Calgary home sales fell short of new listings in September, pushing inventory higher and shifting the market toward buyers.

The city recorded 1,720 sales against 3,782 new listings, driving inventory to 6,916 units — 36 per cent higher than a year ago and more than 17 per cent above typical September levels, according to the Calgary Real Estate Board (CREB). Row and apartment-style homes led the increase in supply.

Supply growth outpaces demand

Ann-Marie Lurie, CREB chief economist, said supply has been climbing across resale, new home and rental markets at the same time demand is slowing. She noted that slower population growth and ongoing uncertainty are reducing urgency among buyers.

“Resale markets have more competition from new homes and additional supply in the rental market, reducing the sense of urgency amongst potential purchasers. Ultimately, the additional supply choice is weighing on home prices,” Lurie said.

The benchmark price dipped four per cent from September 2024 to $572,800.

The sales-to-new-listings ratio slipped to 45 per cent in September, while months of supply rose to four — the highest since early 2020.

Apartment sector sees biggest impact

Apartment-style homes have been most affected, with rising supply creating buyer’s market conditions. Prices fell more than six per cent year-over-year to a benchmark of $322,900 in September.

Detached homes also faced more supply, though less dramatically. At a benchmark of $749,900, detached prices were down just one per cent from last year, with declines concentrated in the North East and North districts.