September 3, 2026 - CALGARY REAL ESTATE UPDATE
Consistent with trends throughout most of 2026, both sales activity and the number of new listings coming onto the market have continued to trend down compared with 2025 levels. In August, sales in Calgary were 1,660 units, down 16 per cent compared with last year, while new listings fell by nearly 10 per cent to 3,141 units.
The pullback in sales has not occurred across all price ranges, as homes priced over $1,000,000 have recorded gains over last year. These gains have mostly been driven by detached and semi-detached homes and are also consistent with where most of the supply growth has occurred.
“While sales growth in the upper end of the market was possible thanks to improved supply choice, it also reflects longer-term confidence in our market, as some buyers are not shying away from taking advantage of the available supply,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Meanwhile, we have not seen the same pickup in activity in the lower price ranges, as favourable rental conditions are slowing the transition to ownership.”
Inventory levels in August eased compared with the previous month and the same period last year, at 6,509 units. However, given the pullback in sales, the months of supply pushed up to nearly four months. Also consistent with trends throughout this year, conditions vary significantly by property type, with nearly six months of supply for apartment-style homes compared with over three months of supply for lower-density detached homes.
The relatively balanced conditions in the detached and semi-detached sector have prevented any significant shifts in prices compared with the steady price declines occurring in the oversupplied higher-density segments of the market. As of August, the total residential benchmark price was $569,800, similar to the previous month and one per cent lower than 2025 levels.
NICK’S TAKE
Calgary’s market continues to show very different conditions depending on the property type, price range, and area of the city.
- Detached and semi-detached homes remain relatively balanced, with stronger conditions in areas such as the West, City Centre, North West, South, and South East.
- Townhomes are experiencing softer conditions, while apartment condos continue to face the most downward pressure, with elevated supply and nearly six months of inventory giving buyers significantly more choice.
- Pricing remains especially important for sellers. With overall sales slowing and buyers having more alternatives, properties that are priced above current market value may take longer to sell and face greater negotiating pressure.
BANK OF CANADA HOLDS AT 2.25%
The Bank of Canada held its policy rate at 2.25% on September 2, marking its seventh consecutive hold. Variable mortgage rates and HELOCs remain unchanged, with Prime Rate staying at 4.45%.
Fixed mortgage rates are a different story. Rising Government of Canada bond yields have pushed fixed rates higher since mid-August, even without a change from the Bank of Canada.
For buyers and homeowners approaching renewal, this means it is worth reviewing your options early. Rate holds can help protect against further increases, while the Bank’s next rate decision on October 28 will provide more clarity on where borrowing costs may be headed.
DETACHED — BALANCED MARKET
Gains in higher-priced sales were not enough to offset the pullbacks occurring for homes priced below $1,000,000, as sales fell by 12 per cent to 875 units. At the same time, new listings trended down compared with both July and August 2025 levels, reaching 1,635 units. The steeper decline in sales compared with inventory levels was enough to support a modest monthly gain in inventory levels and drove up the months of supply to over three months. Market balance varies significantly based on price range and location. The months of supply remain below three months in the North West, West, South and South East districts, and above four months in the North and North East districts. The wide range of market balance is also reflected in pricing. Year-over-year gains of over two per cent have occurred in the West and City Centre districts. Meanwhile, price declines were the steepest in the North East at over six per cent. Overall, the benchmark price in August was $744,300, similar to July and down by one per cent compared with last year.
SEMI-DETACHED — BALANCED MARKET
Easing sales in August were enough to push year-to-date sales down to 1,516 units, over two per cent lower than last year’s levels. The easing of August sales was not matched by new listings, causing the sales-to-new-listings ratio to fall to 56 per cent. While inventories eased slightly compared with the previous month, they remain nearly five per cent higher than last year. The steeper monthly pullback in sales compared with inventories was enough to push the months of supply above three months, the first time this has happened since January. Despite the shift, conditions remain relatively balanced, and prices have been relatively stable. As of August, the unadjusted benchmark price was $690,500, similar to the previous month and nearly one per cent higher than last year's levels. Price gains in the City Centre, North West and West districts offset pullbacks in other areas, contributing to the annual gain.
ROW/TOWNHOME — BALANCED MARKET
Sales continued to ease in August compared with last year, contributing to the year-to-date pullback of 15 per cent. Additional new-home supply, along with more rental product availability, has contributed to some of the pullback in sales activity. Meanwhile, the pullback in new listings has helped prevent any further gains in inventory levels, and the months of supply remained near four months for the second month in a row. Like other sectors, conditions vary depending on location. The months of supply pushed above four months in the City Centre, North East and North districts, while remaining near three months in the West district. Prices have been easing across all districts in the city. The range of decline varied from over 12 per cent in the North East to just over one per cent in the North West district. As of August, the benchmark price was $415,200, down nearly one per cent from July and five per cent lower than levels reported last year at this time.
APARTMENT/CONDOMINIUM — BUYER’S MARKET
Apartment-style homes continue to face the most oversupply in the market, with nearly six months of resale supply. More rental supply is weighing on ownership demand from both first-time buyers and investors, which is slowing sales activity while supply levels remain elevated. In August, sales activity continued to fall, contributing to the year-to-date decline of 26 per cent. New listings have also been declining enough to prevent any further inventory gain, but not enough to help the market shift away from buyer-market conditions. Persistently high supply levels relative to demand have weighed on apartment-style prices for the past two years. As of August, the unadjusted benchmark price was $295,400, nearly one per cent lower than the previous month and eight per cent lower than 2025 levels. Prices peaked in August 2024 at $341,300 and currently sit nearly 13 per cent lower than the peak price.
✨ SEPTEMBER IN CALGARY ✨
This September brings some seasonal favourites and some new & incredible experiences...
🌙 Inglewood Night Market
Visit the heart of Inglewood for a night market filled with community, local artisans, food, and live entertainment.
Where: 10th Ave & 10th St SE · When: September 4 & 11
🎻 Phil in the Park
Bring a blanket and enjoy a free outdoor concert with the Calgary Philharmonic Orchestra, featuring classical hits and songs from stage and screen.
Where: Prince's Island Park · When: September 13
🎥 Calgary International Film Festival
Don’t miss out the largest film festival in Alberta. CIFF is back with films from around the world to Calgary for the annual fall festival.
Where: Various locations · When: September 24 to October 4
🏈 Calgary Stampeders Home Games
Catch the Calgary Stampeders against the BC Lions and Hamilton Tiger-Cats.
Where: McMahon Stadium · When: September 7 & 19
🐎 Masters at Spruce Meadows
Experience the Masters with world-class show jumping, shopping, and family-friendly entertainment.
Where: Spruce Meadows · When: September 9–13
🎃 Pumpkins After Dark
Stroll through thousands of glowing pumpkin displays, discover incredible handcrafted creations, and experience Halloween under the stars at Pumpkins After Dark.
Where: WinSport · When: September 25 to October 31
Sources: CREB® August 2026 housing market report and Bank of Canada September 2, 2026 rate decision. Market figures are reported as of August 2026; interest-rate information is as of September 2, 2026.