Calgary's Housing Market: Steady Growth and Surprising Stability
Calgary's real estate market is currently navigating a fascinating period, showcasing a unique blend of consistency and evolving dynamics. As of late October 2025, active listings stood at 6,869 on October 27, while daily sales on October 25, 26, and 27 registered zero movement, suggesting a quiet moment that often precedes renewed activity. This calm is both welcoming and intriguing for local homeowners and prospective buyers amidst historically fluctuating markets.
Despite the recent lull in daily sales, prices tell a story of resilience. The year-to-date average sales price has reached $630,379, with the benchmark price for September 2025 at $572,800. While the benchmark price for October 2025 was down 4.0% from October 2024 to $572,800, and total sales were down 14.0% year-over-year, Calgary's housing market is still expected to remain strong in 2025, with sales forecasted 20% above long-term trends. This suggests a market poised for future growth, retaining its appeal for buyers and investors.
The increased inventory, up 36.5% compared to last October and reaching levels not seen since 2020, along with a sales-to-new-listings ratio of 45%, indicates a shift towards more balanced conditions where buyers have greater selection and less urgency to purchase. This change is partly influenced by slowing population growth and heightened economic uncertainty, along with increased competition from new home construction and additional rental market supply. Notably, Calgary has led Canada in housing starts, with over 10,000 new market homes receiving development permit approvals in the first half of 2025.
For Calgarians, this means a market that is transitioning from a seller-dominated environment to one offering more choices and negotiating power for buyers. While higher-priced homes may see slower resale price growth due to increased competition from new units, lower-priced resale homes are expected to experience stronger price growth due to steady demand and limited supply options. Despite these shifts, continued population growth is expected to maintain strong absorption levels across Calgary, contributing to a stable market for all.
