Calgary’s Winter Market Shift: What Homebuyers and Sellers Need to Know

As we transition into the colder months, Calgary’s housing market is settling into typical seasonal trends. Activity is slowing compared to the bustling fall season, but overall demand remains surprisingly robust compared to last year. In fact, November saw 1,797 sales—almost identical to last year’s numbers and still 20% above long-term averages for this time of year.

However, the real story this season is the shift in supply.

Inventory Levels Are Up, But Still Below Long-Term Trends

November inventory levels rose to 4,352 units, up significantly from the 3,000 reported last year. This increase in available homes is a welcome change after several years of tight supply, driven by Calgary’s rapid population growth. According to Ann-Marie Lurie, Chief Economist at CREB®, “Rising new home construction has bolstered supply in rental, new home, and resale markets. However, supply improvements vary significantly by location, price range, and property type.”

While the months of supply have increased to just over two months, this shift is still a modest improvement. Balanced conditions are promising for buyers, but some segments of the market still favour sellers—especially for more affordable homes.

Detached Homes: Supply Improves, But High Prices Dominate

In November, sales for detached homes remained strong, especially for properties priced above $600,000. Limited supply in lower price ranges curbed activity, but overall inventory did improve. Notably, 85% of the available detached homes were priced above $600,000.

This increase in supply helped push the months of supply above two months for the first time in a while, though homes priced below $700,000 are still scarce. The unadjusted detached benchmark price for November was $750,100—down slightly from October but still over 7% higher than last year.

Price growth is slowing in areas with more competition from newer developments, meaning buyers may have more room to negotiate depending on the neighbourhood.

Semi-Detached Homes: Steady Demand and Seller-Friendly Conditions

Semi-detached homes saw 173 sales in November, improving on last year’s performance and boosting year-to-date growth by nearly 5%. Increased new listings helped lift supply levels, but with just two months of supply, the market still favours sellers—especially for properties under $700,000.

The unadjusted benchmark price for semi-detached homes was $675,100 in November, nearly 8% higher than the same time last year. Prices ranged widely, from $926,800 in the City Centre to $409,300 in the East district.

Row Homes: Affordable Options Keep Demand High

Row home sales continued to perform well in November, contributing to a nearly 3% increase in year-to-date sales. This segment remains popular due to its affordability, and even with improved new listings, conditions remain tight, with just two months of supply.

The unadjusted benchmark price for row homes was $454,200—almost 7% higher than last year. Prices varied significantly by location, with City Centre row homes averaging $620,000, while Northeast and East districts saw prices below $400,000.

Apartment Condominiums: Supply Relieves Some Pressure

Apartment-style condos saw a slowdown in November compared to last year’s record highs. However, with 429 sales, demand is still 47% above long-term trends. Increased new listings mean more supply, with inventory rising to 1,482 units in November.

This rise in supply pushed the months of supply above three months, easing price pressures. The unadjusted benchmark price was $337,800, down slightly from last month but still 9% higher year-over-year. Most of the supply gains are in the $300,000 to $500,000 range, giving buyers more options in this segment.

What This Means for Buyers and Sellers

For buyers, improved inventory means more choices, especially in higher price ranges and apartment-style units. However, the market still leans in favour of sellers for more affordable homes, so preparation and flexibility in your search remain key.

For sellers, the market is still strong, especially if you’re selling a home under $700,000. The pace of price growth may be slowing, but year-over-year gains remain healthy, and well-priced properties are still moving.

Navigating these shifts can be complex, and having the right strategy—whether you’re buying or selling—is essential. If you have questions about how these trends affect your real estate goals, I’m here to help.

Stay warm and stay informed!

— Patrick Murray

REALTOR®, MCNE, CCS