The era of frantic overbidding for Calgary homes has come to an abrupt halt, according to a revealing new market analysis. Research conducted by online real estate platform Wahi demonstrates that the summer months brought a significant transformation in buyer behavior across the city's housing market.
Market Shift: From Bidding Wars to Negotiation Power
Wahi's comprehensive study, released in November 2025, examined real estate transactions occurring between July and September. The findings paint a clear picture of changing dynamics: the median bid price fell below the listing price in nearly every Calgary community. This marks a dramatic departure from previous years when competitive bidding situations frequently drove prices well above asking amounts.
Only one neighborhood bucked this prevailing trend. Chinook Park recorded a median bid price that technically exceeded the list price, but by a mere one dollar. The report importantly notes that this statistical anomaly occurred within a very small sample size of just five transactions during the three-month period.
Neighborhood Analysis: Where Underbidding Hit Hardest
A handful of communities experienced what the report characterizes as "flat" bidding activity. In West Hillhurst, Maple Ridge, and Garrison Woods, median offers came within $1,000 of listing prices, indicating relatively balanced negotiations between buyers and sellers.
However, most Calgary neighborhoods witnessed substantial gaps between what sellers asked and what buyers ultimately offered. The report highlights several notable examples:
Rosedale experienced the most significant median underbid across the city. With homes carrying a median price of $1.655 million, the typical underbid reached $90,000 during the third quarter.
Elbow Park followed with the second-largest gap. Properties in this area, with a median price around $1.75 million, saw median underbids of $55,000 throughout the summer months.
Interestingly, the trend wasn't confined to Calgary's luxury property market. Rideau Park, where the median home price was considerably more accessible at $395,000, recorded the third-highest median underbid at $50,000.
Expert Interpretation: A Move Toward Market Balance
Wahi economist Ryan McLaughlin provided analysis contextualizing these findings. He noted that the data indicates Calgary is transitioning toward a more balanced market that benefits both buyers and sellers.
"Sellers face more competition, requiring more attractive pricing to drive buyer interest," McLaughlin explained in the report. The conclusion underscores that buyers now possess significantly enhanced negotiating power, particularly in higher-priced neighborhoods where the underbidding gaps were most pronounced.
This market recalibration follows years of intense competition where buyers often felt pressured to submit offers substantially exceeding asking prices. The summer's cooling trend suggests a normalization that could make home purchasing more predictable for Calgary residents entering the market.
