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.

Slow Start for High-Density Homes

Calgary’s housing market opened 2026 with a slower start, particularly in higher-density segments such as apartments and row homes. January recorded 1,234 sales, a 15% decline year-over-year, though activity remained in line with typical seasonal levels for the month.

Sales eased across all property types, but the most pronounced pullbacks occurred in apartment and row-style homes. According to CREB Chief Economist Ann-Marie Lurie, buyers in higher-density segments were slower to return following the December pause, as increased supply across resale, rental, and new-home markets reduced urgency. At the same time, sellers were quick to list, pushing the sales-to-new-listings ratio down to 44%, largely due to activity in apartments and row homes.

As a result, inventory climbed to 4,391 units, the highest January level since 2020. Market conditions now vary significantly by property type, with detached homes remaining balanced while apartments face clear buyer’s market conditions.

Pricing Overview

Benchmark prices remain lower than levels seen at the start of last year due to price declines in the latter half of 2025. However, seasonally adjusted figures suggest relative stability compared to the end of 2025.

On a year-over-year basis, the total residential benchmark price declined nearly 5%, largely driven by oversupply and price adjustments in apartment and row-style homes.

Detached Homes

Detached homes continued to show relatively balanced conditions in January.

• Sales: 657

• New listings: 1,243

• Inventory: 1,753 units

• Months of supply: Under 3 months

• Sales-to-new-listings ratio: 53%

The unadjusted benchmark price was $724,000, slightly lower than December and over 3% lower than January 2025, reflecting price softening in the second half of last year. Price declines ranged from less than 1% in the West district to over 6% in the North East, with most monthly adjustments occurring in the City Centre and North West.

Semi-Detached Homes

Semi-detached homes accounted for about 10% of total market activity.

• Sales: 118

• New listings: 251

• Months of supply: 3.5 months

While new listings rose faster than sales, conditions remained relatively balanced. Increased supply since late 2025 has helped stabilize pricing.

• Benchmark price: $667,000

• Month-over-month: Stable

• Year-over-year: Down 1%

Prices remained higher year-over-year in the North West and West districts, while other areas experienced modest declines.

Row Homes

Row homes faced the most notable slowdown outside of apartments.

• Sales: 186 (down nearly 25% YoY)

• Months of supply: Above 4 months

Despite rising inventory, the benchmark price remained stable month-over-month, supported by gains in the City Centre and West districts. However, prices were 5% lower than January 2025. The steepest year-over-year declines occurred in the North East and East, followed by the North and South East, where competition from new homes has been strongest.

Apartment Condominiums

Apartment-style homes continued to experience significant supply pressure.

• New listings: 787

• Sales: 273

• Sales-to-new-listings ratio: 35%

• Inventory: 1,435 units (record high for January)

• Months of supply: Over 5 months

With elevated supply, prices trended lower.

• Benchmark price: $301,200

• Month-over-month: Down nearly 1%

• Year-over-year: Down 8%

Price declines were widespread across all districts, ranging from 13% in the North East to 6% in the City Centre.

Regional Market Highlights

Airdrie

Sales remained relatively strong despite a year-over-year decline. Inventory growth pushed the months of supply slightly above three months, consistent with long-term norms.

• Benchmark price: $513,900

• Year-over-year: Down 5%

Cochrane

New listings reached a record January high, while sales remained limited.

• Months of supply: 5 months

• Benchmark price: $550,800

• Change: Down nearly 2% from both December and January 2025

Okotoks

Low inventory continued to constrain sales activity.

• Months of supply: Just over 2 months

• Benchmark price: $599,500

• Year-over-year: Down 2%

Outlook

January’s data points to a measured start to 2026, with clear divergence between housing types. Detached and semi-detached homes remain relatively balanced, while row and apartment segments continue to adjust under elevated supply.

As buyers and sellers reassess conditions ahead of the spring market, pricing and activity are expected to vary widely by location and property type. The coming months will be critical in determining whether high-density segments can absorb excess supply or if further adjustments lie ahead.

A Year of Transition Toward More Balanced Conditions

After several years of rapid price growth, 2025 marked a clear transition year for Calgary’s housing market. Strong construction activity combined with easing demand helped shift conditions away from a seller-dominated environment toward a more balanced market across much of the city.

Record-high housing starts significantly improved supply across resale, new home, and rental markets. At the same time, demand pressures eased due to slower population growth and heightened economic uncertainty, particularly during the spring market. Together, these factors reshaped market dynamics throughout the year.

Total sales in 2025 reached 22,751 units, down 16% from 2024, but still in line with long-term averages. The more significant change came from the supply side, as over 40,000 new listings entered the market, a 9% increase year-over-year, allowing inventory levels to recover and creating more balanced conditions.

According to CREB Chief Economist Ann-Marie Lurie, supply growth in 2025 exceeded expectations, particularly for apartment condominiums and row homes. This added supply weighed on prices in those segments enough to offset gains seen in detached and semi-detached homes. Market conditions varied widely by location, price range, and property type, with some areas remaining seller-leaning while others shifted in favor of buyers.

Overall Pricing Trends

The annual average total residential benchmark price in Calgary for 2025 was $577,492, representing a 2% decline from last year’s average.

• Detached homes: +1%

• Semi-detached homes: +3%

• Row homes: –2%

• Apartment condominiums: –3%

The North East district experienced the largest price declines in 2025. While this was partly due to improved supply, it also followed exceptionally strong price growth in the prior two years, making the area more susceptible to adjustment.

For the first time in three years, Calgary entered the new year with healthier inventory levels, setting the stage for a more stable outlook heading into 2026.

Detached Homes

Detached home sales totaled 11,328 units, down nearly 9% from 2024. Sales eased across all districts, with the steepest declines in the North East, East, and City Centre.

Inventory growth played a key role in price performance. In the North East and East districts, inventories rose well above long-term averages, contributing to annual price declines of 2%. By contrast, detached inventory in the City Centre remained below historical norms, supporting price growth of over 3%.

Despite varying local conditions, the detached market as a whole shifted into balanced territory by the second half of the year. The annual average benchmark price for detached homes was $752,767, up 1% from last year.

Semi-Detached Homes

Semi-detached properties accounted for less than 10% of total sales activity in 2025. Sales reached 2,159 units, down 8% year-over-year, but slightly above long-term trends.

This segment took longer to transition into balanced conditions, which helped support stronger price growth. The annual average benchmark price rose to $685,850, nearly 3% higher than last year.

While prices eased in the North district due to competition from new homes, those declines were more than offset by 4% growth in the City Centre, resulting in solid overall performance for the year.

Row Homes

Row home sales declined 17% to 3,838 units, though activity remained above long-term averages as this housing type continues to represent a growing share of Calgary’s market.

Rising new listings led to inventory gains and reduced upward pressure on prices. Market conditions shifted to balanced relatively early in the year, and by the final quarter ranged from balanced to buyer-favouring depending on district.

Overall, row home prices declined 2% on an annual average basis. Prices were generally stable in the City Centre, North West, West, and East, but additional resale supply and competition from new homes led to 4% declines in the North East and North districts.

Apartment Condominiums

Apartment condominiums experienced the largest market adjustment in 2025. Sales fell 28% compared to last year’s near-record levels, though they remained 28% above long-term averages.

The primary driver of changing conditions was supply. Over the past three years, apartment construction—largely purpose-built rental—has expanded significantly. While these units are not direct resale listings, they increased overall housing choice and reduced urgency among buyers and investors.

By the second half of the year, most districts had shifted into buyer-favouring conditions, with elevated months of supply placing persistent downward pressure on prices. The annual average benchmark price declined by nearly 3%, with the steepest drops in the North East at close to 5%. The West district was the only area to report relative price stability.

Regional Market Highlights

Airdrie

Improved supply from both the new home market and competing resale areas pushed inventory to its highest level since before the pandemic. While sales remained aligned with long-term trends, rising supply led to a 2% decline in the annual average benchmark price.

Cochrane

Sales remained strong and above historical norms. Supply growth gradually shifted the market into balanced conditions later in the year, limiting price pressure. The annual benchmark price increased nearly 3% to $578,325.

Okotoks

Despite a 40% increase in inventory, supply levels remained 30% below long-term averages, keeping market conditions relatively tight. Overall prices posted modest gains, with performance varying by housing type. Apartment condominiums saw the strongest growth, rising nearly 8%.

Looking Ahead

2025 represented a structural reset for Calgary’s housing market.

• Supply improved meaningfully

• Price growth moderated

• Market conditions normalized across most segments

Detached and semi-detached homes demonstrated resilience, while higher-density housing absorbed most of the adjustment. With healthier inventory levels entering 2026, the market is positioned for greater stability, improved choice for buyers, and more sustainable pricing trends moving forward.

Conditions Remain Balanced Heading Into Winter

Calgary’s housing market softened in line with typical seasonal patterns this November as sales, new listings, and inventory levels all eased compared to October. The city recorded 1,553 sales and 2,251 new listings, pushing the sales-to-new-listings ratio to 69%, an improvement from last month and a sign of steadier market balance.

Total inventory declined month-over-month but remained elevated at 5,581 units, which is 28% higher than last year and 15% above long-term November norms.

According to Ann-Marie Lurie, CREB® Chief Economist, higher-density segments such as row and apartment homes continue to see the most supply pressure due to both resale activity and new construction flowing into the market. As a result, buyer’s market conditions are more common in these segments, while detached and semi-detached homes remain relatively balanced across most districts.

The total residential benchmark price fell to $559,000, down 5% year-over-year.

• Apartments: –7% YoY

• Row homes: –6% YoY

• Detached: –2% YoY (still up YTD)

Detached Homes

Detached sales reached 823 units, consistent with typical November activity. Inventory eased from October but remains higher than last year, keeping the months of supply around three months—a balanced range.

• Benchmark price: $733,000 (–2% YoY)

• YTD price: +1% vs. 2024

• Price declines were concentrated in the North East, North, and East districts due to competition from new builds and higher supply.

Semi-Detached Homes

Semi-detached sales were comparable to last year, but higher-than-normal new listings pushed inventory to a five-year November high. Months of supply stayed above three months, indicating balanced conditions.

• Benchmark price: $671,700 (steady YoY)

• YTD price: +3%

• Strongest gains: City Centre (+4%)

Row Homes

Row home sales declined to 257 units, but still sit above long-term norms. Inventory remains elevated at levels not seen since 2018.

• Benchmark price: $424,400

• Monthly change: ↓

• Year-over-year: –6%

• YTD prices: –2%

• Largest declines: North East and North districts

Apartment Condominiums

This segment continues to face the strongest downward pressure. Sales remained in line with historical averages, but elevated new listings pushed inventory to a record high for November. Months of supply approached six months, marking clear buyer’s market conditions.

• Benchmark price: $309,300

• Year-over-year: –7%

• YTD: –2%

• Largest decline: North East (–5%)

• Only district with stable prices: West

Regional Highlights

Airdrie

• Inventory remains elevated due to more newer homes entering resale.

• Prices trending downward but still retain gains from the past four years.

• YTD detached prices: –1% YoY

Cochrane

• New listings hit a record November high; inventory at 2018 levels.

• Despite supply gains, prices remain higher than last year.

• YTD detached prices: +2%

Okotoks

• Sales improved month-over-month, supported by stronger new-listing activity.

• Inventory is rising but still below long-term norms.

• YTD prices: higher across all property types

Outlook

As 2025 comes to a close, Calgary’s market is entering winter with balanced conditions in detached and semi-detached homes, while row and apartment segments continue to face elevated supply and softer pricing. Seasonal slowdowns are expected to continue, but underlying demand remains aligned with long-term trends. Buyers will enjoy more choice, while sellers—especially in higher-density segments—will need to price competitively.

Slower Growth in New Listings Helps Stabilize Supply

Calgary’s housing market showed signs of stabilization in October as new listings growth slowed and sales picked up slightly from September. The city recorded 1,885 sales and 6,471 active listings, bringing the months of supply back down to three and a half months, after reaching four months in September.

While row and apartment properties continue to experience elevated supply compared to demand, detached and semi-detached segments remain relatively balanced.

Year-to-date, Calgary has seen 20,082 sales, about 16% lower than last year, though still consistent with long-term market averages. Most of the slowdown has come from softer demand for apartment and row-style homes.

“Improved rental supply and easing rents have slowed ownership demand for apartment- and row-style homes,” said Ann-Marie Lurie, CREB® Chief Economist. “Excess supply in these segments is weighing on prices more than in other property types.”

As of October, Calgary’s total residential benchmark price was $568,000, down 1% month-over-month and over 4% year-over-year. The largest price adjustments occurred in the row and apartment markets, with prices falling 6% and 7% respectively compared to last October. 

Detached Homes

Sales improved slightly to 1,012 units, while new listings fell to 1,593, helping reduce inventory to 2,913 units. With under three months of supply, detached homes remain balanced overall.

• Benchmark price: $744,400 (↓ 1% YoY)

• Price trends: Gains in the City Centre (+2%) offset declines in the North East (-5%)

• Year-to-date: Prices remain 1% higher than last year

 Semi-Detached Homes

Sales rose to 186 units, while inventory held steady at 613 units. Conditions remain balanced with just over three months of supply.

• Benchmark price: $683,100 (↑ 1% YoY)

• Year-to-date: Prices are 3% higher than last year, led by the City Centre

Row Homes

Row sales totaled 275 units, while inventory climbed to a record 1,054 units, keeping months of supply around four months.

• Benchmark price: $431,200 (↓ 6% YoY)

• Year-to-date: Down 1.5%, with the largest declines in the North East and North districts

 Apartment Condominiums

A small pullback in new listings helped stabilize inventory, which remained high at 1,891 units. With nearly five months of supply, apartment condos remain in buyer’s market territory.

• Benchmark price: $318,200 (↓ 7% YoY)

• Year-to-date: Prices down 2%, led by declines in the North East and South East

 Regional Highlights

Airdrie – Record-high new listings kept inventory elevated at 535 units, with prices down 5% YoY to $520,400.

Cochrane – Sales improved and inventory stabilized. Prices held at $585,200, up 2% YoY.

Okotoks – Inventory rose modestly, but conditions remain relatively tight. Prices edged up to $618,600, stable year-over-year and 1% higher YTD.

Outlook

Calgary’s housing market continues to rebalance. While higher inventory in multi-family segments is softening prices, detached and semi-detached homes remain resilient thanks to steady demand. Unless sales slow further, conditions are expected to stay stable heading into the winter months, offering better selection for buyers and more realistic pricing across the board.

A Surge in Listings Brings Balance Back to the Market

Calgary’s housing market saw a notable shift in September as new listings surged and inventory continued to climb, signaling a gradual transition toward more balanced conditions.

Sales reached 1,720 units, but they were not enough to offset the 3,782 new listings entering the market. This pushed total inventory up to 6,916 units, which is 36% higher than last year and 17% above long-term averages. The increase was most pronounced in row and apartment-style homes, segments that now show clear signs of moving into buyer’s market territory.

According to Ann-Marie Lurie, CREB® Chief Economist, supply has been rising across resale, new home, and rental markets, while demand has eased due to slower population growth and general uncertainty. This combination is reducing urgency among buyers and putting modest downward pressure on prices.

Market Balance and Pricing Trends

The sales-to-new-listings ratio dropped to 45%, and months of supply increased to four months for the first time since early 2020. If this trend continues, Calgary could see more buyer-friendly conditions heading into winter.

• Detached Homes: Sales slowed to 859 units (down 9% YoY). The benchmark price dipped slightly to $749,900, down about 1% from last month and last year.

• Semi-Detached Homes: Inventory rose, but prices remained stable at $684,800, about 1% higher than a year ago.

• Row Homes: Inventory reached its highest September level since 2018, pushing prices down nearly 5% YoY to $437,100.

• Apartments: The sector saw the sharpest shift, with inventory climbing to 1,999 units and prices falling over 6% YoY to $322,900.

Regional Highlights

• Airdrie: Record-high new listings (295 units) pushed inventory up and prices down 5% YoY to $526,000.

• Cochrane: New listings hit a record 148 units; prices eased slightly to $584,300, still up 1% YoY.

• Okotoks: Fewer new listings kept conditions tighter, but prices softened 3% YoY to $613,900.

Outlook

As Calgary heads into fall, more inventory and softer demand are creating breathing room for buyers after several years of strong seller’s markets. Price declines remain moderate overall, and market conditions vary by property type and area. Unless demand rebounds significantly, buyers may continue to see improved selection and negotiating power through the end of the year.