After several years of aggressive price growth, 2025 became a transition year. Demand was still solid, but supply finally caught up. Record-high housing starts pushed more inventory into the market just as demand cooled, driven by lower migration and ongoing uncertainty through the spring. The result was a resale market that shifted away from a clear seller’s advantage toward more balanced conditions.

Total sales in 2025 hit 22,751 units, down 16 per cent year over year, but still in line with long-term norms. The bigger story was supply. More than 40,000 new listings hit the market, up nine per cent from last year, pushing inventories higher and easing competitive pressure.

Supply growth was stronger than expected, particularly in apartment condos and row homes. That additional inventory put downward pressure on prices in those segments, enough to offset modest gains in detached and semi-detached homes. Market conditions varied widely across the city, with some areas still favouring sellers and others clearly shifting toward buyers. Price trends depended heavily on location, price point, and property type.

The average residential benchmark price for 2025 came in at $577,492, down two per cent from last year. Detached prices rose one per cent, semi-detached rose three per cent, while apartment and row homes declined three and two per cent respectively.

The North East saw the largest price decline, partly due to improved supply, but also because it experienced the strongest price growth over the previous two years.

For the first time in three years, we’re heading into the New Year with healthier inventory levels.

I am Dennis Paulin Realtor. Call or text if you want to know more. 587-839-2212

Calgary

Sales, new listings, and inventory all slowed this month, which is normal for the season. We saw 1,553 sales and 2,251 new listings, bringing the sales-to-new-listings ratio to 69%, which helped ease inventory a bit. Even so, inventory is still high, 5,581 units, about 28% higher than last year and more than 15% above what we usually see in November.

Supply has been running higher than normal for three months now, mostly because of the bump in row and apartment listings. A lot of that is tied to new homes hitting the market and some of them rolling into resale near year-end. That’s why apartment and, to a lesser degree, row homes are in more of a buyer’s market, while detached and semi-detached remain fairly balanced in most areas.

All that extra choice: resale, new builds, and rentals are hitting apartments and row homes the hardest. Prices there are down 7% and 6% year-over-year. Detached prices are down about 2% from last November but still up on a year-to-date basis. Overall, the combined residential benchmark for November came in at $559,000, almost 5% lower than last year.

Airdrie

This time of year always cools off a bit. Sales, new listings, and inventory all dipped from last month, which is normal. Sales and new listings are still right in line with what we usually see, but inventory is sitting higher than typical for November because of the earlier surge in activity and more newer homes hitting the resale market. That extra supply has pushed prices down a bit. It doesn’t erase the gains of the last four years, but year-to-date the detached benchmark is sitting just under one per cent lower than last year.

Cochrane

New listings pulled back a bit this month, but not enough to stop November from hitting a record high. Sales stayed strong for the season, just not strong enough to pull inventory down. This is the most November inventory we’ve seen since 2018. A good chunk of the new listings are newer homes coming onto the resale market. The extra supply has taken a little edge off prices, but they’re still higher than last year. Year to date, the detached benchmark is sitting almost two per cent above last year’s levels.

I am Dennis Paulin Realtor. Call or text if you want to know more. 587-839-2212