February 4, 2026 - CALGARY REAL ESTATE UPDATE

Calgary reported 1,234 sales in January, a year-over-year decline of 15 per cent, but in line with typical levels of activity for the month. While sales declined across all property types, the steepest declines occurred in higher-density homes.

" Following the typical December slowdown, potential buyers for high-density homes were more hesitant to return to the market in January, as increased supply choice across all aspects of the market has reduced the sense of urgency , " said Ann-Marie Lurie, CREB®’s Chief Economist. " At the same time, sellers were quick to bring their listings onto the market, causing the sales-to-new-listings ratio to drop to 44 per cent, mostly due to shifts in apartment and row-style homes. Overall, this is not entirely uncommon for January, as both buyers and sellers weigh their options ahead of the spring market. " The rise in new listings compared to sales caused inventory levels to increase to 4,391 units, the highest January level since 2020. However, as with sales, conditions vary by property type, with row and apartment homes facing higher levels of inventory compared to long-term trends. The result is months of supply that ranges from under three months in the detached sector to five months for apartment-style homes. Due to declines in the later part of 2025, benchmark prices are lower than levels reported at the start of last year. However, seasonally adjusted figures point to stable levels in January compared to the end of 2025. Nonetheless, year-over-year total residential benchmark prices have declined by nearly five per cent, as steep declines reported in the oversupplied row- and apartment-style homes weighed on total residential prices compared to last year.

There were 657 sales and 1,243 new listings in January, comparable to levels reported last year. However, new listings did rise over December levels, causing inventories to reach 1,753 units, just shy of long-term averages for the month. With less than three months of supply and a sales-to-new-listings ratio of 53 per cent, conditions remained relatively balanced in the detached market. The January unadjusted benchmark price was $724,000, slightly lower than the previous month and over three per cent lower than last January, as prices trended down over the second half of 2025. Price movements varied throughout the city, with year-over-year declines ranging from less than one per cent in the West district to over six per cent lower in the North East. While unadjusted prices did ease over December, this was mostly due to pullbacks in the City Centre and North West districts.

There were 118 sales in January and 251 new listings, representing 10 per cent of the market activity in the city. While both sales and new listings improved over December, the growth in new listings was higher, causing the sales-to-new-listings ratio to ease to 47 per cent. Inventory levels improved but conditions remained relatively balanced, with three and a half months of supply. Rising supply, which started in the latter part of 2025 and continues into 2026, is creating more price stability. As of January, the benchmark price was $667,000, similar to last month and only one per cent lower than last January. Year-over-year prices in both the North West and West districts remain higher than last year but are lower in every other district.

There were 186 sales in January, down by nearly 25 per cent compared to last year. Meanwhile, supply continued to rise both in terms of new listings and inventory growth , causing the months of supply to push above four months. Despite the added supply, the unadjusted benchmark price remained similar to December's levels, but was five per cent lower than last January. The month-over-month stability was due to gains in the City Centre and West districts. Year-over-year price adjustments have been the highest in the North East and East districts, followed by the North and South East districts, which have faced significant competition from the new-home market.

Apartment-style units continue to struggle with supply. New listings reached 787 units, which is not as high as last year but a significant jump over December and much higher than the 273 sales reported in January, pushing the sales-to-new-listings ratio down to 35 per cent. This drove further gains in inventory, which reached 1,435 units, the highest levels ever reported for January. With over five months of supply in January, it is not surprising that prices trended down further. The unadjusted benchmark price was $301,200, nearly one per cent lower than the previous month and eight per cent lower than last January. Prices have been falling across every district, with year-over-year declines ranging from 13 per cent in the North East to six per cent in the City Centre.

✨ FEBRUARY IN CALGARY ✨ This February brings some seasonal favourites and some new & incredible experiences...

🐧 The Penguin Walk

Back for 2026, you can see the king penguins outside of their habitat as they take a royal promenade through zoo grounds! The Penguin Walk offers the king penguins an opportunity for winter enrichment as well as additional daily exercise.

Where: Wilder Institute/Calgary Zoo When: Until March 15 (weather conditions permitting)

❄️ East End Cold Spell

Shake off the cold at this new winter festival featuring music, movement, and outdoor fun on Calgary’s riverfront. This multi-weekend celebration blends art, sport, and cold-weather culture with rotating themes and activities for all ages.

Where: The Confluence When: February 4-22

🎻 Calgary Folk Music Festival’s Block Heater

Calgary Folk Music Festival's Block Heater returns to brighten winter with an eclectic mix of folk, roots, and world music. Featuring talented artists from around the globe, this multi-day event offers intimate performances, collaborative sessions, and vibrant energy across Calgary's top venues.

Where: Various locations When: February 5-7

🛷 Servus Tube Park at WinSport

Rip down one of the fastest tube parks in Western Canada with the Servus Tube Park at WinSport. The tube park is located on the main hill with eight lanes and a magic carpet to bring you to the top.

Where: WinSport When: Until March 30

💝 Love at Lougheed House: Valentine's Afternoon Tea

Treat your loved ones (including friends) to Valentine's Day Afternoon Tea at Lougheed House , presented by A Certain Flair Catering. Celebrate love where one of Calgary's most famous couples, James and Isabella Lougheed, once lived.

Where: Lougheed House When: February 14

🧧 Lunar New Year Celebrations

Celebrate the Year of the Horse with a lively, family-friendly afternoon filled with cultural performances, local flavours, and hands-on activities. Enjoy lion dances, festive entertainment, market vendors, and creative workshops, all in one welcoming community space.

Where: The District at Beltline When: February 7