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.

• Sales: 1,012

• New Listings: 1,707

• Months of Supply: Nearly 3 months

• Benchmark Price: $743,900

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.

• Benchmark Price: $691,000

• Months of Supply: Under 3 months

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.

• Months of Supply: Nearly 4 months

• Benchmark Price: $418,500

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.

• Detached Benchmark Price: $603,100

• Year-over-Year: Down 4%

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.

• Detached Benchmark Price: $659,400

• Year-over-Year: Down nearly 4%

Okotoks

Inventory remains below long-term averages despite modest improvements. However, competition from new communities in south Calgary continues to affect resale pricing.

• Detached Benchmark Price: $695,700

• Year-over-Year: Down over 2%

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.

• Detached Benchmark Price: $771,900

• Year-over-Year: Down nearly 5%

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.

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.

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.

Balanced Conditions in the City, Except for Apartment-Style Units

Calgary’s housing market continued its seasonal transition into spring, with both sales and inventory rising compared to March. While overall activity picked up, the market continues to show clear differences depending on property type.

In April, Calgary recorded 2,104 sales, a six percent decline compared to last year, reflecting a broader shift away from the strong demand seen during the peak migration years. At the same time, 3,829 new listings came onto the market, keeping the sales-to-new-listings ratio at 55 percent and supporting a modest increase in inventory.

Total inventory reached 5,973 units, slightly higher than last year. Overall, the market remains relatively balanced, with just under three months of supply. However, this balance masks a divide between segments, ranging from tight conditions in detached homes to buyer-favouring conditions in the apartment condominium market.

According to CREB Chief Economist Ann-Marie Lurie, improved supply across all housing types has reduced urgency among buyers, helping shift the market away from seller-dominated conditions. However, limited inventory in the detached segment continues to contrast sharply with elevated supply in the apartment market.

Overall Pricing Trends

The total residential benchmark price rose to $568,800 in April, up from March due to typical seasonal gains heading into the spring market.

Despite this monthly increase, prices remain three percent lower than last year, with the most significant declines occurring in apartment-style homes, where prices are down nearly nine percent year-over-year.

Lower-density housing, including detached and semi-detached homes, has shown more stability, with only modest year-over-year declines.

Detached Homes

Detached homes remain the tightest segment of Calgary’s housing market.

• Sales: 1,095

• New listings: 1,863

• Inventory: 2,468 units

• Months of supply: Just over 2 months

Inventory levels remain below both last year and long-term trends, continuing to support prices. The benchmark price rose to $745,400, with year-over-year declines easing to under three percent.

Market conditions vary across districts:

• Seller’s market conditions persist in the North West, West, and South, where supply is especially tight

• Buyer conditions are emerging in the North East, where higher supply is weighing on prices

Semi-Detached Homes

Semi-detached homes continue to show balanced conditions, supported by steady supply and demand.

• Benchmark price: $690,000

• Prices increased month-over-month and are now only slightly below last year’s levels

Price trends vary by location:

• Gains were seen in most districts

• Declines persist in the North East and East, where supply is higher

Year-to-date, prices have improved in the City Centre, North West, and West districts, supported by tighter conditions.

Row Homes

Row homes remain in balanced territory, though supply has increased compared to last year.

• Sales-to-new-listings ratio: ~51 percent

• Months of supply: Nearly 3 months

While overall conditions are stable, significant differences exist across districts:

• The North East continues to experience the highest supply levels and the largest price declines, exceeding 11 percent year-to-date

• The West district has seen the smallest price adjustments, with declines under two percent

Apartment Condominiums

Apartment-style homes continue to face the greatest supply pressure.

• Inventory: 1,920 units

• Supply: Over 4 months

• Inventory: 27 percent above long-term trends

Despite a slight improvement in the sales-to-new-listings ratio, supply remains elevated, keeping conditions in buyer’s market territory.

The benchmark price reached $301,400, slightly higher than March, but still nearly nine percent lower than last year.

Price declines are widespread:

• Largest drops in the North East, East, North, and South East

• Some stabilization in the North West, South East, and West districts

Regional Market Highlights

Airdrie

Balanced conditions persist with just over three months of supply. The benchmark price rose to $516,700, up month-over-month but still over five percent lower than last year.

Cochrane

Stronger sales and fewer new listings tightened conditions slightly. The benchmark price increased to $569,200, though still more than three percent below last year.

Okotoks

Inventory remains limited, keeping conditions relatively tight. The benchmark price reached $627,600, up from March and in line with last year.

Market Outlook

April reinforces the theme seen throughout early 2026: a split market in Calgary.

• Detached and semi-detached homes remain supply-constrained and relatively stable

• Row homes are balanced but showing signs of softness in some districts

• Apartment condominiums continue to face elevated supply and downward price pressure

As we move deeper into the spring market, buyers will find the most opportunities in higher-density housing, while sellers of detached homes—especially in tighter price ranges—continue to benefit from limited supply.

Trends Differ Based on Property Type

Calgary’s housing market continued to show diverging trends in March 2026, with conditions varying significantly depending on property type. While overall activity picked up as we moved into the spring market, the underlying story remains one of imbalance between low-density and high-density housing segments.

Inventory levels followed typical seasonal patterns and increased month-over-month. However, compared to long-term trends, supply remains well above average for row and apartment-style homes, while detached housing continues to face limited inventory. This reflects last year’s construction trends, where apartment starts surged while detached construction slowed.

In March, Calgary recorded 1,881 sales, an improvement from February but still 13 percent lower than last year and below long-term averages. Much of this decline is tied to softer demand in the apartment sector, where increased supply and slower migration are spreading demand across more options. Meanwhile, detached home sales also remain below typical levels, largely due to limited supply in several districts.

According to CREB Chief Economist Ann-Marie Lurie, while headline numbers suggest a balanced market, a deeper look reveals a split market: tighter conditions for detached homes and buyer-favouring conditions in the apartment segment. This dynamic continues to support price growth in low-density housing while placing downward pressure on condo prices.

Overall Pricing Trends

The total residential benchmark price reached $565,600 in March, up nearly one percent from February, reflecting typical seasonal gains. However, prices remain over four percent lower than last year.

After the first quarter:

• Detached and semi-detached homes showed stable to modest price growth

• Apartment condominiums continued to decline, dropping an additional three percent compared to Q4 2025

Detached Homes

Detached homes continue to experience the tightest market conditions across all property types.

• Sales: 982

• New listings: 1,614

• Sales-to-new-listings ratio: 61 percent

• Months of supply: Just over 2 months

While overall inventory is similar to last year, supply remains tight in many districts:

• Less than two months of supply in the North West, West, South, South East, and East

• More balanced conditions in the City Centre and North

• Higher supply pressure in the North East

The benchmark price reached $741,300, down three percent from last year’s peak but showing quarterly gains in several areas, particularly the West, City Centre, and South districts.

Semi-Detached Homes

Semi-detached homes remained relatively balanced, with improved sales and stable inventory levels.

• Sales: 193

• Inventory: 480 units

• Benchmark price: $686,100

Prices edged slightly higher month-over-month and are only one percent below last year’s levels. By the end of Q1, most districts saw price gains, though year-over-year prices remain lower in many areas outside of the City Centre, North West, and West.

Row Homes

Row home activity continued to soften compared to last year, with supply rising relative to demand.

• Inventory: 960 units (25 percent above long-term trends)

• Months of supply: Nearly 3 months

• Benchmark price: $423,900

While overall conditions remain relatively balanced, some districts—particularly the North East—are trending toward buyer’s market conditions. Prices are over six percent lower than last year, though they have stabilized compared to the previous quarter.

Apartment Condominiums

Apartment-style homes continue to face the greatest supply pressure in the market.

• Inventory: 1,774 units (near record highs for March)

• Sales-to-new-listings ratio: ~40 percent

• Months of supply: Nearly 5 months

The benchmark price was $300,300, slightly higher than February but still over nine percent lower than last year. Prices have declined across all districts, with the largest drops in the South and North districts.

After the first quarter, apartment prices have declined nearly three percent compared to late 2025, reflecting ongoing oversupply.

Regional Market Highlights

Airdrie

Conditions remain balanced with about three months of supply. Prices are stabilizing but remain over five percent lower than last year at $512,800.

Cochrane

Inventory is rising, keeping conditions balanced. Prices showed seasonal gains but remain four percent lower year-over-year at $561,200.

Okotoks

Inventory remains limited, with just over two months of supply. Prices rose month-over-month to $618,100, though still slightly below last year.

Market Outlook

March highlights a two-speed market in Calgary:

• Detached and semi-detached homes remain supply-constrained and relatively stable

• Row homes are balanced but softening in some districts

• Apartment condominiums continue to face oversupply and downward price pressure

As we move deeper into the spring market, price trends will likely continue to diverge by property type. Buyers will find the most opportunities in higher-density segments, while sellers of detached homes—especially in lower price ranges—may continue to benefit from tighter supply.