Calgary’s housing market continued to experience a moderating trend in October, characterized by shifting momentum, easing inventory levels, and starkly divergent conditions depending on the property type and geographic district. According to the latest monthly housing statistics released by the Calgary Real Estate Board (CREB), a total of 1,592 homes were sold across the city during the month, contributing to a year-to-date sales figure that remains down nearly 11 per cent compared to the same period in 2025.
The broader market deceleration has been largely propelled by a noticeable cooling in demand for higher-density housing options, particularly apartment condominiums and row homes. Despite the generalized slowdown across most sectors, activity remained resilient at the upper echelon of the market. Sales of luxury homes priced above $1.5 million saw an uptick in October, although this exclusive segment continues to account for a minor fraction, representing less than four per cent of overall real estate activity in the city.
Inventory levels across the board also experienced a contraction. Total housing inventory fell by nearly five per cent from October 2025, settling at 6,173 active units. Despite the reduction in available listings, the months of supply metric remained steady at just below four months. This statistical baseline masks a fragmented marketplace where conditions heavily favour prospective buyers within the apartment and row home sectors, whereas the detached and semi-detached property segments have maintained a relatively balanced footing between supply and demand.
Prices vary across property types
The overarching benchmark price for a residential home in Calgary stood at $564,200 in October. This figure represents a marginal decrease of less than one per cent on a year-over-year basis. Furthermore, the benchmark price experienced a slight easing when compared to the preceding month of September, a movement that aligns closely with typical seasonal expectations for the local real estate cycle.
Looking at the broader economic picture, year-to-date benchmark prices are tracking nearly three per cent lower than those recorded through the corresponding period in 2025. The most pronounced downward adjustments have been heavily concentrated within the apartment condominium sector, where surging supply choices and alternative housing avenues have fundamentally altered the pricing power of sellers.
Ann-Marie Lurie, chief economist at CREB, provided insight into the macroeconomic forces shaping the market’s current trajectory, pointing to the availability of housing options as a primary stabilizing mechanism for overall affordability.
"Supply choice in the new, rental and resale markets has taken much of the pressure off prices this year. However, supply choice can vary significantly within the market, resulting in divergent impacts on prices," said Lurie.
Lurie further elaborated on the fragmented nature of Calgary’s urban geography and property categories, noting that broad market averages fail to capture the localized realities facing buyers and sellers today.
"Much of the downward pressure on prices is occurring in the oversupplied higher-density segments of the market, while detached and semi-detached prices have remained more stable. Even within the detached market, we see variation as the City Centre and West districts continue to report price gains over 2025, while prices have declined by more than six per cent in the North East district," Lurie explained.
Apartment and row home prices face greatest pressure
The impact of changing inventory dynamics and shifting buyer preferences is most acutely visible in the multi-family and attached housing sectors. In October, the benchmark price for an apartment condominium dropped by eight per cent compared to the same month in the previous year, settling at $288,800. This latest adjustment leaves apartment prices sitting roughly 15 per cent below the peak levels recorded in August 2024. With more than five months of supply currently lingering on the market, the apartment sector continues to grapple with persistent excess inventory, creating a firmly buyer-centric environment where purchasers enjoy greater negotiating leverage and an expanded array of choices.
Row homes have faced a similar, albeit slightly more moderate, downward trajectory. In October, the benchmark price for a row home reached $407,500, representing a decline of more than five per cent from October 2025. Months of supply for row homes hovered at 4.4, further underscoring the ongoing oversupply that has characterized this segment of the market for much of the year.
Conversely, low-rise freehold properties have demonstrated remarkable resilience in the face of broader market softening. Detached homes recorded a benchmark price of $735,100 in October, marking a minor year-over-year decrease of less than one per cent. Semi-detached homes performed even more steadily, pushing against the broader downward trend to reach a benchmark price of $685,200, which represents a modest increase of nearly one per cent compared to October of the previous year. These contrasting figures illustrate a market defined less by a uniform correction and more by localized adjustments, where the pressures of high-density oversupply contrast sharply with the enduring demand for single-family and semi-detached dwellings across various communities in Calgary.