Four months of supply, six weeks to sell, and the most choice buyers have had in years — with condo sellers feeling it first.
In September 2025, Calgary’s benchmark home price was $571,400 — down 0.8% from August and 4% below a year earlier. Sales slowed to 1,716, down 14% year-over-year, while inventory climbed to 6,919 homes, up 37%. That pushed the market to 4.0 months of supply and stretched selling times to 42 days, two weeks longer than last September. Detached homes held up best at $746,500 (down 1.3%), while apartment condos, at $317,700 and 5.0 months of supply, had moved clearly into buyers’ favour.
September 2025 at a glance
September 2025 was the month Calgary buyers finally got some breathing room. Not because prices collapsed — the benchmark eased 0.8% to $571,400, a drift rather than a drop — but because the supply picture flipped. Inventory reached 6,919 homes, more than a third higher than a year earlier, while sales fell to 1,716. The arithmetic of that is four months of supply, the most balanced Calgary had been in years, and it showed up where buyers actually feel it: a typical home took 42 days to sell, two full weeks longer than last September.
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 (to September) | $571,400 | ▼ -1.8% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| October 2024 | 2,167 | 3,263 | 4,967 | 32 | $590,900 |
| November 2024 | 1,793 | 2,327 | 4,354 | 37 | $586,400 |
| December 2024 | 1,318 | 1,238 | 2,994 | 44 | $582,100 |
| 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 |
The headline numbers
| Metric | September 2025 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $571,400 | ▼ -0.8% | ▼ -4% |
| Sales | 1,716 | ▼ -13.6% | ▼ -14.2% |
| New listings | 3,782 | ▲ +8.8% | ▲ +2.6% |
| Inventory | 6,919 | ▲ +3.9% | ▲ +36.6% |
| Days on market | 42 | ▲ +4 days | ▲ +14 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $746,500 | ▼ -1.3% | 858 | 38 | 3.7 |
| Semi-detached | $684,600 | ▲ +0.9% | 155 | 37 | 4.0 |
| Row / townhouse | $436,600 | ▼ -4.7% | 303 | 45 | 3.6 |
| Apartment condo | $317,700 | ▼ -6.5% | 400 | 52 | 5.0 |
What four months of supply actually buys you
Months of supply is inventory divided by sales — how long the current stock would last at the current pace. Under two months is a seller’s market and usually means competing offers. Four to six is balanced.
Calgary’s 4.0 in September 2025 meant the pressure tactics of 2022 and 2023 had largely gone: fewer bidding wars, more homes still available on a second viewing, and far less need to strip the conditions out of an offer just to be taken seriously.
The split by property type is wide
The city-wide figure averages four quite different markets. Detached homes were the most resilient — a $746,500 benchmark, down just 1.3% year-over-year, selling in 38 days at 3.7 months of supply. Semi-detached actually edged up, rising 0.9% to $684,600.
The softness was concentrated below that. Row homes fell 4.7% to $436,600 and took 45 days to sell. Apartment condos were weakest: $317,700, down 6.5% on the year, 52 days on market and 5.0 months of supply — the only segment squarely in buyers’ territory. For a first-time buyer or an investor, that was the most negotiating room Calgary had offered in years.
A softer market isn’t a worse one to buy in
It’s easy to read easing prices as a reason to wait. That instinct is usually backwards. When prices are rising fast you compete on speed and give up protections; when they’re easing you get time to inspect properly, keep your financing condition, and negotiate on price and possession date. The 42 days a home sits on the market is 42 days of leverage you didn’t have in 2023.
The thing worth watching is the other half of affordability. A 4% decline in the benchmark is real money — about $24,000 off a typical home compared with a year earlier — but a change in your mortgage rate can move your payment by more than that price move does. Whether this was a good month to buy depended on both numbers together, not the headline price alone.
What to do with this if you’re buying in Calgary
Start with the number you actually qualify for, because it may well have moved since you last checked. Then shop the segment that fits your plan rather than the headline: a detached home at 3.7 months of supply is still a competitive purchase, while a condo at 5.0 months is a genuine negotiation.
And keep your conditions. In a four-month market you don’t need to waive them, and an inspection or financing condition costs you nothing when there isn’t a line of buyers waiting behind you.
Frequently asked questions
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Source: CREB, September 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.
