Apartment Prices Ease as Inventory Remains Elevated

Calgary’s housing market continued to show varying conditions across property types in May, as elevated inventory levels in the apartment sector contrasted with tighter conditions in detached homes.

In line with seasonal trends, inventory levels increased from the beginning of the year, reaching 6,752 units in May. While this is comparable to inventory levels reported last May, it remains 11% higher than long-term averages for the month. Much of the additional supply continues to come from apartment and row-style homes. In contrast, detached home inventory remains relatively limited, sitting 3% below both last year’s levels and long-term trends.

At the same time, sales activity has slowed. Calgary recorded 2,162 sales in May, down 16% from last year, and similar to activity reported in April. While new listings also declined compared to last year, the reduction in sales outpaced the drop in listings, causing the sales-to-new-listings ratio to ease to 51%. This contributed to further inventory growth and rising months of supply.

According to CREB® Chief Economist Ann-Marie Lurie, increased supply in both the new home and rental markets is creating a more competitive environment for buyers. Combined with concerns about the rising cost of living and slower migration growth, this has reduced urgency among purchasers and helped shift Calgary’s resale market into more balanced conditions.

As a result, market conditions vary significantly by property type. Detached homes continue to operate with approximately 2.5 months of supply, while apartment condominiums have moved into clear buyer’s market territory with more than five months of supply.

Overall Market Trends

The total residential benchmark price rose to $570,500 in May, up from both April and January levels. Most of this increase was driven by gains in detached housing.

Detached benchmark prices climbed from $724,000 in January to $747,800 in May, reflecting tighter supply conditions and continued demand for lower-density housing.

Meanwhile, apartment condominium prices continued to weaken. Condo benchmark prices remain below January levels and are now 9% lower than May 2025. When adjusting for seasonal patterns, Calgary’s overall benchmark price has remained relatively stable, as gains in detached homes have largely offset declines in the apartment sector.

Detached Homes

Detached homes remain one of the strongest segments of Calgary’s housing market.

• Sales: 1,192

• New Listings: 2,195

• Months of Supply: 2.5 months

• Benchmark Price: $747,800

While inventory increased slightly in May, supply remains below both last year’s levels and historical norms. Conditions vary considerably across the city, ranging from seller’s market conditions in the West district to buyer’s market conditions in the North East.

The North East continues to experience the largest price declines, down 7% year-over-year, while prices in the West district remain consistent with last year.

Semi-Detached Homes

Semi-detached homes continued to benefit from balanced market conditions.

• Sales: 217

• New Listings: 375

• Benchmark Price: $691,100

Prices have steadily improved throughout 2026 and now sit significantly above January levels, though they remain approximately 1% below last year’s benchmark. The strongest performance has occurred in the North West and West districts, where new record-high prices have been recorded this year.

Row Homes

The row home market remains balanced but continues to face softer demand than in previous years.

• Sales: 350

• New Listings: 695

• Months of Supply: Over 3 months

• Benchmark Price: $422,300

Prices have improved modestly since the beginning of the year but remain more than 6% below May 2025 levels. The largest declines continue to occur in the North East and East districts, where benchmark prices have fallen by more than 10%.

Apartment Condominiums

Apartment condominiums continue to face the greatest supply pressure in Calgary’s housing market.

• Sales: 403

• New Listings: 961

• Months of Supply: Over 5 months

• Benchmark Price: $300,400

Competition from both the rental market and newly constructed homes continues to weigh on resale condo demand. Elevated inventory levels and weaker sales have pushed conditions firmly in favour of buyers.

Benchmark prices are now 9% below last year’s levels, with the steepest declines occurring in the North East, North, and East districts.

Regional Highlights

Airdrie

Market conditions remain balanced with just over three months of supply. Prices have improved since January but remain 5% below last year’s levels.

Cochrane

Cochrane continues to outperform many surrounding markets. Strong sales and stable inventory levels have supported price growth throughout the spring, with benchmark prices rising to $576,400.

Okotoks

Inventory remains below long-term averages, helping maintain relatively tight market conditions. While prices softened slightly from April, benchmark values remain above levels recorded at the beginning of the year.

Looking Ahead

As Calgary moves into the summer market, the divide between housing segments remains clear. Detached and semi-detached homes continue to benefit from limited supply and stable demand, while apartment condominiums face growing competition from both the rental and new-home markets.

For buyers, the condo sector offers increased selection and negotiating power. For sellers, particularly in higher-density segments, strategic pricing and strong property presentation will be increasingly important in today’s more balanced market.