The Calgary Real Estate Board (CREB) has released its statistics for February, and the data reveals a market that is moving in two very different directions. While we are seeing tighter conditions and competitive bidding in the detached sector, the apartment and condo market is facing a significant oversupply.

If you are looking for a deep dive into the numbers to understand exactly what is happening in your segment of the market, here is the full breakdown.

The Citywide Overview

Overall, Calgary’s market is relatively balanced, sitting at three months of supply with a sales-to-new-listings ratio of 55%. However, looking at the citywide averages hides the volatility between different property types.

• Total Sales: 1,526 units (an 11% decline compared to last February).

• Total Inventory: 4,822 units (condos and row homes now make up more than half of all inventory).

• Benchmark Price: $560,500 (1% higher than January, but 4% lower than last year).

Ann-Marie Lurie, CREB’s Chief Economist, points to a clash between migration and construction as a key driver:

“Slowing migration levels are coming at a time when supply for apartment-style homes is rising. Calgary reported record high starts last year, mostly due to gains in apartment starts where there are nearly 18,000 units currently under construction. While a large share of the units is targeted for rental, this also impacts condo ownership markets.”

1. Detached Homes: The Tightest Sector

• Benchmark Price: $734,300

• Trend: +1% Month-over-Month | -3% Year-over-Year

• Months of Supply: Just under 3 months

The detached market remains the most resilient sector, particularly for homes priced below $700,000, where supply is critically low. While the citywide picture looks balanced, the experience depends heavily on where you are looking.

• West District: Reported the tightest conditions in the city with less than two months of supply.

• North East District: Struggled with excess supply, preventing price improvements.

• Price Recovery: The only districts to report gains both month-over-month and year-over-year were the City Centre and the West.

2. Semi-Detached: High Demand, Low Supply

• Benchmark Price: $682,200

• Trend: +2% Month-over-Month | Comparable to last year

• Months of Supply: 2.4 months (The lowest of all property types)

With sales reaching 175 units and the sales-to-new-listings ratio hitting 69%, this segment is seeing the most pressure. Tighter conditions early in the year are supporting price gains in the City Centre, North West, and West, though these gains were offset by declines in the North East, South, and East districts.

3. Row / Townhomes: Returning to Balance

• Benchmark Price: $423,600

• Trend: In line with seasonal expectations | -5% Year-over-Year

• Months of Supply: Just over 3 months

After a surge of listings in January, the pace slowed in February. With 270 sales and 491 new listings, the market stabilized. However, prices are still down 5% from last year, with the steepest declines (over 10%) occurring in the North East and East districts. Conversely, prices in the West and City Centre are holding steady, sitting only slightly lower than last year’s levels.

4. Apartment Condominiums: A Buyer’s Market

• Benchmark Price: $298,600

• Trend: -1% Month-over-Month | -9% Year-over-Year

• Months of Supply: Over 4 months

This sector is dealing with significant excess supply. Despite a pullback in new listings, the sales-to-new-listings ratio remained low at 46%. Inventory has climbed to 1,580 units.

• District Variance: Supply ranges from extreme highs in the North East (>11 months of supply) to tighter conditions in the South (<4 months of supply).

• Price Impact: The high supply is weighing on prices across the board, with the North East, East, and South East seeing price declines surpassing 10%.

Regional Market Watch: Beyond Calgary

The "bedroom communities" surrounding Calgary are also seeing unique shifts:

Okotoks (The Tightest Market)

• Benchmark Price: $612,300 (+2% vs Jan)

• Status: Inventory remains well below long-term trends with under three months of supply.

• Takeaway: Tight conditions are driving price gains that are stronger than what we typically see this early in the year.

Cochrane (Balanced)

• Benchmark Price: $553,500

• Status: Balanced conditions with three months of supply.

• Takeaway: Sales gains helped offset new listings, preventing a glut of inventory. Prices are slightly up from January but remain ~3% lower than last year.

Airdrie (Competitive)

• Benchmark Price: $512,200

• Status: Balanced conditions with just over three months of supply.

• Takeaway: Inventory is pushing above long-term trends due to competition from the new home sector. Prices remain ~5% lower than last year.

If you are looking to buy or sell in this shifting market, having the right data is critical. Whether you are looking at a detached home or a condo, the strategy changes completely. Reach out today to discuss how these stats impact your home’s value!

Read the CREB Now Blog Here: https://www.creb.com/News/CREBNow/2026/March/February_2026_Stats/

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Calgary recorded 1,234 residential sales in January, a 15% decline compared with last year. While this may sound steep, it aligns with typical seasonal patterns, as January is traditionally slower following the December holiday period. The decline was most pronounced in high-density homes, such as row houses and apartments, reflecting buyer caution in segments where supply is increasing.

“Potential buyers for high-density homes were more hesitant to return to the market in January, as increased supply across the market has reduced the sense of urgency,” said Ann-Marie Lurie, CREB®’s Chief Economist.

Sales vs. Listings

Sellers were quick to bring new listings to market, pushing the sales-to-new-listings ratio down to 44%—a reflection of the larger number of options available, particularly in apartments and row-style homes. Overall, this is not unusual for January, as both buyers and sellers weigh their options ahead of the spring market.

Inventory rose to 4,391 units, the highest January level since 2020, with row and apartment homes seeing the largest increases. This has created a range in months of supply:

• Detached homes: under 3 months

• Apartment-style units: 5 months

The market is showing stable conditions for detached and semi-detached homes, but high-density properties continue to face downward pressure on prices due to oversupply.

Property Type Breakdown

Detached Homes

• Sales: 657

• New listings: 1,243

• Inventory: 1,753 units

• Sales-to-new-listings ratio: 53%

• Benchmark price: $724,000 (down ~3% YoY)

Detached homes remain relatively balanced, with less than three months of supply. Price declines are modest and vary by district, with some areas holding steady while others, like the North East, saw larger pullbacks. Insight: For buyers, detached homes may offer stable opportunities, while sellers may need strategic pricing in areas seeing sharper declines.

Semi-Detached Homes

• Sales: 118

• New listings: 251

• Months of supply: 3.5

• Benchmark price: $667,000 (down ~1% YoY)

Semi-detached homes continue to show balance, though increased supply is contributing to more stable pricing. Growth in new listings outpaced sales, signaling a market where buyers have choices but competition is still manageable.

Row Homes

• Sales: 186 (down ~25% YoY)

• Months of supply: 4+

• Benchmark price: $567,000 (down 5% YoY)

Row homes are facing high inventory levels, particularly in oversupplied districts like the North East and East. Despite stable month-to-month prices, year-over-year declines indicate ongoing pressure, making this a buyer-friendly segment.

Apartment Condominiums

• Sales: 273

• New listings: 787

• Months of supply: 5+

• Benchmark price: $301,200 (down 8% YoY)

Apartment-style units continue to experience high inventory and weaker demand, pushing prices lower. Buyers can find opportunities, but sellers in this segment may face challenges without competitive pricing.

Regional Insights

Airdrie: Sales remain strong at 106 units, but inventory is creeping higher, keeping months of supply just above three months. Prices are modestly up month-over-month but down 5% YoY, reflecting last year’s pullbacks.

Cochrane: New listings hit a January record at 149, but sales are slow at 54 units. With five months of supply, benchmark prices have dropped slightly to $550,800. Insight: Oversupply is giving buyers more leverage in Cochrane.

Okotoks: Inventory remains tight at 79 units with a sales-to-new-listings ratio of 63%. Prices are stable at $599,500, slightly lower than last year. Insight: Low inventory keeps this market competitive, especially for detached homes.

What This Means for Buyers and Sellers

• Buyers: High-density homes (apartments and row homes) offer more choices and negotiating power due to oversupply. Detached and semi-detached homes remain balanced but may require timely action in desirable areas.

• Sellers: Pricing strategy is key, especially in oversupplied segments. Detached homes are holding value better, while apartments and row homes may need realistic pricing to attract buyers.

• Overall: January reflects a cautious start to 2026, with inventory rising but pricing stabilizing in most sectors. As spring approaches, the market is likely to see increased activity, particularly in detached and semi-detached homes.

This update is based on the January 2026 Calgary market statistics released by the Calgary Real Estate Board (CREB®), reflecting key trends in sales, inventory, pricing and supply going into the new year. If you’re wondering how these shifts impact your buying power or what they mean for selling your home in your community, we’re here to help. Whether it’s understanding how current conditions affect your list price or what opportunities exist for buyers with today’s increased inventory, contact us for personalized insight and strategic advice tailored to your goals in 2026.

Read the CREB Now Blog Here: https://www.creb.com/News/CREBNow/2026/February/January_2026_Stats/

Click here to view CREB’S full City of Calgary monthly stats package.

Click here to view CREB’S full Calgary region monthly stats package.

Every year, the CREB Forecast provides one of the most trusted, data-driven outlooks on Calgary’s housing market and broader economy. With shifting economic conditions, evolving migration patterns, and growing housing supply, the 2026 forecast offers valuable insight into what lies ahead.

Our very own Julie Nasiri attended the CREB Forecast in person, gathering these insights firsthand so we can translate the data into meaningful guidance for our clients — whether you’re buying, selling, or planning your next move.

From Seller’s Market to Balance

According to the CREB Forecast, 2025 marked a turning point for Calgary’s housing market. The city transitioned away from strong seller-favoured conditions toward a more balanced environment as housing supply increased across new homes, resale listings, and rental properties.

At the same time, demand returned to more typical levels. Slower migration was a key factor, particularly after several years of exceptionally strong population growth. This combination helped relieve pressure on prices, most notably in the apartment and row-style home segments, which saw the largest increase in inventory compared to long-term norms.

Housing Supply and Market Conditions in 2026

Looking ahead, the CREB Forecast expects elevated supply levels to persist in 2026, especially for higher-density housing. Record-high housing starts in 2025 are now being completed and added to the market, increasing options for buyers and renters alike.

With inventory rising, new construction activity is expected to slow this year, helping supply growth ease toward the end of 2026 and into 2027. Meanwhile, past population gains and employment growth are expected to keep sales in line with long-term averages, though no significant increase in demand is anticipated.

The result is balanced to buyer-leaning market conditions across much of the city, depending on property type.

Sales and Pricing Outlook

The CREB Forecast notes that elevated supply across resale, new, and rental markets will lengthen absorption times, meaning it will take longer for current inventory to be absorbed.

• Apartments and row-style homes are expected to remain under price pressure due to excess supply

• Detached and semi-detached homes are forecast to see more stable pricing

• Overall residential prices are expected to ease slightly, largely influenced by softness in higher-density segments

While recent agreements between the provincial and federal governments regarding pipeline development offer long-term upside for Calgary, the forecast indicates these benefits are unlikely to materially impact the housing market in 2026.

Forecast Risks: What Could Change the Outlook

The CREB Forecast also outlines key upside and downside risks that could influence market performance.

Upside Risk
A shifting stance by the federal government around regulatory barriers impacting the energy sector could support stronger-than-expected investment activity. If investment accelerates sooner than anticipated, this could lead to increased job growth and stronger migration into Alberta, helping absorb housing supply more quickly and supporting higher price levels.

Downside Risk
On the other hand, uncertainty surrounding U.S. tariffs and potential renegotiation of the CUSMA agreement continues to pose downside risk. Slower global growth and increased oil supply are expected to weigh on energy prices in 2026, limiting growth in energy investment. Should oil prices fall further than expected, energy investment — and broader economic momentum — could slow.

Economic Conditions in Calgary and Alberta

The broader economy performed better than expected in 2025, though impacts varied across Canada. Resource-rich provinces like Alberta and Saskatchewan led national growth, a trend expected to continue over the next two years.

That said, while Alberta has significant upside potential tied to reduced regulatory pressures, the CREB Forecast does not expect rising energy investment to meaningfully impact the economy in 2026 due to weaker energy prices.

In the meantime, Alberta continues to benefit from diversification, with investment flowing into petrochemicals, hydrogen, food processing, technology, critical minerals, and aviation.

Although Calgary remains relatively affordable compared to other major cities, migration is expected to slow as unemployment rates remain elevated. With inflation returning to target levels, the Bank of Canada is expected to be done cutting rates in 2026, but lingering cost-of-living pressures will continue to affect consumers.

Employment Trends

Employment growth in Calgary exceeded expectations in 2025, averaging four per cent growth. While job losses occurred in sectors such as accommodation and food services, manufacturing, and business services, strong gains were seen in healthcare and social assistance.

Professional and white-collar job growth also outperformed expectations. However, unemployment remained elevated as rapid labour force growth outpaced job creation.

In 2026, employment growth is expected to slow. Job losses in public administration and manufacturing may offset gains in other sectors, keeping unemployment rates elevated. While previous employment gains should support typical levels of housing demand, limited job growth is expected to prevent further increases in sales activity.

Population and Migration Outlook

Strong population growth from 2022 to 2024 played a major role in Calgary’s recent housing supply challenges. However, estimates from 2025 indicate a larger-than-expected decline in migration.

As we move into 2026, migration levels are expected to ease further as fewer international migrants are admitted and more temporary residents leave the country. Interprovincial migration is also expected to slow due to weaker employment growth and higher unemployment rates.

Lower migration, combined with rising housing supply, is expected to weigh on the housing market in 2026. That said, this is not a return to pre-pandemic conditions where Alberta experienced net outflows. Instead, demand is normalizing back to long-term trends.

What This Means for Buyers and Sellers

The key takeaway from the CREB Forecast is that Calgary’s real estate market is stabilizing. Buyers are gaining choice and leverage, sellers must be strategic with pricing and presentation, and investors need to be selective by property type and location.

Thanks to Julie Nasiri’s attendance at the CREB Forecast, we’re staying informed, proactive, and prepared to help our clients navigate this next phase of the market with confidence.

If you’d like to understand how these trends apply to your specific goals, we’re always here to talk it through.

Click here to read the full CREB® 2026 Forecast Calgary and Region Yearly Outlook Report.

As the Calgary real estate market moves through the summer months, we’re starting to see a shift—particularly due to a significant increase in supply. According to the latest CREBNow market update, July 2025 saw the city reach 6,917 active listings, a level of inventory not seen since before the pandemic and well above long-term trends. Much of this growth has been concentrated in newer communities, which is directly influencing pricing and buyer activity across all property types.

Market Trends at a Glance

• Total Sales (July): 2,099 (↓12% YoY)

• New Listings: 3,911 (↑8% YoY)

• Citywide Benchmark Price: Down 4% from June 2024 peak

• Apartments & Row Homes: Experiencing the steepest price declines

• Detached & Semi-Detached Homes: More balanced conditions

• Inventory Levels: Highest since 2021 for some property types

Chief Economist Ann-Marie Lurie noted, “Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years.”

Let’s break it down by property type and region:

Detached Homes

• Benchmark Price: $761,800 (↓<1% YoY)

• Months of Supply: 3 (up for the first time since 2020)

Sales slowed to 1,031 units in July, with inventory growth outpacing demand. While most areas saw a balanced market, the North East had over four months of supply and the largest price declines (↓5%). In contrast, City Centre detached homes saw nearly a 2% increase in pricing.

Semi-Detached Homes

• Benchmark Price: $697,500 (↑1% YoY)

• Months of Supply: 3 (first time since 2021)

While sales declined 11% year-to-date, inventories improved. Prices held steady overall, with the City Centre seeing the highest gains (↑3%), and the North East, East, and North districts showing slight declines.

Row Homes

• Benchmark Price: ↓4% YoY

• Months of Supply: Over 3

Inventory continues to rise, particularly in the North East, where supply nears five months. While prices have declined recently, they remain relatively stable on a year-to-date basis, with some gains in the South, North West, and City Centre.

Apartment-Style Condominiums

• Benchmark Price: $329,600 (↓1% MoM, ↓5% YoY)

• Months of Supply: 4+ (highest since 2021)

Apartment units are currently experiencing the greatest pricing pressure. Increased competition from new construction and rising rental vacancies are weighing on the resale condo market. However, price declines are mostly concentrated in the North East, North, South East, and East, with other areas showing more resilience.

Surrounding Markets

Airdrie

• Benchmark Price: $532,800 (↓4% YoY)

• Inventory is up to its highest July level since 2018, resulting in over 3 months of supply. Despite the drop, prices year-to-date remain relatively stable.

Cochrane

• Benchmark Price: $590,000 (↑2% YoY, ↑4% YTD)

• Sales have softened slightly, but remain strong compared to long-term trends. A record number of July listings pushed inventory higher, slightly impacting pricing.

Okotoks

• Benchmark Price: $628,500 (↑2% YTD)

• Still one of the tighter markets, with just over 2 months of supply and strong sales-to-new-listings ratio (71%). Prices remain higher than last year despite a slight monthly dip.

What Does This Mean for Buyers and Sellers?

The increase in inventory across Calgary—particularly in the apartment and row home sectors—has shifted the dynamics from a seller-favoured market to one that’s more balanced or even tilted toward buyers in some areas. Sellers should be mindful of increased competition and price sensitivity, especially in newer or higher-density developments.

For buyers, this is an opportunity to explore more options and negotiate with greater confidence—especially in the condo market where selection and value are improving.

Source: CREBNow
Click here to read the full July 2025 Calgary & Region Market Stats report.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.