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Are Calgary House Prices Falling? 2026 Market Trends Update
If you are trying to make sense of Calgary house prices right now, the newest numbers make the direction much clearer. This report will walk you through what is actually happening using the latest November 2025 CREB® monthly statistics, in plain language, with simple visuals you can reference.
Yes—Calgary house prices are falling from their 2024 highs. The November 2025 benchmark price is $559,000, down 4.6% year-over-year, as inventory rises and months of supply moves the market closer to balance.
However, “falling” does not mean the same thing in every segment. Below is a break down of the benchmark trend, supply conditions, and which property types are seeing the most price pressure—so you can interpret the market correctly.
Calgary house prices are falling, but the market is shifting toward balance not collapsing
The clearest “headline” metric is the total residential benchmark price. In November 2025, it sits at $559,000, which is down 4.64% from November 2024.
What is driving that softness is not one single factor—it is the combination of:
More supply choice (inventory is higher than last year), and
Slower seasonal demand heading into winter, which typically reduces sales and new listings.
In fact, the market is “relatively balanced” overall, while buyer’s market conditions are more prevalent for apartments, row homes and newer communities with higher builder inventory.
According to Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB): “Conditions remain more balanced than during previous downturns, with detached and semi-detached segments showing relative stability.”(Source: Canadian Mortgage Professional)
November 2025 snapshot: prices down, supply up, and the market less competitive than 2024
Here is the simplest way to understand what changed from last year:
- Sales: 1,553 (-13.4% YoY)
- New listings: 2,251 (-3.3% YoY)
- Inventory: 5,581 (+28.2% YoY)
- Months of supply: 3.59 (up from 2.43)
- Benchmark price: $559,000 (-4.6% YoY)
As a result, the market is more likely to feel meaningfully weaker if you are focused on condos or row homes. Detached prices, by contrast, have been closer to stable and tend to vary more materially by neighbourhood and price bracket.
| Property Type | Benchmark Nov 2024 | Benchmark Nov 2025 | Benchmark YoY % | Months of supply Nov 2024 | Months of supply Nov 2025 | Sales Nov 2024 | Sales Nov 2025 |
|---|---|---|---|---|---|---|---|
|
Total residential |
$586,200 |
↓ $559,000 |
-4.64% |
2.43 |
↑ 3.59 |
1,793 |
↓ 1,553 |
|
Detached |
$749,100 |
↓ $733,000 |
-2.15% |
2.16 |
↑ 2.97 |
862 |
↓ 823 |
|
Semi-detached |
$675,200 |
↓ $671,700 |
-0.52% |
2.11 |
↑ 3.29 |
172 |
↓ 166 |
|
Row |
$452,400 |
↓ $424,400 |
-6.19% |
1.98 |
↑ 3.51 |
330 |
↓ 257 |
|
Apartment |
$333,200 |
↓ $309,300 |
-7.17% |
3.45 |
↑ 5.50 |
429 |
↓ 307 |
Understanding Price Metrics in Calgary Real Estate
When reading about Calgary house prices, you’ll see different metrics: benchmark price, average price, and median price.
Benchmark price reflects the value of a “typical” home in a given area, accounting for attributes like location, size, and age. It’s less affected by luxury sales or unusually cheap properties.
Average price is the total value of all homes sold divided by the number of sales. It can be skewed by a few very expensive or very cheap homes.
Median price is the midpoint price—half of homes sold above this figure, half below. It helps reduce the influence of outliers.
Most analysts prefer the benchmark price for tracking trends, but all three can give useful context.
Why the price declines can feel worse for sellers
Using the benchmark trend it is possible to see where Calgary house prices peaked, and how far they have eased.
- Prices made a historical peak in mid-2024, then drifted down into winter (normal seasonality).
- In 2025, the benchmark peaked early March (due to trade war tensions), and then declined every month from April through November—which signals softer conditions, not just a single “bad month.”
In 2025 the Calgary house prices did not follow their normal seasonal trajectory, and prices fell aggressively, especially when measured from the 2024 peak. A 7.82% decline in the benchmark price roughly translates to a $56,000 fall in house prices. This fall can be worse or less severe depending on the area.
| Point in time | Benchmark price | Change to Nov 2025 |
|---|---|---|
|
June 2024 (market peak) |
$606,400 |
-7.82% |
|
March 2025 (2025 peak) |
$606,400 |
-5.37% |
Rising supply and collapsing migration
Economic data shows that inventory is still 28% higher than last year, and supply gains are mostly in row and apartment units. Overall net migration is substantially lower than it was during 2024.
This matters because when there are less buyers and they have more options, then sellers have lost leverage. As a result:
- Sales-to-new-listings in November improved to ~69%, but inventory is still elevated.
- Migration Alberta’s economic dashboard reports Q3 2025 net migration: 5,849, versus 42,311 in Q3 2024 (about -86% decline YoY)
Months of supply rose to 3.59 (from 2.43 last year).
When months of supply is closer to 2, sellers have more negotiating power. As it pushes toward 3–5 (and beyond), buyers gain leverage—especially in the segments with the most supply (new communities apartments, and row housing). Housing price appreciation highly correlated to provincial migration trends.
Which home types are falling the fastest: apartments and row homes
This is where many headlines oversimplify the story. In November 2025, the benchmark declines were not evenly distributed:
Apartment benchmark: down 7.17% YoY
Row benchmark: down 6.19% YoY
Detached benchmark: down 2.15% YoY
Semi-detached benchmark: essentially flat (-0.52% YoY)
Calgary vs. Other Major Canadian Cities
How does Calgary stack up against Canada’s most expensive markets?
Calgary’s November 2025 benchmark price: $559,000
Toronto (Nov 2025): ~$1,081,000
Vancouver (Nov 2025): ~$1,185,000
Calgary remains significantly more affordable, which continues to attract buyers from across the country
How Calgary’s Rental Market Is Affecting Home Prices
An important factor in the current market is the increased supply of rental units and easing rents—especially for apartments and row homes. As more rental options become available and rents stabilize or decline, some potential buyers are choosing to rent instead of purchase. This shift reduces demand for ownership, particularly in higher-density segments, and contributes to the downward pressure on apartment and row home prices.
What this means if you are buying or selling in Calgary
If you are selling
Pricing has to reflect today’s supply reality. Overpricing will lead to longer days on market (which is already higher than last year).
If you are in the apartment or row segment, expect long wait times for offers and buyers to negotiate more firmly, because they have more selection and leverage.
- Do not expect a quick reversal in pricing trends as it will likely take many months or years for a new uptrend cycle to develop.
If you are buying
You have more leverage than you did in 2024, especially in higher-density product types.
However, detached and semi-detached remain closer to balanced, so the very best listings can still move quickly when priced correctly.
- Be patient when choosing your next home to ensure you don’t overpay, and ensure you are educated on market trends specific to what you are buying.
Calgary 2026 Housing Market Outlook: What Are Experts Predicting?
Looking forward, Calgary’s housing market is expected to remain in a period of adjustment through 2026. While prices have come down from their 2024 highs, most experts do not expect a rapid rebound. Instead, the market is likely to continue showing balanced or slightly softer conditions, especially in higher-density segments like apartments and row homes.
Sellers should not expect Calgary house prices to return to there June 2024 market peak anytime soon. The most important data point for sellers to track is the days on market. This data point must dip below 25 for several months in order for prices to begin to appreciate.
In November 2025, the days on market of total residential sales is hovering around 50 days.
Apartment: 59 DOM
Row: 53 DOM
Detached: 45 DOM
Semi-detached: 46 DOM
Several factors could help stabilize or even lift Calgary house prices in the future:
Renewed migration: If more people move to Calgary, especially from other provinces, demand for homes could rise again.
Lower mortgage rates: If borrowing costs fall, more buyers may return to the market.
Slower new construction: If builders reduce the pace of new housing, excess supply could shrink, supporting prices.
Watching these trends can help buyers and sellers anticipate when the market might shift.
Regional and Community Variations: Not All Markets Move the Same
While Calgary’s overall house prices are trending down, the pace and severity of changes differ across regions and property types. Here’s what the latest data and competitor insights reveal:
City Centre vs. Suburbs:
Detached homes in Calgary’s City Centre have shown more price resilience, with some neighbourhoods even seeing modest gains. In contrast, outer suburban areas and newer communities—where there is more new construction—are experiencing steeper declines, especially in apartments and row homes.Apartments and Row Homes:
The largest price drops are concentrated in higher-density segments and newer developments, where increased supply and slower demand have tipped the balance in favour of buyers.Detached and Semi-Detached Homes:
These remain comparatively stable, but neighbourhoods with high inventory or less demand may still see softer pricing.Surrounding Communities:
Areas near Calgary show varied trends:Airdrie: Experiencing record-high listings and continued price declines, with benchmark prices falling nearly 5% year-over-year.
Cochrane: Sales have picked up, keeping prices steady or even slightly higher than last year.
Okotoks: New listings have increased, but prices remain stable.
The market you experience will depend on your specific community, property type, and local supply and demand. Always review recent sales data and talk to a real estate professional familiar with your neighbourhood before making decisions.
FAQ: Calgary Housing Market Outlook for 2026
Will Calgary house prices recover in 2026?
Most forecasts suggest Calgary house prices will remain stable or experience only modest changes in 2026. While a rapid rebound to previous highs is unlikely, the market could see gradual improvement if economic conditions, migration, or mortgage rates shift in a positive direction.
What factors could drive prices higher in 2026?
Key factors that could support price growth include increased migration to Calgary, lower mortgage rates improving affordability, and a slowdown in new housing construction that reduces excess inventory.
Could house prices fall further in 2026?
Yes, prices could soften further—especially in apartments and row homes—if inventory remains high, migration stays low, or if mortgage rates remain elevated. The market’s most vulnerable segments are those with the greatest supply and slowest sales.
Will it become a buyer’s or seller’s market in 2026?
The market is expected to remain balanced overall, but conditions may favour buyers in higher-density segments (apartments, row homes) and be more balanced for detached and semi-detached homes. Watch months of supply and days on market for early signs of a shift.
Is 2026 a good year to buy a home in Calgary?
For buyers, increased inventory and less competition could mean more choice and negotiating power—especially in condos and row homes. Detached homes may remain more competitive. As always, local trends by neighbourhood and property type will matter most.
How does Calgary’s affordability compare to other Canadian cities in 2026?
Calgary is expected to remain more affordable than Toronto and Vancouver, making it attractive for buyers relocating from other provinces or seeking better value.
What should sellers expect in 2026?
Sellers should be prepared for longer days on market and the need to price competitively—especially in segments with high supply. Detached and semi-detached homes may perform better, but patience and realistic expectations are important.
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Written by licensed Calgary real estate professionals. Contact Us to learn more about our editorial standards. Information is based on publicly available data, local MLS® statistics, and professional experience in the Calgary real estate market.
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