As we close out the summer and head into the fall market, Calgary real estate continues to shift away from the extremely tight conditions of the past few years and into a much more balanced environment.
The biggest takeaway? Calgary hasn’t fallen off a cliff — we’ve simply returned to a market where buyers have more choice, properties take longer to sell, and pricing matters again.
What Happened This Summer?
June started the summer relatively strong with 2,197 sales, only 4% below last year and just under Calgary’s long-term average. By July, sales had eased to roughly 1,900 transactions, down 9% year-over-year, followed by 1,660 sales in August, down 16%. New listings also declined throughout the summer, however, which helped prevent inventory from building as quickly as it otherwise could have.
By August, Calgary had approximately 6,500 homes available and just under four months of supply — generally putting the overall market into balanced territory.
But that citywide number doesn’t tell the whole story.
Detached and semi-detached homes remain considerably healthier than the higher-density market. Detached homes are sitting at just over three months of supply, while apartment condominiums have been closer to five or six months. That additional condo supply has resulted in greater competition between sellers and more noticeable price adjustments.
Calgary’s overall benchmark price finished August at approximately $570,000, about 1% below last year. That’s hardly a dramatic correction, particularly considering the extraordinary appreciation Calgary experienced over the previous several years.
Interestingly, the $1M+ market has actually recorded sales growth over last year, particularly among detached and semi-detached homes. There continues to be confidence and demand at the upper end when the right property comes to market.
What About Interest Rates, Tariffs & Alberta Politics?
There continues to be plenty of headline noise surrounding tariffs, trade uncertainty, Alberta separation discussions and the broader Canadian economy. These issues deserve attention, but so far, they haven’t translated into a significant disruption of Calgary’s housing market.
The Bank of Canada held its policy rate again today at 2.25%, where it has remained throughout 2026. The Bank continues to acknowledge uncertainty surrounding tariffs, inflation and global events, but Canada’s economy has also shown signs of improvement.
From a Calgary perspective, I continue to believe the more important story is local supply, affordability, employment and population growth.
One factor that has cooled demand this year has been slower migration into Alberta. That has been particularly noticeable in the rental and condominium markets, where several years of significant new construction have also added supply. CREB® has specifically pointed to declining migration and increased high-density housing supply as contributors to today’s softer conditions.
Longer term, I remain constructive on Calgary. As population growth begins to strengthen again heading into 2027 and beyond, Calgary should remain well positioned — particularly if housing starts begin moderating and the current inventory gets absorbed.
What Does This Mean for the Fall Market?
For Buyers: This is probably the most comfortable Calgary market we’ve seen in several years. There is more selection, less pressure to make immediate decisions and, depending on the segment, considerably more negotiating power. Condos and other higher-density properties offer particularly strong selection right now. Quality detached homes in desirable communities, however, can still attract significant interest.
For Sellers: The days of simply putting a home on the market and expecting multiple offers are largely behind us. Buyers have choices again. Pricing, presentation and understanding your immediate competition matter significantly more than they did during the seller-dominated markets of 2022–2024. That said, good properties that are positioned properly are still selling.
The Bottom Line
Calgary is balanced — not broken.
Sales slowed over the summer, but new listings slowed as well. Prices have remained relatively resilient overall, detached and semi-detached properties continue to outperform higher-density housing, and the luxury market has shown surprising strength.
As we enter the fall, I expect the market to remain price-sensitive and highly segmented, with buyers continuing to have opportunities while well-positioned sellers can still achieve strong results.
The frenzy has disappeared. In its place is a much more normal real estate market — and depending on which side of the transaction you’re on, that can create some very good opportunities.
Calgary Market by Property Type
Calgary’s overall market is balanced, but conditions vary considerably depending on property type, price point and location. Lower-density homes continue to hold up relatively well, while additional supply is creating more competition in the row and apartment markets.
Detached Homes
Detached remains one of Calgary’s more resilient segments, although conditions have become more balanced and vary significantly across the city.
- August Sales: 875 — down 12% year-over-year
- Benchmark Price: $744,300 — down 1% year-over-year
- Months of Supply: Just over 3 months
- Strongest Areas: West and City Centre, with prices up more than 2%
- Tighter Supply: Northwest, West, South and Southeast remain below 3 months
- Softest Area: Northeast, with prices down more than 6%
- Trend: Higher-end sales remain relatively strong, while activity below $1M has slowed
Semi-Detached Homes
Semi-detached properties remain relatively balanced and have been one of the more stable segments for pricing in 2026.
- Benchmark Price: $690,500 — up nearly 1% year-over-year
- Year-to-Date Sales: Down just over 2%
- Months of Supply: Just over 3 months
- Inventory: Approximately 5% higher than last year
- Strongest Areas: City Centre, Northwest and West
- Trend: A little more selection for buyers, but overall pricing has remained remarkably stable
Row / Townhomes
The row-home market has softened as buyers benefit from more resale and new-build options, along with an increasingly competitive rental market.
- Benchmark Price: $415,200 — down 5% year-over-year
- Year-to-Date Sales: Down 15%
- Months of Supply: Approximately 4 months
- Tightest Area: West district, at approximately 3 months of supply
- Largest Price Decline: Northeast, down more than 12%
- Trend: Prices are adjusting across the city as buyers have considerably more choice than they did a year ago
Apartment Condominiums
Apartments remain Calgary’s softest segment and currently offer buyers some of the greatest selection and negotiating leverage.
- Benchmark Price: $295,400 — down 8% year-over-year
- Year-to-Date Sales: Down 26%
- Months of Supply: Nearly 6 months
- From the Peak: Prices are approximately 13% below the August 2024 peak of $341,300
- Trend: More rental and resale inventory is reducing urgency among first-time buyers and investors
- Fall Outlook: Expect continued competition among sellers until elevated inventory is absorbed
Surrounding Communities
Conditions outside Calgary are equally varied. Okotoks remains relatively tight, Cochrane has been resilient, while Airdrie and particularly Chestermere are dealing with more supply and downward pressure on prices.
Airdrie
Airdrie has shifted toward more balanced conditions as additional inventory and competition from surrounding markets give buyers more choice.
- Benchmark Price: $508,800
- Year-over-Year: Down more than 4%
- Year-to-Date Sales: Down 13%
- Months of Supply: Below 4 months
- Trend: Higher-density properties are seeing the greatest price pressure
Cochrane
Cochrane has been one of the stronger surrounding markets this year, with sales actually running ahead of 2025 despite some modest price adjustments.
- Year-to-Date Sales: Up more than 5%
- August Sales: 94
- Months of Supply: Just over 3 months
- Benchmark Price: Down approximately 2% year-over-year
- Trend: Semi-detached homes have been a significant contributor to stronger sales activity
Okotoks
Okotoks remains one of the tightest markets surrounding Calgary, with limited inventory continuing to support relatively strong conditions.
- Months of Supply: Just over 2 months
- Sales-to-New-Listings Ratio: 81%
- Benchmark Price: $608,400
- Year-over-Year: Down nearly 2%
- Trend: Supply remains limited, but additional choice in competing communities is helping keep prices from accelerating
Chestermere
Chestermere has experienced the most significant shift toward buyer-friendly conditions, with inventory rising considerably relative to current demand.
- Months of Supply: Approximately 9 months
- Sales-to-New-Listings Ratio: Below 30%
- Benchmark Price: Down just over 1% year-over-year
- Trend: Elevated inventory and slower sales are creating more negotiating leverage for buyers
- Fall Outlook: Sellers will need to be particularly competitive on price, condition and presentation
