High-Density Supply Continues to Impact Apartment Condominium Prices

Calgary’s housing market remained balanced overall in June, but the gap between low-density and high-density housing continued to widen. While detached and semi-detached homes maintained relatively healthy market conditions, apartment condominiums remained firmly in buyer’s market territory as elevated supply continued to weigh on prices.

June recorded 2,197 home sales, up from May but 4% lower than the same time last year and just below the long-term average for the month. The decline was largely driven by weaker apartment condominium sales, while detached homes remained resilient. Interestingly, demand remained strongest at both ends of the market, with sales increasing for homes priced under $600,000 and above $1 million.

According to CREB® Chief Economist Ann-Marie Lurie, slower migration has reduced demand for both rental and ownership opportunities in higher-density housing. Combined with several years of record-high housing starts, inventory has increased across the rental, resale, and new-home markets. While detached supply remains limited in many areas, apartment condominiums continue to face significant competition from newly built units and rental options.

Overall Market Trends

New listings eased compared to last year, helping the sales-to-new-listings ratio improve to 56%. This slowed inventory growth, leaving the overall market with just over three months of supply, a level generally considered balanced.

However, conditions vary significantly by property type:

• Detached homes: Approximately 2.5 months of supply

• Semi-detached homes: Approximately 2.5 months of supply

• Row homes: Approximately 3.5 months of supply

• Apartment condominiums: Nearly 5 months of supply

The total residential benchmark price reached $572,500, up from May due to seasonal gains but still 2% below June 2025. Detached homes continued to strengthen through the spring, while apartment condominium prices fell nearly 9% year-over-year.

Detached Homes

Detached homes continue to benefit from balanced market conditions and limited inventory.

• Sales: 1,202

• Benchmark Price: $750,500

• Year-over-Year Change: -1%

Sales remained consistent with last year as stronger activity in homes priced below $600,000 and above $1 million offset softer demand in other price ranges.

While overall conditions remain balanced, there are notable differences across Calgary. The West and City Centre districts reached new record benchmark prices in June, with the West posting nearly 4% annual price growth. In contrast, the North East continued to experience buyer-favouring conditions, contributing to price declines approaching 7%.

Semi-Detached Homes

The semi-detached market remained one of Calgary's most stable segments.

• Sales: 234

• Benchmark Price: $694,600

• Year-over-Year Change: Stable

Improved sales helped offset earlier declines, leaving year-to-date sales only 1% lower than last year. With approximately 2.5 months of supply, conditions remain balanced.

Several districts, including the City Centre, North West, and West, reached new record benchmark prices in June, while the North East experienced the largest price decline at nearly 6%.

Row Homes

Row homes remain balanced overall, though supply continues to exceed historical norms.

• Sales: 338

• Inventory: 1,152 units

• Months of Supply: Nearly 3.5 months

Additional inventory continues to pressure prices, though monthly benchmark values increased slightly in June.

Year-over-year prices declined across every district, ranging from 2% in the South to 10% in both the North East and East. Stronger monthly gains in the City Centre, North West, and South helped offset declines elsewhere.

Apartment Condominiums

Apartment condominiums continue to face the greatest challenges in Calgary's housing market.

• Sales: 423

• New Listings: 931

• Inventory: 2,076 units

• Months of Supply: Approximately 5 months

• Benchmark Price: $299,000

Despite fewer new listings compared to last year, elevated inventory continues to favour buyers. Year-to-date condo sales are now 26% lower than last year, while benchmark prices have fallen nearly 9% year-over-year.

Price declines were widespread across Calgary, with the steepest corrections occurring in the North East and East districts, where values have fallen by more than 14%. The North West experienced the smallest decline at approximately 7.5%.

Regional Market Highlights

Airdrie

Sales continued to slow, while inventory climbed above four months of supply. Increased competition from Calgary and the new-home market continues to pressure resale prices.

• Benchmark Price: $516,900

• Year-over-Year: -4%

Cochrane

Despite a slight slowdown in June sales, year-to-date activity remains stronger than last year. Inventory remains relatively low, supporting continued monthly price growth.

• Benchmark Price: $580,200

• Year-over-Year: -2%

Okotoks

Inventory remains below long-term averages, especially for detached homes. Balanced conditions continue to support stable pricing.

• Benchmark Price: $618,600

• Year-over-Year: -2%

Market Outlook

June highlights a market that continues to move in two different directions.

Detached and semi-detached homes remain relatively balanced, with limited inventory supporting stable prices and even new record highs in select districts. Meanwhile, apartment condominiums continue to experience elevated supply, giving buyers more choice and placing ongoing downward pressure on prices.

As Calgary moves into the second half of 2026, buyers looking at condominiums will continue to benefit from increased selection and negotiating power. Sellers of detached homes, particularly in well-located neighbourhoods and desirable price ranges, should continue to see healthy demand as inventory remains limited compared to historical norms.