Calgary's housing market maintained balanced conditions in February 2026. The market showed mixed signals with inventory gains offsetting declining sales activity. The overall benchmark price stood at $560,500, down 4.4% annually but up 1.1% monthly, suggesting stabilization after seasonal weakness. Calgary is shifting from a three-year seller market to a balanced environment characterized by rising supply, moderating migration, and stabilizing demand.
Current Market Snapshot
In February, 1,526 homes changed hands, representing an 11.3% year-over-year decline. Monthly sales improved 23.7% from January. Housing inventory of 4,872 was 16% higher than last February, with 2,767 new listings entering the market, down 2.3% annually. Months of supply at 3.2 months confirms balanced conditions, within the 3-5 month equilibrium range. The sales-to-new-listings ratio is 55 percent, which contrasts favourably with Toronto at 34 percent and Vancouver at 37 percent.
Inventory surged to 4,391 units in January 2026 marking the highest January level since 2020. Nearly all Calgary neighbourhoods sold homes for less than their asking price in the final months of 2025.
Price Trends by Property Type
Detached homes had an average price of $807,186 (+0.3% YoY) with a benchmark of $734,300. Semi-detached averaged $672,176 (-6.6% YoY) with a benchmark of $682,200. Townhouses averaged $457,292 (-5.2% YoY) with a benchmark of $423,600. Apartments averaged $355,934 (+0.7% YoY) with a benchmark of $298,600.
Detached and semi-detached homes remain in seller's territory at 2.7 and 2.4 months supply respectively, while apartments eased to balanced conditions at 4.6 months, improving from buyer's market levels. The detached home market remains tight with only 2.6 months of supply available.
Two Very Different Trends
Calgary's market is now showing two very different trends. Apartment-style homes have growing supply at 4.6 months available, the highest among all property types, with a benchmark price of $298,600, down 9% year-over-year. There are currently 1,580 apartments listed, with sales down 27% from the previous year. Nearly 18,000 apartment units are under construction.
CREB Chief Economist Ann-Marie Lurie noted that slowing migration levels are coming at a time when supply for apartment-style homes is rising, with record apartment construction starts occurring, though many units target rental rather than ownership markets. CREB projects 22,200 sales for 2026, a 2 percent decline, with overall prices forecast at negative 1 percent.
Regional Price Variations
East Calgary has a benchmark price of $513,450, making it the only area with detached homes under $600,000. Northeast Calgary has a benchmark price of $600,458. North Calgary has a benchmark of $672,483. City Centre has a benchmark of $971,242. The northeast, north, and east districts were the only areas experiencing year-over-year benchmark price declines. City Centre saw the largest increase and was the only district with gains of 3% or more.
In 2025, Calgary recorded 11,328 detached home sales, an almost nine per cent decrease compared to 2024. New listings increased 13.84% to 19,621 units, pushing the sales-to-new-listings ratio down to 57.7%, representing a 20%+ year-over-year decline.
Supply Pipeline
Rising starts over the past several years are translating into supply growth at a time when demand is shifting due to slowing migration and shifting economic conditions. Approximately 26,000 units currently under construction will be completed over coming years, with apartment-style rental and ownership units comprising the majority. Supply has surged across every channel with record-high housing starts of approximately 26,000 units in 2025, with 45 percent designated as rentals.
Increased construction in recent years combined with slowing population growth, rising costs and increasing rental vacancies is reducing developer risk appetite in Calgary, with developers focusing on completing existing projects rather than starting new ones.
Population and Demand
Population growth is decelerating to 1.3 percent down from approximately 3 percent, with interprovincial migration at approximately 6,244 and international migration at approximately 8,032 annually. The 2025 actual result of 22,751 sales significantly underperformed the original forecast of 26,850 units. CREB does not expect further rate cuts in 2026.
The CREB forecasts detached home sales will remain at similar 2026 levels, with supply staying balanced and limiting significant price changes ahead. The defining characteristic of 2026 is balance, with the market shaped by supply distribution, segment performance, and local absorption patterns rather than broad upward momentum.
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