October’s sales activity in the Calgary real estate market totaled 2,174 units, up from September and 24% above long-term trends. Sales gains for homes priced above $600,000 helped offset declines in lower-priced segments, keeping October sales close to last year’s levels.
Demand remains steady as we enter the fourth quarter, though supply constraints continue for lower-priced homes. Supply levels have improved compared to last year’s lows, yet most gains are in higher-priced properties. This has balanced conditions in the upper market while leaving seller’s market conditions in lower to mid-price segments. In October, the city’s inventory rose to 4,966 units, up from 3,205 units last October. Although inventories align more closely with long-term trends, nearly half of all available homes are now priced above $600,000.
The increase in supply is easing tight market conditions seen earlier this year. However, with 2.3 months of supply and a 67% sales-to-new-listings ratio, conditions vary by price range. Homes below $700,000 have less than two months of supply, while homes over $1,000,000 have over three months, influencing price pressures across property types.
The Calgary real estate market total residential benchmark price reached $592,500 in October, up 4% from last October and 8% year-to-date. While seasonal factors eased prices slightly, seasonally adjusted prices stayed stable from September to October.
CALGARY REAL ESTATE MARKET: DETACHED
Detached home sales increased to 1,071 in October, a 10% rise from last year. Although new listings slowed, inventory stayed near two months. October’s unadjusted detached benchmark price was $753,900, up 8% from last year, though seasonal factors caused slight monthly declines.
CALGARY REAL ESTATE MARKET: SEMI-DETACHED
October’s semi-detached sales were up 6% year-over-year, boosting year-to-date growth to over 3%. Rising new listings contributed to steadier inventory, moving the market closer to balance, particularly for higher-priced units. The benchmark price remained steady at $677,000, an 8% increase over last year.
CALGARY REAL ESTATE MARKET: ROW/TOWNHOMES
Demand for row homes remains high, though supply shortages, especially under $400,000, limit sales. Year-to-date sales remained stable as gains in higher-priced rows offset declines in lower-priced segments. Supply improvements increased the months of supply to over two, helping ease price pressures. The benchmark price for row homes was $456,600 in October, up 8% from last year
CALGARY REAL ESTATE MARKET: APARTMENTS
October marked the fifth consecutive month of year-over-year declines in apartment condo sales. However, year-to-date sales remain nearly double the previous decade’s average. Higher rates, rising rents, and limited low-priced supply drive demand. October’s benchmark price was $341,700, 11% above last year, though monthly price declines are largely seasonal.
REGIONAL MARKETS
Airdrie
Sales and new listings increased over last year, with inventory reaching 365 units—a gain from last October’s 213. The shift towards balanced conditions has eased price pressures, though Airdrie remains a seller’s market. October’s unadjusted benchmark price was 5% higher year-over-year, with prices stable over recent months.
Cochrane
Sales in Cochrane stayed above long-term trends, with new listings reaching record October levels. Inventory remains low at 178 units, keeping the months of supply at 2.3. October’s unadjusted benchmark price was up 6% from last year, with year-to-date average prices rising over 9%.
Okotoks
October sales in Okotoks rose over last year, aided by improved new listings. Inventory stayed steady at 103 units, up from 66 last October. Seller’s market conditions remain, with prices 6% higher year-over-year and 8% higher year-to-date.
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