Winter Cool-Down: Calgary Real Estate Market Returns to Balance (December 2025 Market Update)

As we head into December 2025, the Calgary real estate market is following a familiar seasonal script: the weather is cooling down, and so is the pace of sales. However, looking beyond the typical winter slowdown, the November numbers reveal a market that is finding its footing after a busy year.

According to the latest data from CREB®, conditions in Calgary remain relatively balanced. While sales and new listings have slowed in line with seasonal trends, inventory levels are creating some interesting opportunities for buyers, particularly in specific property sectors.

Here is our breakdown of what happened in November and what it means for you.

Calgary House Pricing Index Real Estate Market Statistics December 2025

The Big Picture: Inventory is Up

The most notable trend heading into the end of 2025 is the rise in inventory.

Inventory: There were 5,581 units in inventory in November, which is 28% higher than last year and 15% above typical November levels.
The Cause: Much of this boost is coming from the new home sector (specifically row and apartment units) entering the resale market.
The Result: The Total Residential Benchmark Price currently sits at $559,000, which is nearly 5% lower than this time last year.

However, real estate is hyper-local. When we peel back the layers, we see two very different markets emerging.

A Tale of Two Markets

1. Detached & Semi-Detached: The Balanced Sector

If you own a single-family home, the market remains stable. While prices have seen a slight seasonal dip, year-to-date figures are holding strong.

Detached Homes: Sales volume is consistent with long-term trends. With roughly three months of supply, this segment is in a balanced state. The benchmark price is $733,000. While this is a slight dip from last month, detached prices are still 1% higher year-to-date compared to 2024.
Semi-Detached: This has been the strongest performer in 2025. Year-to-date price growth is sitting at nearly 3%, with the City Centre seeing gains of 4%.

The Takeaway: There is no panic selling here. The market is healthy, balanced, and maintaining value.

2. Row Houses & Apartments: The Buyer’s Opportunity

If you are a first-time buyer or an investor, this is where you will find the most choice and negotiating power.

Row/Townhomes: Inventory levels haven't been this high in November since 2018. This surplus has put downward pressure on prices, with the benchmark falling to $424,400.
Apartment Condos: This sector has the most excess supply, with months-of-supply edging near six months. The benchmark price is $309,300 (down 7% year-over-year).

The Takeaway: With record-high inventory for this time of year, buyers in the condo and townhome market have plenty of options and arguably the best leverage we’ve seen all year.

Regional Highlights: The Surrounding Areas

Airdrie: We are seeing typical seasonal slowing here. The influx of new homes hitting the resale market has kept inventory elevated, causing a slight dip in prices.
Cochrane: Inventory is at its highest November level since 2018, but demand remains surprisingly robust. Despite the extra supply, benchmark prices are still nearly 2% higher year-to-date compared to last year.
Okotoks: This market is bucking the trend. Sales actually improved compared to last month, and supply remains tight. Because of this, prices in Okotoks continue to sit higher than last year across all property types.

What This Means for You

For Sellers: If you are selling a detached home, you are in a stable position, but correct pricing is vital as we enter the holiday season. If you are selling a condo or townhome, you are facing more competition; staging and marketing will be key to standing out in a crowded field.

For Buyers: The "winter lull" combined with higher inventory levels (especially in the density sectors) makes this an excellent time to browse. With less urgency in the market, you have more time to view homes and make thoughtful decisions.

Real estate is never one-size-fits-all. Whether you are looking to buy a condo in the Beltline or sell a family home in Okotoks, you need a strategy tailored to your specific neighbourhood.