NEIGHBORLY ADVICE

2026 CALGARY REAL ESTATE OUTLOOK

City of Calgary, January, 2025 

In 2025, housing market activity in Calgary transitioned from one that favoured the seller to more balanced conditions as improving supply in the new home, rental and resale markets occurred just as demand returned to more typical levels, mostly due to slower migration levels. This took much of the pressure off home prices, especially in the apartment and row segments, which reported the largest gains in supply compared to long-term trends. As we move into 2026, supply levels are expected to remain elevated for higher density homes, as 2025’s record high starts will continue to add supply to the rental and new home market as those units are completed. The elevated inventory levels should cool new home starts this year, taking the pressure off supply growth by the end of 2026 and into 2027. Previous population gains and job growth are expected to keep sales in line with long-term trends. But no further uptick in demand is expected given the shift in migration and employment in the city.

SALES AND PRICE GROWTH FORECAST The recent MOU regarding new pipeline development and shifts in regulatory policy, signed by the provincial and federal government, provides significant upside for our city and province should progress be made. However, the economic benefits would not be expected to influence the housing market this year.  Elevated supply across new, resale and rental markets, combined with stable demand, is expected to prolong the time it takes to absorb the additional resale supply currently in the market. Overall, balanced to buyer’s market conditions are expected to persist in 2026 depending on the property type. The additional supply in the apartment and row segments of the market are expected to weigh on resale prices in those segments. Meanwhile, annual prices should stabilize in the more balanced detached and semi-detached segments. Nonetheless, further annual price declines for apartment and row-style homes will continue to weigh on total residential prices, which are expected to ease slightly over last year.

Sales and new listings slow in August

City of Calgary, September, 2026 – 

Consistent with trends throughout most of 2026, both sales activity and the number of new listings coming onto the market have continued to trend down compared with 2025 levels. In August, sales in Calgary were 1,660 units, down 16 per cent compared with last year, while new listings fell by nearly 10 per cent to 3,141 units.

The pullback in sales has not occurred across all price ranges, as homes priced over $1,000,000 have recorded gains over last year. These gains have mostly been driven by detached and semi-detached homes and are also consistent with where most of the supply growth has occurred.

“While sales growth in the upper end of the market was possible thanks to improved supply choice, it also reflects longer-term confidence in our market, as some buyers are not shying away from taking advantage of the available supply,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Meanwhile, we have not seen the same pickup in activity in the lower price ranges, as favourable rental conditions are slowing the transition to ownership.”

Inventory levels in August eased compared with the previous month and the same period last year, at 6,509 units. However, given the pullback in sales, the months of supply pushed up to nearly four months. Also consistent with trends throughout this year, conditions vary significantly by property type, with nearly six months of supply for apartment-style homes compared with over three months of supply for lower-density detached homes.

The relatively balanced conditions in the detached and semi-detached sector have prevented any significant shifts in prices compared with the steady price declines occurring in the oversupplied higher-density segments of the market. As of August, the total residential benchmark price was $569,800, similar to the previous month and one per cent lower than 2025 levels.

Detached

Gains in higher-priced sales were not enough to offset the pullbacks occurring for homes priced below $1,000,000, as sales fell by 12 per cent to 875 units. At the same time, new listings trended down compared with both July and August 2025 levels, reaching 1,635 units. The steeper decline in sales compared with inventory levels was enough to support a modest monthly gain in inventory levels and drove up the months of supply to over three months. Market balance varies significantly based on price range and location. The months of supply remain below three months in the North West, West, South and South East districts, and above four months in the North and North East districts. The wide range of market balance is also reflected in pricing. Year-over-year gains of over two per cent have occurred in the West and City Centre districts. Meanwhile, price declines were the steepest in the North East at over six per cent. Overall, the benchmark price in August was $744,300, similar to July and down by one per cent compared with last year.

Semi-Detached

Easing sales in August were enough to push year-to-date sales down to 1,516 units, over two per cent lower than last year’s levels. The easing of August sales was not matched by new listings, causing the sales-to-new-listings ratio to fall to 56 per cent. While inventories eased slightly compared with the previous month, they remain nearly five per cent higher than last year. The steeper monthly pullback in sales compared with inventories was enough to push the months of supply above three months, the first time this has happened since January. Despite the shift, conditions remain relatively balanced, and prices have been relatively stable. As of August, the unadjusted benchmark price was $690,500, similar to the previous month and nearly one per cent higher than last year's levels. Price gains in the City Centre, North West and West districts offset pullbacks in other areas, contributing to the annual gain.

Row

Sales continued to ease in August compared with last year, contributing to the year-to-date pullback of 15 per cent. Additional new-home supply, along with more rental product availability, has contributed to some of the pullback in sales activity. Meanwhile, the pullback in new listings has helped prevent any further gains in inventory levels, and the months of supply remained near four months for the second month in a row. Like other sectors, conditions vary depending on location. The months of supply pushed above four months in the City Centre, North East and North districts, while remaining near three months in the West district. Prices have been easing across all districts in the city. The range of decline varied from over 12 per cent in the North East to just over one per cent in the North West district. As of August, the benchmark price was $415,200, down nearly one per cent from July and five per cent lower than levels reported last year at this time.

Apartment Condominium

Apartment-style homes continue to face the most oversupply in the market, with nearly six months of resale supply. More rental supply is weighing on ownership demand from both first-time buyers and investors, which is slowing sales activity while supply levels remain elevated. In August, sales activity continued to fall, contributing to the year-to-date decline of 26 per cent. New listings have also been declining enough to prevent any further inventory gain, but not enough to help the market shift away from buyer-market conditions. Persistently high supply levels relative to demand have weighed on apartment-style prices for the past two years. As of August, the unadjusted benchmark price was $295,400, nearly one per cent lower than the previous month and eight per cent lower than 2025 levels. Prices peaked in August 2024 at $341,300 and currently sit nearly 13 per cent lower than the peak price.

REGIONAL MARKET FACTS

Airdrie

Sales continued to trend down in August, contributing to the year-to-date decline of 13 per cent. Easing sales have also been met with a seven per cent pullback in new listings over the same period. Throughout most of the year, inventory levels have generally trended higher than last year’s levels and longer-term trends. Over the past few months, we have started to see the pullback in new listings relative to sales cause the sales-to-new-listings ratio to rise, and this has helped prevent any further inventory gains and kept the months of supply below four months. Nonetheless, pressure from competing markets continues to weigh on resale prices. As of August, the unadjusted total residential benchmark price was $508,800, down one per cent from July and over four per cent compared with last year at this time. Steeper price declines are occurring for higher-density apartment-style homes.

Cochrane

Sales improved in August, contributing to the year-to-date gain of over five per cent. Much of the gain in sales has been driven by semi-detached activity. New listings also improved in August compared with last year. The 148 new listings and 94 sales caused the sales-to-new-listings ratio to push above 60 per cent, and inventories edged down compared with the previous month. The boost in sales in August compared with inventory levels caused the months of supply to drop back down to just over three months. Nonetheless, prices still trended down in August. The unadjusted total residential benchmark price eased by nearly one per cent compared with July and is two per cent lower than levels reported last year.

Okotoks

Further declines in new listings likely limited sales activity in August, as the sales-to-new-listings ratio remained elevated at 81 per cent. This contributed to the monthly pullback in inventories, keeping conditions relatively tight with just over two months of supply. Okotoks has struggled with lower-than-average supply levels since 2021, but additional supply choice in competing markets is helping prevent further upward pressure on prices. As of August, the unadjusted total residential benchmark price was $608,400, over one per cent lower compared with July and nearly two per cent lower than last year's levels.

Chestermere

The pullback in sales continues to outpace the declines in new listings, as the sales-to-new-listings ratio dropped below 30 per cent in August. This has contributed to elevated inventory levels. While Chestermere is growing, the higher inventory, combined with the pullback in sales, has caused the months of supply to rise, reaching nine months in August. This has continued to weigh on prices, which trended down in August compared with July and currently sit over one per cent lower than 2025 levels.

Price declines driven mostly by apartment condominiums

City of Calgary, August, 2026 –

Calgary, Alberta, August 1, 2026 – As we move into the second half of the year, it is not a surprise to see slower market activity. In July, both sales and new listings eased over June levels, declining to 1,904 sales and 3,323 new listings. Sales were nine per cent lower than last year’s levels, while new listings were 15 per cent lower. The adjustment in both sales and new listings caused little change in the sales-to-new-listings ratio, which sat at 57 per cent.

In July, the unadjusted total residential benchmark price was $569,200, down slightly over June and two per cent lower than levels reported last year. The persistent oversupply of apartment condos is contributing to a steeper price decline of over eight per cent. Meanwhile, at the other end of the spectrum, detached prices have eased by under two per cent compared to last year, mostly driven by adjustments in the North East and North Districts.

“Several consecutive years of high construction levels and the sudden drop in mostly international migration have contributed to the shift in housing market conditions mostly for higher-density homes, a transition that started in the second half of last year,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “While new home construction is slowing, there are over 17,000 apartment-style units under construction. This continues to weigh on rental and higher-density properties, driving price adjustments.”

While demand has slowed this year, levels remain stronger than those reported during the challenging market conditions experienced from 2015 to 2019. What has shifted significantly is the additional supply choice across the housing spectrum. Total resale inventory levels remained relatively stable compared to both June and July 2025. However, the slower July sales pushed the months of supply up to three and a half months. While the months of supply is rising across all property types, conditions remain mostly balanced in the detached and semi-detached sectors. In the higher-density sectors, the market continues to favour the buyer for apartment-style homes with nearly five months of supply, while row is experiencing some signs of oversupply.

Detached

Sales in July eased to 1,012 units, down nearly two per cent over last year. These numbers have been trending lower throughout most of the year. While slower sales are partly due to changing economic conditions, we have also seen a pullback in the number of new listings. In July, new listings fell to 1,707 units, nine per cent lower than last year, contributing to the year-over-year inventory declines that have persisted since March. The pullback in sales this month outpaced the pullback in inventory levels, causing the months of supply to rise to nearly three months. While this is still in a balanced range, conditions do differ from under two months in the West District to over five months in the North East District. Added competition from the new home market is also weighing on recently built homes listed on the resale market.

As of July, the unadjusted detached price in Calgary was $743,900, lower than June and nearly two per cent lower than prices reported last July. While prices have eased over 2025’s peak, it has not erased all the gains reported over the past several years. Price movement has varied significantly across each district. Compared to last year, prices have improved in both City Centre and the West District. The steepest decline occurred in the North East at nearly six per cent.

Semi-Detached

Despite a typical monthly pullback, sales remained similar to last year, keeping year-to-date levels relatively consistent with 2025. While new listings eased in July, they remain down three per cent so far this year. Throughout most of 2026, conditions have remained relatively balanced, with a sales-to-new-listings ratio remaining near 60 per cent and months of supply below three months.

As of July, the unadjusted benchmark price was $691,000, down from June but similar to last year's level. While prices have remained relatively stable for semi-detached homes, there is variation throughout the city. Most sales activity occurred in the City Centre, where year-to-date prices have remained stable compared with 2025. The West District was the only district to record a year-over-year price gain, while the steepest declines occurred in the North East, where buyers' market conditions have emerged.

Row

For the third consecutive month, row sales have trended down, contributing to a year-to-date decline of 15 per cent. Over the past several months, we have also reported a pullback in new listings, keeping the sales-to-new-listings ratio above 55 per cent. While inventory levels have also been trending down, they remain elevated based on long-term trends. The steep pullback in sales this month was enough to push the months of supply up to nearly four months.

An upward trend in the months of supply over the past few months has prevented any further price increases. In July, the unadjusted benchmark price eased to $418,500, down over the previous month and six per cent lower than last year’s levels. Added competition in the new home market has also weighed on resale row prices. However, like other property types, year-to-date price declines range from 12 per cent in the North East and East Districts to a three per cent decline in the West District.

Apartment Condominium

Increased rentals and new supply are weighing on ownership demand for resale condos as sales have fallen by nearly 26 per cent so far this year. While new listings have been easing over last year’s levels and are helping to bring down inventory, the 1,999 units available in the resale market are still elevated compared to long-term trends and sales. The combined impact of additional supply and reduced demand has kept the months of supply in a range that has favoured the buyer since the end of spring 2025.

The persistent excess supply has placed downward pressure on prices. As of July, the unadjusted benchmark price was $297,600, down over June, over eight per cent lower than last year’s levels and 13 per cent below peak levels reported in 2024. While the rate of decline has ranged across districts, all districts have reported relatively steep adjustments in prices.

REGIONAL MARKET FACTS

Airdrie

Sales continued to trend down in July compared to 2025, contributing to the year-to-date decline of nearly 14 per cent. However, new listings have also been easing, helping to push the sales-to-new-listings ratio back above 55 per cent in July. While this did little to cause a shift in inventory, the months of supply eased back below four months. Should this trend continue, it will help to support a more balanced state in the Airdrie market. Nonetheless, supply choice in the resale market along with added competition coming from both the new home market in Airdrie and supply choice in Calgary are weighing on prices. Detached prices in July eased to $603,100, four per cent lower than last year’s levels. This decline has outpaced Calgary’s, and now the price spread between Calgary and Airdrie is returning to levels that are more consistent with historical norms.

Cochrane

While sales have eased for two months in a row, year-to-date, they remain higher than levels reported in 2025. This was partly possible due to gains in new listings, which have raised inventory over last year’s levels. Much of the inventory growth was driven by higher-density homes. In July, the months of supply pushed above four months, and the sales-to-new-listings ratio dropped to 46 per cent. This represents a shift from earlier in the year, and if it persists, it could have further implications for prices. Overall, the unadjusted detached benchmark price was $659,400 in July, down over June and nearly four per cent lower than last year. Like other markets, the added competition from new home products and competing markets is weighing on resale prices.

Okotoks

With 78 new listings and 70 sales in July, the sales-to-new-listings ratio rose to 90 per cent, causing inventories to trend down over the previous month. Supply has improved over the low levels that have persisted over the previous five years but remain below long-term trends and have kept the months of supply relatively low at two months. However, benchmark prices have continued to trend down, likely due to the increased competition coming from the new home sector and new community developments occurring in the south end of Calgary. As of July, the unadjusted detached benchmark price eased to $695,700, over two per cent lower than prices reported last July.

Chestermere

Year-to-date sales in Chestermere have reached 333 units, 18 per cent lower than last year. The decline in sales has not matched the decline in new listings, keeping the sales-to-new-listings ratio relatively low at 36 per cent. This has resulted in relatively persistent inventory gains, driving up months of supply, which pushed near seven months in July. Additional supply choice in the resale market, competing new home market and supply in Calgary has weighed on prices in Chestermere. As of July, the unadjusted detached benchmark price was $771,900, down over June and nearly five per cent lower than prices reported in July of 2025.