Most Calgary Neighbourhoods Now Selling Below Asking

The underbidding trend grew or picked up steam in Calgary this quarter, with 99 % of neighbourhoods seeing homes sell for less than asking, while the median gap remained modest at around $10,000.

By Kristin Doucet | 3 minute read

Calgary’s housing market moved toward more balanced conditions in Q3 2025. While the city remained competitive, nearly every neighbourhood saw homes sell below list price, reflecting a shift from the seller-dominated conditions seen earlier in the year.

In Q3 2025, 99% of Calgary neighbourhoods were in underbidding territory. The median difference between list and sold prices was –$10,200, up from –$7,825 in Q2. While most areas leaned toward below-asking sales, the price gap remained relatively modest, suggesting buyers had more room to negotiate, but sellers were still able to achieve close-to-list outcomes in many cases.

According to the RPS-Wahi House Price Index, Calgary home prices rose 3% year over year in September, down from 5% in June. That marks 61 consecutive months of annual price growth, though the pace has slowed down. While long-term trends of annual price growth remain positive, the widespread presence of underbidding this quarter points to more cautious buyer behaviour and a gradual rebalancing of the market.

Chinook Park was the only Calgary neighbourhood where the median sale price came in above asking in Q3, landing $1 higher than the median list price. While the difference was marginal — and based on just five transactions — it stood out amid a city where most neighbourhoods saw under-asking sales. Other neighbourhoods like West Hillhurst, Maple Ridge, and Garrison Woods saw sale prices come in right around asking, with median differences of less than $1,000. It’s a sign that in some centrally located communities, bidding remained stable despite the broader shift toward under-asking sales.

Some of the widest gaps between list and sold prices in Q3 appeared in Calgary neighbourhoods where the median list price exceeded $1.5 million. Rosedale saw the widest difference, with homes selling for a median of $90,000 below asking. In Elbow Park, the gap was $55,000, while Elboya followed at $49,000, a narrower spread compared to last quarter, when the gap was closer to $100,000.

Rideau Park, while not known as a luxury area, also made the list with a median difference of $50,000, alongside Banff Trail at $29,900. These results suggest that negotiation is more common in higher-priced or lower-turnover areas, where pricing can vary more widely from listing to sale.

“In Q3, we saw under-asking sales become more common across Calgary, but the price differences are still modest,” says Ryan McLaughlin, Wahi Economist. “It’s a sign the market is moving toward balance as buyers become more cautious, yet sellers who price right are still doing well, often seeing their expectations met or selling close to asking.”

Balanced Market with Room to Negotiate

With underbidding now common across nearly every neighbourhood, Calgary’s housing market has shifted into balanced territory. For buyers, the trend points to more negotiating power at the offer stage, especially in higher-priced areas. For sellers, pricing competitively remains key, while the gap between list and sold prices has grown, homes for sale that reflect current market conditions continue to attract steady interest.

How Wahi Ranks Calgary’s Overbidding and Underbidding Neighbourhoods

Each quarter, Wahi compares the differences between median list and sold prices to determine whether neighbourhoods are in overbidding or underbidding territory, excluding those neighbourhoods with fewer than five transactions over the study period. A total of 184 neighbourhoods out of Calgary’s approximately 200 met this threshold in Q3, down from 186 in Q2. Data is sourced from the Calgary Real Estate Board.

The top overbidding and underbidding neighbourhoods are ranked by the median overbid or underbid amount. The median overbid and underbid amounts are calculated by subtracting the list price from the sold price of each individual listing in a given neighbourhood. These are then ranked by the median of all subtractions and presented as the median overbid or underbid amount.