The Calgary Real Estate Board (CREB) is reporting persistently high inventory in row and apartment-style homes, contributing to notable downward pressure on prices in those segments of the market. 

According to CREB’s latest monthly data released Monday, inventory reached 5,581 units in November, 28 per cent higher than November 2024 and 15 per cent higher than historical levels for the month. 

Last month’s 1,553 sales were met with 2,251 new listings, bringing the sales-to-new-listings levels up to 69 per cent.

“Supply levels have been sitting higher than typical levels for the past three months, mostly due to the gains occurring in the higher-density sectors of row and apartment style units,” said Ann-Marie Lurie, CREB’s chief economist. “This is partially related to the additional supply choice coming from the new homes sector, some of which end up on the resale market, especially near the end of the year.”

The days on market average was 49 last month, up 34 per cent year-over-year.  

What does this mean for prices?

The unadjusted combined benchmark price across all property types in November was $559,000, nearly five per cent lower than last year. 

The high inventory level is having the biggest impact on apartment and row style home prices, which are reporting year-over-year price declines of seven and six per cent to $309,300 and $424,400, respectively. 

In comparison, detached home prices are down by two per cent compared to last November. 

“While buyer’s market conditions are more prevalent for apartment-style homes and to a lesser extent row homes, outside of a few pockets of the market, both the detached and semi-detached markets are relatively balanced,” said Lurie.