The first down year since 2022, led by condos, with buyers holding more leverage than at any point in five years.
Calgary closed 2025 with a benchmark home price of $554,700 — down 0.8% in December and 4.7% over the year, the first annual decline since 2022. December sales were 1,123, down 14.8% year-over-year, while inventory of 3,873 homes finished 29.4% above December 2024. Supply was 3.4 months and a typical home took 53 days to sell, nine days longer than a year earlier. Apartment condos ended at $303,600, down 7.4%; detached homes at $726,300, down 2.7%.
December 2025 at a glance
Calgary finished 2025 at $554,700, down 4.7% on the year — its first annual decline since 2022 and the end of a run that had added roughly 43% to the benchmark between January 2021 and June 2024. December sales were 1,123 and homes took 53 days to sell. Inventory finished 29.4% above the prior year. The year belonged entirely to buyers, and the adjustment was concentrated exactly where the previous boom had been.
Calgary prices over time
| Year | Benchmark price | Change on the year |
|---|---|---|
| 2014 | $459,500 | — |
| 2015 | $448,800 | ▼ -2.3% |
| 2016 | $434,100 | ▼ -3.3% |
| 2017 | $433,200 | ▼ -0.2% |
| 2018 | $424,600 | ▼ -2% |
| 2019 | $415,900 | ▼ -2% |
| 2020 | $421,300 | ▲ +1.3% |
| 2021 | $463,900 | ▲ +10.1% |
| 2022 | $518,800 | ▲ +11.8% |
| 2023 | $565,200 | ▲ +8.9% |
| 2024 | $582,100 | ▲ +3% |
| 2025 | $554,700 | ▼ -4.7% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| January 2025 | 1,449 | 2,896 | 3,640 | 41 | $581,800 |
| February 2025 | 1,718 | 2,830 | 4,147 | 33 | $586,300 |
| March 2025 | 2,156 | 4,018 | 5,153 | 29 | $590,300 |
| April 2025 | 2,230 | 4,037 | 5,868 | 29 | $589,200 |
| May 2025 | 2,559 | 4,840 | 6,744 | 32 | $588,300 |
| June 2025 | 2,284 | 4,223 | 6,944 | 33 | $584,600 |
| July 2025 | 2,096 | 3,911 | 6,919 | 37 | $581,100 |
| August 2025 | 1,986 | 3,477 | 6,659 | 38 | $576,000 |
| September 2025 | 1,716 | 3,782 | 6,919 | 42 | $571,400 |
| October 2025 | 1,879 | 3,232 | 6,472 | 43 | $566,200 |
| November 2025 | 1,547 | 2,251 | 5,587 | 49 | $559,000 |
| December 2025 | 1,123 | 1,219 | 3,873 | 53 | $554,700 |
The headline numbers
| Metric | December 2025 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $554,700 | ▼ -0.8% | ▼ -4.7% |
| Sales | 1,123 | ▼ -27.4% | ▼ -14.8% |
| New listings | 1,219 | ▼ -45.8% | ▼ -1.5% |
| Inventory | 3,873 | ▼ -30.7% | ▲ +29.4% |
| Days on market | 53 | ▲ +4 days | ▲ +9 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $726,300 | ▼ -2.7% | 583 | 52 | 2.7 |
| Semi-detached | $663,700 | ▼ -2% | 96 | 54 | 4.0 |
| Row / townhouse | $420,900 | ▼ -5.7% | 171 | 50 | 3.8 |
| Apartment condo | $303,600 | ▼ -7.4% | 273 | 57 | 4.5 |
The year in one line
Prices fell in ten of twelve months. Supply rose from 2.5 months in January to a peak of 3.6 in November. Days on market went from 41 to 53. Inventory ran between 28% and 116% above the prior year in every single month.
The largest year-over-year inventory increase came in April at 116.1%, when Calgary had 5,868 homes for sale against 2,716 a year earlier. That comparison — against the tightest market in the city’s record — is what made 2025’s numbers look so dramatic.
Condos gave back what they had gained
Apartment condos ended 2025 at $303,600, down 7.4% on the year and about $37,800 below the August 2024 peak. Row homes fell 5.7% to $420,900.
Both had been the market’s star performers from 2022 to 2024, rising on demand from buyers pushed down the price ladder by high rates. As rates eased and supply rebuilt, that demand moved back up and the segments gave ground fastest. Detached homes, down just 2.7%, held their value considerably better.
Why the fall was gradual
A 4.7% annual decline against inventory running 30–116% above the prior year is a modest response. The reason, as throughout Calgary’s history in this data, is the absence of forced sellers.
Alberta’s employment held up, and owners who didn’t like their offers delisted rather than cutting. New listings in December fell 45.8% on the month to 1,219 and inventory dropped 30.7%. That withdrawal is what has repeatedly stopped Calgary’s corrections from deepening.
What this meant going into the new year
Calgary entered 2026 with 3,873 homes for sale and 3.4 months of supply — the healthiest position for buyers in six years, though notably down from November’s 5,587 as sellers withdrew for the winter.
For buyers the arithmetic had improved substantially: prices about 8.4% below the June 2024 peak, real choice, and no competing offers on most properties. The thing to watch was whether the spring would bring back the listings that disappeared in December — because if it didn’t, a market at 3.4 months can tighten faster than most people expect.
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Source: CREB, December 2025 (City of Calgary geography). Prices shown are benchmark (HPI) values. Month-over-month compares to the prior month; year-over-year to the same month last year. The board may revise past months as late sales are recorded. Prepared by Mortgages for Less.
