When you stack November 2024 against November 2025, you see a market that’s gone from red-hot to something more balanced and thoughtful. Think less “rush to the door” and more “look around, pick your moment.”
Let’s break it down.
Sales: The market hit the brakes — on purpose
Sales in November 2025 dropped 13% compared to the same month in 2024.
Last year, buyers were jumping on anything they could afford — rates were high, inventory was low, and fear-of-missing-out was basically a personality trait.
This year? Not the same energy.
Higher inventory and calmer buyers created more space to think. It’s not a meltdown; it’s a reset. Imagine last year’s pace as a sprint — 2025 feels like everyone finally took off the weighted vest and started pacing themselves.
Listings: Fewer new options, but more total choice
New listings dipped slightly (-3%) year-over-year.
But here’s the twist — total inventory is 28% higher than last year.
That means:
Homes are sticking around longer,
Buyers have options again,
And sellers can’t just price like it’s 2022 and hope for a bidding war.
It’s like walking into a sneaker shop last year and seeing three pairs left in total.
Now? The shelves are full again.
Prices: Not crashing — just cooling
Calgary’s benchmark price in November 2025 landed at $559,000, which is 4.6% lower than November 2024.
This is the market saying, “Relax, we’re recalibrating.”
Prices aren’t falling apart; they’re returning to reality after three years of turbo-charged growth.
Detached homes are still flexing at $733,000, and apartments sit at $309,300 — both slightly down year-over-year, but still miles ahead of pre-2020 values. The long-term momentum is intact.
Months of Supply: Balanced vibes incoming
Months of supply jumped to 3.59, up from the mid-2s last year.
This is the clearest sign of the shift.
Under 2 months = sellers running the game
2–4 months = balance
4+ months = buyers start winning
We’re sitting right between “compromise is cool” and “buyers finally have leverage.”
What This Actually Means
If 2024 was the year of “act fast or lose it,”
then 2025 is the year of “act smart and land something solid.”
For buyers:
This is your breathing room moment. You can shop, negotiate, and walk away without losing sleep.
For sellers:
Buyers aren’t desperate anymore. But great homes, beautifully presented and priced right? Still selling fast.
For everyone watching the market:
This isn’t a downturn — it’s a normalization. Calgary is still one of the strongest major-city markets in North America; it’s just not racing at 110% speed anymore.
Final Take
2024 was urgency.
2025 is opportunity — the strategic kind.
If last year felt like dating in a city with three people,
this year feels like a suddenly bigger pool…
and your perfect match actually has an address.
-GK