Condos down 7.4% on the year with five and a half months of supply, and homes taking seven weeks to sell.
In November 2025, Calgary’s benchmark home price was $559,000 — down 1.3% from October, the largest monthly decline of the cycle, and 4.7% below November 2024. Sales fell 13.7% year-over-year to 1,547 while inventory of 5,587 homes stood 28.3% above last November. Supply was 3.6 months and a typical home took 49 days to sell, twelve days longer than a year earlier. Apartment condos fell 7.4% to $308,400 with 5.5 months of supply.
November 2025 at a glance
November brought Calgary’s largest monthly price decline of the cycle — the benchmark down 1.3% to $559,000 — and pushed apartment condos to 5.5 months of supply, deep into buyer’s territory. Condos at $308,400 were down 7.4% year-over-year and 59 days on market. City-wide, a typical home took 49 days to sell, seven weeks, with 5,587 listings competing. The correction that began in mid-2024 was still running.
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 November) | $559,000 | ▼ -4% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| October 2025 | 1,879 | 3,232 | 6,472 | 43 | $566,200 |
| November 2025 | 1,547 | 2,251 | 5,587 | 49 | $559,000 |
The headline numbers
| Metric | November 2025 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $559,000 | ▼ -1.3% | ▼ -4.7% |
| Sales | 1,547 | ▼ -17.7% | ▼ -13.7% |
| New listings | 2,251 | ▼ -30.4% | ▼ -3.3% |
| Inventory | 5,587 | ▼ -13.7% | ▲ +28.3% |
| Days on market | 49 | ▲ +6 days | ▲ +12 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $730,300 | ▼ -2.4% | 819 | 45 | 3.0 |
| Semi-detached | $668,400 | ▼ -1% | 165 | 45 | 3.3 |
| Row / townhouse | $425,400 | ▼ -6.2% | 257 | 53 | 3.5 |
| Apartment condo | $308,400 | ▼ -7.4% | 306 | 59 | 5.5 |
Condos at 5.5 months of supply
Five and a half months is a buyer’s market by any definition. Apartment condos took 59 days to sell — two months — and had fallen 7.4% over the year to $308,400, down from the $341,400 peak in August 2024.
That’s a decline of about $33,000 on a typical Calgary condo in fifteen months. For buyers it is the most negotiating power the segment has offered in the period covered by this data.
The largest monthly drop of the cycle
Down 1.3% in a single month, after fourteen months of declines averaging closer to 0.4%. Some of that is seasonal — November is always thin — but it also reflected 5,587 listings competing for 1,547 buyers.
Detached homes were $730,300, down 2.4% year-over-year, and semi-detached $668,400, down 1%. Even the segments that had held up were now clearly negative.
Sellers were withdrawing again
New listings fell 30.4% on the month to 2,251 and inventory dropped 13.7% to 5,587. That’s the usual winter pattern, but it was sharper than normal, and it is how Calgary has repeatedly put a floor under its corrections.
Owners who don’t need to sell take their homes off the market rather than accept a lower price. That behaviour is why Calgary’s declines have been shallow and drawn out rather than sharp — and why a rebound can arrive quickly whenever demand returns.
What this meant if you were buying
A winter with 5,587 listings, 49 days on market and prices easing was about as favourable as Calgary gets for buyers. Sellers still listed in December typically have a genuine reason to move.
For anyone buying a condo, the numbers argued for taking full advantage of the conditions available: a proper inspection, a financing condition, and a review of the building’s reserve fund and any special assessments. At 5.5 months of supply there was no reason whatsoever to waive any of that to win a property.
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Source: CREB, November 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.
