales pushing the sales-to-new listings ratio up to 67% and preventing any further monthly inventory gains.
Inventory gains have not been as high for this product type, and the months of supply remained below three months in August. This is one of the reasons that the prices have not seen the same adjustment.
In August the unadjusted benchmark price was $687,200 down over last month, but nearly1% higher than last year, and nearly 4% higher on a year-to-date basis. Price growth has varied across the city, with the largest year-over-year gains occurring in city centre.
Meanwhile the largest declines have occurred in the North East, East and North districts.
ROW
Sales in August slowed, contributing to the year-to-date decline of nearly 16%. While new listings did ease in August compared to last year and last month, they have generally been on the rise pushing up inventory levels.
In August, there were 1,103 units in inventory, reaching the second highest level on record for August, only slightly lower than the record high in reported in 2018.
Due to the relatively strong sales, the months of supply has only pushed slightly above three months, far more balanced than last year, but not as high as the 6.4 months report back in 2018. Nonetheless, additional supply choice has weighed on prices.
In August, the unadjusted benchmark price in the city was $439,600, reflecting the fourth consecutive monthly decline and nearly 5% lower than last August.
While prices eased across all districts, price declines exceeded 5% in the North East, North, South and East districts. These districts generally reported high levels of supply in the resale sector or had significant competition from new home supply.
APARTMENT
Sales continue to slow in August contributing to a year-to-date pullback of nearly 30%. While sales are still above long-term trends, they have not been high enough to offset the level of new listings in the market. In August alone there were 877 new listings compared to the 449 sales, keeping the sales-to-new listings ratio relatively low at 51%.
The low ratio that has persisted throughout this year has contributed to the higher inventory levels seen in the market. While August inventory levels did not rise over last month, with 1,979 units available, this is the highest August inventory ever reported. The months of supply for apartment condos have remained around four months since June.
The excess supply relative to demand has been weighing on prices. As of August, the unadjusted benchmark price was $326,500, reflecting the fifth consecutive monthly decline and nearly 6% lower than levels reported last August.
Most of the supply is concentrated in the City Centre, which reported a year-over-year decline of 5%, slightly higher than the rate of decline reported in the West district at 3%. Meanwhile, the highest price declines occurred in the North East district at over 11%.
REGIONAL MARKET FACTS
AIRDRIE
Easing sales in August contributed the year-to-date decline of 12% for 1,248 sales so far this year. The 152 sales this month was met with 265 new listings, pushing the sales-to-new listings ratio up to 57% and preventing any further monthly inventory gains.
As of August, there was 535 units in inventory, above long-term trends and the highest levels reported since before the pandemic. The rise in supply has helped shift the market to more balanced conditions. However, with more supply options in both the new home, resale markets and in competing locations, there has been some downward pressure on prices in Airdrie.
In August, the unadjusted total residential benchmark price was $531,100, down over last month and 4% lower than levels reported last August.
COCHRANE
The 70 sales this month were met with 139 new listings causing the sales-to-new listings ratio to fall to 50%, the lowest ratio reported for August since 2015. The pullback in sales compared to new listings, prevented any significant shift in inventory levels, pushed the months of supply up above four months.
Despite the shift this month, prices in Cochrane remained relatively stable in August, with the unadjusted benchmark price sitting at $589,100, similar to last month and nearly 2% higher than last year.
On a year-to-date basis prices are 4% higher than the previous year.
OKOTOKS
New listings in August reported a significant pullback relative to sales and the sales-to-new-listings ratio pushed up to 80%.
While sales have generally remained in line with long-term trends, new listings have not had the same increase that other areas have reported, preventing significant gains in inventory levels.
As of August, there was 116 units in inventory, a 29% gain over last year, but still 30% lower than levels traditionally seen in August. Despite tighter conditions, prices have reported some monthly declines.
However, year-to-date benchmark prices remained 2% higher than last year’s levels, with gains reported across each property type.