Detached Market Tightens While Apartments Remain Oversupplied
Calgary’s housing market continued to show diverging conditions by property type in February 2026. While detached and semi-detached homes experienced tightening supply, apartment-style properties remained firmly in buyer’s market territory due to elevated inventory levels.
In total, Calgary recorded 1,526 sales, down 11 percent compared to last February, largely due to softer activity in row and apartment segments. Inventory rose to 4,822 units, with condominiums and row homes representing more than half of all active listings.
Despite these shifts, overall citywide conditions remained relatively balanced at three months of supply and a 55 percent sales-to-new-listings ratio.
According to CREB Chief Economist Ann-Marie Lurie, slowing migration levels are coinciding with a significant rise in apartment construction. Calgary saw record-high housing starts last year, with nearly 18,000 apartment units currently under construction. While many of these are purpose-built rentals, the added supply continues to influence the condominium resale market.
At the same time, the detached market remains tight, particularly for homes priced below $700,000.
Overall Pricing Trends
Seasonal trends typically support modest price increases early in the year. In February, benchmark prices rose for most low-density property types. However, apartment prices continued to decline.
The total residential benchmark price reached $560,500, up one percent from January, but still four percent lower than February 2025.
Detached Homes
Detached homes remained relatively balanced in February.
Sales: 736
New listings: 1,269
Sales-to-new-listings ratio: 58 percent
Months of supply: Just under three months
The unadjusted benchmark price was $734,300, up more than one percent from January, but still three percent lower than last year.
Market conditions varied significantly by district:
The West district reported the tightest conditions, with less than two months of supply.
The North East district continued to face higher inventory levels, limiting price growth.
The only districts reporting both month-over-month and year-over-year gains were the City Centre and West.
Semi-Detached Homes
Semi-detached homes reported the tightest conditions among all property types.
Sales: 175
New listings: 253
Sales-to-new-listings ratio: 69 percent
Months of supply: 2.4 months
The tighter supply supported price gains. The benchmark price rose to $682,200, up more than two percent from January and roughly in line with last year’s levels.
Price performance varied across the city:
Gains were strongest in the City Centre, North West, and West.
Other districts saw modest year-over-year declines.
Row Homes
Row home activity improved compared to January.
Sales: 270
New listings: 491
Sales-to-new-listings ratio: 55 percent
Months of supply: Just over three months
The benchmark price increased to $423,600 month-over-month, consistent with seasonal trends. However, prices remain five percent lower than last February.
The most significant year-over-year declines occurred in the North East and East districts, where prices have dropped by more than 10 percent. In contrast, prices in the West and City Centre have remained relatively stable.
Apartment Condominiums
Apartment-style homes continue to face elevated supply.
Sales: 345
New listings: 753
Sales-to-new-listings ratio: 46 percent
Inventory: 1,580 units
Months of supply: Over four months
The benchmark price fell to $298,600, nearly one percent lower than January and more than nine percent below last February.
Supply conditions vary significantly:
The North East reported more than 11 months of supply.
The South district reported less than four months.
Price declines of more than 10 percent year-over-year were recorded in the North East, East, and South East districts.
Regional Market Highlights
Airdrie
With 122 sales and 236 new listings, conditions remained relatively balanced at just over three months of supply. The benchmark price was $512,200, stable month-over-month but five percent lower than last year.
Cochrane
Sales gains helped maintain balance at roughly three months of supply. The benchmark price rose slightly to $553,500, though still three percent lower than last February.
Okotoks
Inventory remains well below long-term trends. With under three months of supply, conditions remain tight. The benchmark price reached $612,300, up two percent from January and similar to last year.
Market Outlook
February’s data highlights a clear split in Calgary’s housing market:
Detached and semi-detached homes are tightening, especially in affordable price ranges.
Apartment condominiums remain oversupplied, continuing to place downward pressure on prices.
Row homes sit in the middle, with balanced but softer conditions compared to last year.
As we approach the spring market, pricing trends will likely depend on how quickly apartment supply is absorbed and whether detached inventory remains constrained in key price segments.
If you would like to discuss how these trends affect your neighborhood or property type, I would be happy to provide a personalized market review.