Calgary’s population has grown rapidly since 2020. The city became an attractive destination during the pandemic, fueled by the ability to work remotely, an appealing quality of life, and housing prices that were significantly more affordable than those in many of Canada’s largest cities.
Fast forward to today and the landscape looks a little different.
As our geopolitical and economic environment has shifted over the past two years, Calgary’s housing market has also changed. Prices have largely stabilized and, in some areas, declined from the market peak we saw in 2023. At the same time, national and local immigration patterns have shifted, contributing to a slowdown in new housing construction.
In fact, new home starts were down 22% in June 2026 compared with June 2025.
But perhaps the more interesting story is what is being built.
Of the new housing starts, nearly 75% were multi-family units, such as apartments and townhomes. Only about 25% were detached homes.
There’s another interesting piece to this story: many of those new multi-family developments are coming online as purpose-built rental properties, rather than homes built for sale.
This increase in rental supply is taking some of the pressure off what was an extremely heated rental market. With rents beginning to come down, fewer renters may feel the same urgency to jump into homeownership.
So, does all of this make it a good time to consider buying a new build or a home in general?
The numbers seem to suggest that it may be worth taking a closer look.
With new detached housing supply becoming more limited and the market no longer experiencing the rapid price growth we saw a few years ago, buyers will need to be more strategic about what, where, and when they buy.
Considering a new build? I’d be happy to walk you through your options and help you find the right fit.
Let’s do this!
