Calgary home prices remained relatively stable in September when accounting for typical seasonal adjustments. The benchmark price was $566,700, down nearly 1% year-over-year. The biggest declines were in apartment condos (-6%) and townhomes (-8%), while detached homes were down just 1%, with most of that softness concentrated in the North East, East and North districts.
Calgary’s real estate market continues to shift, and September brought some interesting trends, particularly in the detached home market.
We saw 1,650 homes sold in September, just under 4% fewer than this time last year. However, unlike the typical seasonal slowdown we expect heading into fall, stronger detached home sales helped keep overall activity steady.
Inventory levels have also stabilized, with just under four months of supply across the market. But here’s what I think is important to understand: Calgary isn’t experiencing one market. We’re experiencing several, depending on the property type, price point and community.
“The variation in market conditions between property types is related to where the supply was added. The construction boom over the past three years was mostly driven by gains in higher-density sectors, significantly increasing the supply of apartment and row-style homes,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Meanwhile, detached homes did not see the same boost in construction, preventing broad-based supply growth. Thanks to a stronger job market and slower but positive net migration, housing demand has remained strong enough to absorb some of the supply, but not enough to offset the high-density supply added to the market, resulting in a more significant impact on prices for higher-density homes.”
What does this mean for buyers?
There’s more choice, less urgency and, in many cases, more room to negotiate than we’ve seen in recent years.
If you’re shopping for an apartment condo or townhome, you’re likely finding more inventory and sellers who are increasingly motivated to make a deal. Competition from new construction and rental options is also creating opportunities for buyers.
Detached homes, on the other hand, remain relatively balanced. Well-priced, well-presented properties are still attracting attention, so buyers shouldn’t assume every seller is prepared to negotiate significantly.
What does this mean for sellers?
Pricing and presentation matter more than ever.
We’re no longer in a market where simply putting a property on MLS guarantees strong activity. Buyers have options, they’re taking their time, and they’re comparing properties carefully.
For detached homeowners, the market remains relatively healthy, but expectations need to align with current conditions. For condo and townhome sellers, increased competition means we need to be especially strategic with pricing, marketing and positioning from day one.
My Take
I actually welcome a more balanced market. It creates opportunities for buyers to make thoughtful decisions and for sellers to work toward realistic, sustainable outcomes.
But the days of relying on broad Calgary market headlines to determine what your home is worth, or what you should offer on a property, are behind us.
Real estate is local, and right now, it’s hyperlocal. What’s happening in Nolan Hill can look very different from West Hillhurst, Legacy or the downtown condo market.
Whether you’re buying, selling or simply keeping an eye on your home’s value, understanding your specific neighbourhood, property type and competition is what matters most.
And that’s where having the right advice, backed by current market data and boots-on-the-ground experience, can make all the difference.
Calgary Real Estate Outlook: Closing Out 2026 & Looking Ahead to Early 2027
As we close out 2026 and look ahead to the first quarter of 2027, I expect Calgary’s real estate market to remain relatively balanced, with continued pricing pressure in the condo and townhome segments, as well as in some of Calgary’s northernmost and southernmost communities, where higher levels of detached home inventory are creating increased competition among sellers.
The final months of the year typically bring slower activity, but that can also create opportunities for motivated buyers and sellers looking to make a move before year-end. As we move into January and February, I anticipate renewed buyer interest as people revisit their real estate goals and fresh inventory begins to hit the market. Detached homes should continue to show greater resilience, while higher-density properties may take longer to absorb existing inventory.
Ultimately, I think 2027 will start with a market that rewards realistic pricing, strong presentation and good negotiation. For buyers, there may be some excellent opportunities, and for sellers, getting ahead of the spring competition could prove to be a smart strategy.
Calgary Market Breakdown by Property Type
Detached Homes
Detached home sales showed renewed strength in September, with 896 sales, up more than 4% year-over-year. Overall conditions remain relatively balanced, although inventory and pricing vary significantly by community. The North East continues to experience the greatest supply pressure, while the West and City Centre have shown more resilience in pricing.
- Sales: 896, up 4% year-over-year.
- Inventory: Just over 3 months of supply.
- Benchmark Price: Down 1% year-over-year.
- Strongest Markets: North West, West and South, all with less than 3 months of supply.
- Softest Market: North East, approaching 6 months of supply.
Semi-Detached Homes
The semi-detached market is showing signs of moving toward more balanced conditions after a relatively tight year. Inventory increased in September, giving buyers more options, while pricing has remained remarkably stable compared with last year.
- Year-to-Date Sales: 1,678, down 2%.
- Inventory: Nearly 4 months of supply.
- Benchmark Price: $685,200, essentially unchanged year-over-year.
- Market Trend: Increasing inventory and more competition among sellers.
Row Homes & Townhomes
Townhomes continue to experience increased competition, particularly from new construction. With inventory climbing and buyers having more options, prices have softened across Calgary, although some districts are holding up better than others.
- Benchmark Price: $412,400, down nearly 6% year-over-year.
- Inventory: More than 4 months of supply.
- Largest Price Declines: North East and East, down more than 11%.
- Most Resilient District: North West, down approximately 2%.
- Market Trend: Increasingly favourable conditions for buyers.
Apartment Condominiums
The apartment condo market continues to face the greatest pricing pressure. Despite a modest improvement in September sales, elevated inventory and competition from new construction and rental alternatives continue to give buyers greater negotiating power.
- Sales: 343 in September.
- New Listings: 717.
- Inventory: Just over 5 months of supply.
- Benchmark Price: $291,400, down more than 8% year-over-year.
- Market Trend: Buyer-favourable conditions with continued downward pricing pressure.
Surrounding Calgary Communities
Airdrie
Airdrie continues to experience softer market conditions as buyers have more choices both locally and in surrounding communities. Competition from new construction is contributing to slower sales and pricing adjustments, particularly in higher-density housing.
- Year-to-Date Sales: Down 13%.
- Benchmark Price: $505,800, down nearly 4% year-over-year.
- Inventory: Approximately 4 months of supply.
- Market Trend: More balanced conditions, with increased opportunities for buyers.
Cochrane
Cochrane has maintained stronger sales activity than last year, but a significant increase in listings, including new construction, is creating more competition. September saw inventory rise, although benchmark pricing remains relatively stable.
- Year-to-Date Sales: Up nearly 6%.
- Benchmark Price: Similar to September 2025.
- Inventory: Approximately 5 months of supply.
- New Construction: Nearly 30% of year-to-date new listings.
- Market Trend: Growing buyer choice and increased competition for sellers.
Okotoks
Okotoks remains one of the tighter markets surrounding Calgary. While new listings have increased, available inventory remains relatively limited, helping support stable prices despite competition from nearby communities and new construction.
- Benchmark Price: $606,800, stable year-over-year.
- Inventory: Just over 2 months of supply.
- Sales: 56 in September.
- Market Trend: Relatively tight conditions, with less negotiating room for buyers compared with other markets.
Chestermere
Chestermere continues to feel the effects of significant new construction and competition from neighbouring markets. While sales improved in September and inventory declined slightly, buyers still have considerable choice.
- Benchmark Price: $690,200, similar to September 2025.
- Inventory: Just under 6 months of supply.
- Sales-to-New-Listings Ratio: 38%.
- Market Trend: Buyer-favourable conditions, particularly where resale homes compete directly with new construction.
My Take
The biggest takeaway from September is that we’re seeing very different markets depending on what you’re buying or selling and where it’s located. Detached homes in established communities and markets like Okotoks continue to show relative strength, while condos, townhomes and communities experiencing significant new construction are facing greater competition.
For buyers, this means more opportunity and negotiating power in certain segments. For sellers, it reinforces the importance of understanding your immediate competition and pricing strategically from day one.
