Price Declines Continue to Be Driven by Apartment Condominiums
Calgary's housing market remained relatively balanced in July, but the divide between low-density and high-density housing continued to grow. While detached and semi-detached homes maintained stable market conditions, apartment condominiums remained firmly in buyer's market territory as elevated supply continued to pressure prices.
As expected, market activity slowed heading into the second half of the year. Calgary recorded 1,904 home sales in July, down 9% from last year, while 3,323 new listings entered the market, a 15% decline year-over-year. Despite fewer listings, the sales-to-new-listings ratio held steady at 57%, helping keep overall market conditions balanced.
According to CREB® Chief Economist Ann-Marie Lurie, several years of record-high apartment construction combined with a sharp slowdown in international migration have significantly shifted market conditions for higher-density housing. While new home construction has slowed, more than 17,000 apartment units remain under construction, continuing to add supply to both the rental and resale markets.
Overall resale inventory has remained relatively stable compared to last year, but slower sales pushed the months of supply to 3.5 months. Detached and semi-detached homes remain balanced, while apartment condominiums continue to favour buyers and row homes are beginning to show signs of oversupply.
Overall Market Trends
The total residential benchmark price was $569,200 in July, down slightly from June and 2% lower than July 2025.
Price performance continues to vary significantly by property type:
Detached homes: Down less than 2% year-over-year
Semi-detached homes: Essentially unchanged from last year
Row homes: Down 6% year-over-year
Apartment condominiums: Down more than 8% year-over-year
While detached prices have softened modestly in some districts, apartment condominiums continue to bear the brunt of rising supply and softer demand.
Detached Homes
Detached homes remained one of the healthiest segments of Calgary's market despite slower summer activity.
Although sales declined slightly compared to last year, fewer new listings also helped limit inventory growth. Conditions remain balanced across the city, though local markets tell different stories.
The West District continues to experience seller-favouring conditions with less than two months of supply and nearly 4% annual price growth, while the North East has more than five months of supply and price declines approaching 6%.
Competition from newly built homes is also putting pressure on recently constructed resale properties in some communities.
Semi-Detached Homes
The semi-detached segment continues to demonstrate remarkable stability.
Sales remained similar to last year despite the seasonal slowdown, while inventory continues to support balanced market conditions.
Price trends vary across the city. The West District was the only area to post year-over-year price growth, while the North East continued to soften as buyer's market conditions emerged.
Row Homes
Row homes continue to transition toward a softer market.
Sales have now declined for three consecutive months, contributing to a 15% year-to-date decrease compared to last year.
Although inventory has been gradually declining, it remains elevated relative to historical levels. Increased competition from newly built townhomes continues to place pressure on resale pricing.
Year-over-year price declines range from approximately 3% in the West to 12% in the North East and East districts.
Apartment Condominiums
Apartment condominiums remain the weakest segment of Calgary's housing market.
Sales: Down 26% year-to-date
Inventory: 1,999 units
Months of Supply: Nearly 5 months
Benchmark Price: $297,600
Although new listings have moderated compared to last year, inventory remains well above long-term averages. Combined with softer demand, buyer's market conditions have persisted since spring 2025.
Benchmark prices are now over 8% lower than last year and 13% below the market peak reached in 2024.
Every district has experienced meaningful price declines, reflecting continued oversupply across Calgary's condo market.
Regional Market Highlights
Airdrie
Sales continue to soften while inventory remains elevated. Although conditions have become more balanced, increased competition from Calgary and new-home construction continues to weigh on resale values.
Cochrane
Inventory has increased throughout 2026, particularly in higher-density housing. Market conditions have shifted toward balance, with over four months of supply beginning to place downward pressure on resale prices.
Okotoks
Inventory remains below long-term averages despite modest improvements. However, competition from new communities in south Calgary continues to affect resale pricing.
Chestermere
Chestermere continues to experience one of the largest inventory increases among Calgary's surrounding communities. Slower sales and increased competition from both Calgary and new-home developments have shifted conditions toward buyers.
Market Outlook
July continued the trend we've seen throughout much of 2026: Calgary's housing market remains balanced overall, but performance varies significantly depending on property type.
Detached and semi-detached homes continue to benefit from relatively limited supply, supporting stable prices in many neighbourhoods. In contrast, apartment condominiums remain under pressure as elevated inventory, slower migration, and increased competition from the rental and new-home markets continue to favour buyers.
As we move toward the fall market, buyers looking at condos and higher-density homes will continue to enjoy greater selection and negotiating power. Sellers, particularly in these segments, should focus on strategic pricing and strong presentation to stand out in an increasingly competitive market.
