As we head into the winter months, market conditions in Calgary remain relatively balanced, which is fairly typical for this time of year.

Sales, new listings, and overall activity all slowed in November as expected. We saw 1,553 sales come to market alongside 2,251 new listings. That brought the sales-to-new-listings ratio to 69 per cent, helping absorb some of the inventory that’s been building over the past few months.

That said, inventory is still sitting higher than normal. With 5,581 homes currently on the market, supply is about 28 per cent higher than this time last year and roughly 15 per cent above what we’d typically see in November.

Most of that extra supply is coming from row and apartment-style homes. We’ve seen more choice in these higher-density categories, partly due to new construction that eventually finds its way onto the resale market, especially toward year-end. As a result, apartment and, to a lesser extent, row homes are leaning more toward buyer-friendly conditions.

Detached and semi-detached homes are a different story. Outside of a few specific pockets, those segments remain relatively balanced, with neither buyers nor sellers holding a clear advantage.

Pricing reflects that shift in supply. Apartment and row homes are seeing the biggest pressure, with prices down roughly seven and six per cent year over year. Detached homes are down about two per cent compared to last November, though year-to-date prices are still higher than last year.

Overall, Calgary’s combined residential benchmark price in November came in at $559,000, about five per cent lower than last year.

If you’re wondering how this applies to your specific neighbourhood or property type, that’s where the real story usually lives. Every segment and location behaves a little differently.

Tyler