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As we navigate through the fall of 2025, Calgary’s real estate landscape continues to present compelling opportunities for both buyers and investors. While headlines may focus on overall market adjustments, a closer examination of the September 2025 data from the Calgary Real Estate Board (CREB) reveals an encouraging story of resilience and growth in several key areas of our vibrant city.
The Silver Lining: Areas Experiencing Year-Over-Year Growth
In a market characterized by recalibration, three distinct areas of Calgary have bucked the broader trend, demonstrating remarkable strength and continued appreciation in detached home values. These pockets of growth tell an important story about the enduring appeal of certain Calgary neighbourhoods and the confidence buyers continue to place in these communities.
City Centre Leads the Charge with Strong Appreciation
The standout performer in September’s market data is undoubtedly Calgary’s City Centre, which saw benchmark prices rise by an impressive 1.07 per cent year-over-year, reaching a benchmark price of $967,700. This increase is particularly noteworthy given the broader market context and speaks volumes about the sustained demand for urban living in Calgary’s core.
According to Kendall Collins of Daily Hive, “Calgary’s city centre, North West, and West Calgary each saw an increase in year-over-year benchmark prices. The city centre saw the largest increase, rising 1.07 per cent to $967,700.”
This appreciation in the City Centre reflects several key market dynamics. The area continues to attract professionals, empty-nesters, and urbanites who value walkability, proximity to amenities, and the vibrant cultural life that downtown Calgary offers. With 91 sales recorded in September and a healthy sales-to-new listings ratio of 41.94 per cent, the City Centre demonstrates both activity and balance.
The urban core’s resilience is particularly impressive when you consider the inventory levels. With 385 homes available and 4.23 months of supply, the market maintains enough activity to support price appreciation while still offering buyers reasonable selection. This sweet spot between supply and demand has created an environment where values can continue to climb.
North West Calgary: Steady Growth in a Desirable Quadrant
The North West quadrant has long been one of Calgary’s most sought-after areas, and September’s data reinforces this reputation. With a year-over-year price increase of 0.37 per cent, bringing the benchmark price to $792,800, the North West continues to demonstrate its enduring appeal to Calgary homebuyers.
What makes the North West particularly attractive is its combination of established communities, excellent schools, abundant green spaces, and convenient access to both downtown and the mountains. The area’s 86 sales in September, combined with 225 new listings, resulted in a sales-to-new listings ratio of 38.22 per cent and 4.00 months of supply, indicators of a market that remains active and healthy.
The North West’s ability to maintain positive year-over-year growth speaks to the fundamental strength of these neighbourhoods. Families continue to be drawn to communities that offer quality of life, strong schools, and a sense of established community. The modest but positive appreciation reflects a market where demand consistently meets or exceeds supply, supporting gradual value increases.
West Calgary: Showing Momentum with Recent Gains
West Calgary rounds out the trio of growth areas with a year-over-year benchmark price increase of 0.24 per cent, reaching $968,500. Perhaps even more telling is that West Calgary was the only section of the city that saw an increase in month-over-month benchmark prices, with a 0.12 per cent increase, a clear signal of positive momentum heading into the final quarter of 2025.
Collins notes in her Daily Hive article that “West Calgary was the only section of the city that saw an increase in month-over-month benchmark prices, with a 0.12 per cent increase in price, while all the others saw a decrease between 0.19 per cent and 1.49 per cent.”
With 85 sales in September and 174 new listings, West Calgary maintained a sales-to-new listings ratio of 48.85 per cent, approaching the balanced market threshold of 50 per cent. The area’s 2.98 months of supply indicates a market that favors sellers while still providing options for buyers, creating conditions that support price stability and growth.
West Calgary’s appeal lies in its diverse mix of neighbourhoods, from established communities near the Weaselhead Natural Area to newer developments with modern amenities. The proximity to major employment centers, shopping districts, and recreational facilities makes the West an attractive option for a wide range of buyers.
Understanding the Broader Market Context
To fully appreciate the significance of these growth areas, it’s important to understand the broader market dynamics at play in Calgary’s September 2025 housing market. As Collins reports, “The housing market in Calgary is experiencing a decline in detached home prices across the city, and some areas are seeing their benchmark prices drop by more than five per cent.”
The overall city benchmark price for detached homes stands at $749,000, representing a modest 0.95 per cent decrease year-over-year. This slight pullback creates what many industry experts are calling a “normalization” after several years of rapid appreciation that saw Calgary home prices soar.
Market Activity Remains Robust
Despite the overall price adjustments, market activity remains strong across Calgary. The city recorded 859 detached home sales in September, with 1,905 new listings coming to market. This healthy level of activity demonstrates that buyers and sellers remain engaged, and the market continues to function efficiently.
The sales-to-new listings ratio of 45.09 per cent indicates a market that is slightly favoring buyers compared to the frenetic seller’s market conditions of previous years. This rebalancing is actually a positive development for the long-term health of Calgary’s real estate market, as it creates more sustainable conditions that benefit all participants.
Regional Variations Tell the Story
The September data reveals significant regional variations across Calgary, which is precisely why the growth in City Centre, North West, and West Calgary is so noteworthy. These areas have maintained their appeal and value proposition even as other quadrants have experienced more significant adjustments.
North East Calgary experienced the largest year-over-year decline at 5.65 per cent, bringing benchmark prices to $579,000. East Calgary saw a 4.19 per cent decrease to $504,800. These adjustments, while significant, may actually represent opportunities for first-time buyers and investors looking to enter the market at more accessible price points.
Other areas experienced more moderate declines: North Calgary saw benchmark prices fall 2.83 per cent to $670,000, while South Calgary decreased 1.71 per cent to $718,800. The South East followed with a 1.11 per cent drop to $710,300.
What’s Driving Growth in These Key Areas?
Understanding why City Centre, North West, and West Calgary continue to see price appreciation while other areas adjust requires examining several factors:
- Location and Lifestyle Appeal
These three areas offer distinct lifestyle advantages that continue to resonate with buyers. The City Centre provides urban living with walkability and culture. The North West offers established family neighborhoods with top-tier schools. West Calgary combines suburban comfort with convenient access to amenities and nature.
- Supply and Demand Balance
All three growth areas maintain relatively balanced inventory levels with months of supply ranging from 2.98 to 4.23 months. This equilibrium prevents the downward price pressure that can occur when inventory builds too quickly.
- Quality of Housing Stock
These areas generally feature well-maintained homes in desirable neighborhoods. The housing stock tends to be either newer or well-updated, appealing to buyers who are willing to pay a premium for quality.
- Economic Fundamentals
Calgary’s economy remains strong, with robust employment in energy, technology, and other sectors. Buyers who are economically confident tend to gravitate toward established, desirable areas where they expect value retention and appreciation.
- Infrastructure and Amenities
These areas benefit from excellent infrastructure, including schools, parks, shopping, dining, and recreational facilities. The North West and West, in particular, offer easy access to the mountains and natural areas, which is increasingly important to Calgary buyers.
Opportunities for Buyers and Sellers
The current market dynamics create opportunities for different types of market participants:
For Buyers
The variation across Calgary’s market means buyers have options depending on their priorities. Those seeking areas with demonstrated price stability and growth potential may find City Centre, North West, and West Calgary particularly appealing. The modest appreciation in these areas suggests that value is being maintained while the market recalibrates.
At the same time, buyers looking for more affordable entry points may find opportunities in areas experiencing adjustments. The North East, for example, with 124 sales and a benchmark price of $579,000, offers accessibility while still providing exposure to Calgary’s fundamentally strong real estate market.
For Sellers
Sellers in City Centre, North West, and West Calgary can take confidence from the positive year-over-year price trends. These areas demonstrate continued buyer demand, and properties priced appropriately are finding buyers. The month-over-month data is particularly encouraging for West Calgary sellers, as the positive momentum suggests strengthening conditions.
The key for sellers across all areas is proper pricing and presentation. With 3.73 months of supply city-wide, the market provides enough inventory that buyers have choices. Homes that are well-presented and realistically priced continue to sell, regardless of the broader market trends.
For Investors
Investment-minded buyers should take note of the areas showing resilience. Properties in City Centre, North West, and West Calgary may offer better prospects for value retention and appreciation over the medium to long term. The fundamental factors driving demand in these areas, location, amenities, quality of life, are unlikely to change.
Looking Ahead: Market Outlook
As we move through the final quarter of 2025, several factors will influence Calgary’s real estate market:
Seasonal Patterns
Fall typically sees a slowdown in market activity as families settle after back-to-school and the approach of winter traditionally dampens buyer enthusiasm. However, serious buyers and sellers continue to transact, and the current conditions may actually favor those who remain active during the slower season.
Economic Conditions
Calgary’s economy continues to show strength, with diverse employment opportunities and ongoing investment in both traditional and emerging sectors. This economic foundation supports housing demand and provides confidence for both buyers and sellers.
Inventory Management
The balance between new listings and sales will be crucial in determining price directions. Areas that maintain equilibrium between supply and demand, like City Centre, North West, and West Calgary have demonstrated, are best positioned for price stability or growth.
Interest Rate Environment
Broader monetary policy and interest rate trends will continue to influence buyer purchasing power and market activity. The current market adjustment reflects, in part, the higher rate environment we’ve experienced in recent years.
The Bottom Line: A Market in Healthy Transition
September 2025’s data tells a nuanced story of Calgary’s real estate market. While headlines may focus on overall price declines, the reality is more complex and, in many ways, more positive. The fact that City Centre, North West, and West Calgary have maintained year-over-year price appreciation demonstrates the fundamental strength and desirability of these areas.
As Collins notes in her Daily Hive article, “The Calgary Real Estate Board (CREB) just released its September housing report, and things are looking good for buyers looking for a detached home.” This perspective is important. Market adjustments create opportunities, and different buyers will find value in different areas depending on their needs and circumstances.
The current market represents a transition from the rapid appreciation of recent years to a more sustainable, balanced environment. This transition is healthy for the long-term stability of Calgary’s real estate market. It creates opportunities for new buyers to enter the market while still providing value retention for existing homeowners in desirable areas.
Final Thoughts
Calgary remains one of Canada’s most dynamic and livable cities, and its real estate market continues to reflect this reality. The September 2025 data shows a market that is active, diverse, and resilient. The positive year-over-year performance in City Centre, North West, and West Calgary demonstrates that quality locations with strong fundamentals continue to hold their value and attract buyers.
Whether you’re considering buying, selling, or simply monitoring the market, the key takeaway is that Calgary’s real estate market offers opportunities across different price points and neighborhoods. The areas showing growth demonstrate the enduring appeal of location, quality, and lifestyle amenities. As we move forward, these fundamentals will continue to drive value in Calgary’s real estate market.
The story of September 2025 is not simply about price declines, it’s about market normalization, regional variation, and the continued strength of Calgary’s most desirable neighborhoods. For those looking to participate in Calgary’s real estate market, understanding these nuances and working with knowledgeable professionals will be key to making informed decisions and achieving your real estate goals.
Data source: Calgary Real Estate Board (CREB) September 2025 Report
Original article reference: “These areas in Calgary saw the biggest drop in detached home prices” by Kendall Collins, Daily Hive, October 2, 2025
