As the crisp autumn air settles over Calgary, our real estate market is experiencing a fascinating shift. If you are planning to buy or sell before the end of the year, understanding the nuances of the current landscape is critical. The Calgary Real Estate Board (CREB) just released their highly detailed September 2026 figures, and the overarching theme is a market divided by property type.
Overall, the city recorded 1,650 sales in September. While this is nearly 4% lower than what we saw in September 2025, it successfully matched August's pace, defying the typical seasonal slowdown we expect as summer ends. Because new listings also rose alongside those steady sales, the sales-to-new-listings ratio fell to 49%. This helped keep overall inventory stable, leaving the city with just under four months of supply.
The Core Issue: Where is the Construction Happening?
To understand why the market feels so different depending on what you are trying to buy, we have to look at construction. As CREB Chief Economist Ann-Marie Lurie explained, the construction boom over the last three years has been heavily focused on higher-density sectors, specifically apartments and row-style homes.
Because we didn't see the same massive surge in single-family home construction, the detached market is still holding steady. Our job market remains robust, and while net migration has slowed, it’s still positive. This means there are plenty of buyers absorbing the available detached homes, but the sheer volume of new high-density units hitting the market has tipped the scales for condos and townhouses, putting downward pressure on their prices.

Here is the detailed breakdown of exactly what is happening in each segment of the market:
1. Detached Homes: Steady and Balanced
Detached homes were the strongest performer in September. A boost in new listings actually helped drive sales up to 896 units—a 4% increase over last year.
Market Balance: With a sales-to-new-listings ratio of 52% and supply sitting at just over three months, this sector remains in balanced territory.
Regional Differences: It’s vital to know your quadrant. The North West, West, and South districts are quite competitive, sitting at less than three months of supply. Conversely, the North East is oversupplied, nearing six months of supply.
Prices: The unadjusted benchmark price is $566,700 (down 1% year-over-year). This slight drop is primarily due to steep pullbacks in the oversupplied North East, East, and North districts, while prices in the City Centre and West districts actually increased compared to last year.
2. Semi-Detached: Cooling from Early 2026 Highs
While we saw a healthy amount of sales in September, it wasn't quite enough to make up for earlier lags. Year-to-date sales for semi-detached homes (1,678 total) are down about 2% compared to last year.
Market Balance: A solid influx of new listings in September dropped the sales-to-new-listings ratio to 45%. This bumped the months of supply up to nearly four months. This is a noticeable shift away from the tight, highly competitive conditions we saw earlier in 2026.
Prices: The unadjusted benchmark price currently sits at $685,200. While prices trended down slightly this month, it was mostly in line with typical seasonal behavior, leaving prices very comparable to this time last year.
3. Row / Townhouses: Inventory is Climbing
Buyers looking for row homes will be pleased to see more options hitting the market. Sales eased up compared to August, while new listings climbed, dropping the sales-to-new-listings ratio to 45%.
Market Balance: For the first time since the beginning of the year, the months of supply for row homes has risen above four months. Resale homes are facing stiff competition from brand-new builds, as the price gap between the two remains unusually narrow.
Prices: The unadjusted benchmark price is $412,400, which is down nearly 6% from last year. The steepest discounts are happening in the North East and East districts (dropping more than 11%), while the North West is holding strong with only a 2% decline.

4. Apartment Condominiums: A Strong Buyer's Market
The condo market continues to feel the heavy weight of excess supply. While 343 sales in September helped slow the year-over-year decline to 14%, there were a staggering 717 new listings added to the mix.
Market Balance: The sales-to-new-listings ratio is at 48%. While the slight bump in sales prevented inventory from rising further, supply remains high at just above five months.
Prices: The excess supply has weighed heavily on prices all year. The unadjusted benchmark price fell to $291,400. That’s a 1% drop from August, and an 8% drop compared to last September.
Regional Market Spotlights
If you are looking just outside the city, the surrounding communities are experiencing varying degrees of shifting inventory:
Whether you are looking to secure a detached home in the competitive West district, or hoping to take advantage of the growing inventory in the townhouse sector, the key takeaway from September's data is that broad generalizations no longer apply to Calgary real estate.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Data and insights provided by the Calgary Real Estate Board (CREB®) and the CREB®Now blog. Information is deemed reliable but is not guaranteed.










