Calgary Housing Market Report

Calgary Housing Market Overview

Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.

In January 2026, the Calgary housing market continued to exhibit balanced conditions. The market experienced a 15.0% year-over-year decline in sales, with 1,234 homes changing hands. At the same time, inventory increased by 21% from the previous year, reaching 4,391 units—the highest January level since 2020. The overall benchmark home price for Calgary was $554,400, representing a 4.7% year-over-year decrease but remaining essentially flat from December (down only 0.1%). The average home price of $618,270 increased 2.2% compared to last January and rose 1.8% from December. The median price of $556,250 decreased 2.8% year-over-year but increased 0.2% from the previous month. The sales-to-new-listings ratio was 44%—typical for January—and the months of supply reached 3.6 months, maintaining the balanced conditions observed in recent months.

Calgary's average home price in January 2026 was $618,270, showing a 2.2% increase compared to last January and a 1.8% increase from December. By Property Type:

By Property Type:

• Detached homes: $780,721, up 0.1% year-over-year and up 0.8% from December.
• Semi-detached homes: $665,026, down 0.3% annually and up 0.3% monthly.
• Townhouses: $435,113, down 6.6% year-over-year and up 0.3% from December.
• Apartments: $331,896, down 5.9% compared to last January and down 1.1% from December.

Average home prices do not show the true extent of price changes because of the substitution effect. When changes in home prices or mortgage rates reduce consumers' buying power, they shift their purchases to more affordable options and conversely, when such changes increase their buying power. As a result, especially over the medium and long term, the average price can underrepresent house price inflation or deflation. Moreover, luxury homes have a disproportionate impact on average prices, and fluctuations in the number of luxury home sales lead to corresponding fluctuations in average prices. There has been a continued change in the property types that Calgary buyers purchase. Over the past years, the composition of home sales in the Calgary real estate market shifted toward condos while shifting away from detached houses. Although this trend has partially reversed since March 2024, when the share of detached sales reached its lowest value and the share of apartment homes reached its peak.

The benchmark home price in Calgary declined 4.7% year over year and 0.1% monthly to $554,400. In January 2026, 1,234 homes changed hands, representing a 15% decrease compared to the same month last year. 2,785 new listings in Calgary decreased by 3.8% year over year. The sales-to-new listings ratio is 44%, which is lower than last year's 50% in January 2025 and significantly lower than the previous month's 92% in December 2025. The lower ratio reflects the typical seasonal surge in new listings that occurs in January as sellers position properties ahead of the spring market. Inventory increased 21% year over year to 4,391 units—the highest January level since 2020. Inventory stands at 3.6 months of supply compared with 3.4 months in December and 2.5 months in January 2025. Months of supply show that the Calgary market maintained its balanced market condition.

In January 2026,

• Detached homes: The benchmark price decreased 3.4% year over year to $724,000, 0.4% lower month over month. The sale of 657 detached homes shows a 2.5% year-over-year decrease. Currently, inventory stands at 2.7 months of detached home sales, indicating sellers' market conditions persist in this segment.
• Semi-detached homes: Benchmark home prices decreased 1.1% year-over-year to $667,000. Sales of semi-detached homes decreased by 26% YoY, reaching 118 units. Currently, inventory stands at 3.5 months of semi-detached home sales, indicating balanced market conditions.
• Townhouses: Benchmark townhouse prices declined 5.2% YoY and decreased 0.1% MoM to $420,800 for January 2026. The number of row houses sold decreased 25% YoY to 186 units. Currently, inventory stands at 4.2 months of row home sales, reflecting balanced market conditions.
• Apartments: Benchmark apartment prices are down 7.8% year-over-year to $301,200, a decline of 0.8% from last month. The number of apartments sold decreased by 26% YoY to 273 units. Currently, inventory stands at 5.3 months of apartment home sales, the highest level among all property types, indicating buyer’s market conditions.

As another price indicator, median prices for Calgary houses decreased by 2.8% year-over-year to $556,250, 0.2% higher than in December 2025. Median prices by property type were:

Median prices by property type:

• Detached homes: $675,000, 3.3% lower compared to last January and unchanged monthly.
• Semi-detached homes: $583,500, down 1.0% annually and down 0.6% month over month.
• Townhouses: $412,250, down 8.3% from last year and up 0.5% from the previous month.
• Apartments: $297,000, down 4.7% annually and up 2.6% monthly.

Homes in Calgary are much more affordable than homes in Toronto and homes in Vancouver, while Calgary’s affordability is on par with Montreal's larger housing market. Over the past six years, benchmark home prices have risen 37%, reducing affordability from peak levels, making life more difficult for renters and future homeowners and weighing on economic dynamism and productivity growth in Canada's largest population center in the Prairies. The recent shift toward more balanced conditions, driven by increased supply in both resale and rental markets along with slower population growth, continues to ease affordability pressures.

The January 2026 market exhibited continued balanced conditions, with 2,785 new listings entering the market and 1,234 sales. Inventory is healthy at 4,391 units—21% higher than last year and the highest January level since 2020. The impact varies significantly by property type. Apartment condominiums face oversupply conditions, with a 5.3-month supply, while detached homes, at 2.7 months, remain in seller's market conditions. Row homes and semi-detached properties are at 4.2 and 3.5 months, respectively, showing balanced market conditions.

As of the last estimate, Calgary's population is 1,779,000, growing at 5-year and 10-year annualized rates of 3.4% and 2.5%, respectively. In 2021, Calgary had about 595,000 homes, and almost all of them (95%) were lived in by people who considered them their main residence. This suggests an average of 2.7 people per dwelling. At the 10-year annualized growth rate, the population is expected to increase by around 44,500 people per year, implying a requirement for roughly 16,500 new dwellings annually. However, given that population growth has stalled at the national level, where data is available with much higher frequency, Calgary's population might actually be growing at a much slower rate.

For a longer‑term horizon, it is instructive to consider changes in Calgary’s population alongside housing starts to gauge whether construction is keeping pace with demographic pressures.

The home price in the Calgary region is 32% higher than it was ten years ago, compared with a 30% rise in the consumer price index over the same period, implying a cumulative annual growth rate of 2.9% for Calgary home prices. Over that decade, home prices in Greater Toronto rose by 58% and in Montreal by 106%.

Alberta, and Calgary in particular, enjoy more economic freedom and arguably more natural resources than many other parts of Canada. As a result, Alberta offers some of the highest incomes and wages among Canadian provinces, and Calgary offers some of the highest incomes and wages among Canadian cities.

The market continues to reflect broader Canadian housing trends, including slower population growth, persistent uncertainty about economic conditions, and increased competition from both new home construction and the rental market. 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. 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%, mostly due to shifts in apartment and row-style homes. While prices have adjusted from their early 2025 peaks in some segments, the beginning of 2026 shows price stability with benchmark prices essentially flat month-over-month across most property categories.

Home Prices in Calgary

Calgary Housing Market Statistics for All Property Types in January 2026

Property Type Distribution

Market Overview for Detached Homes in January 2026

Market Overview for Semi-Detached Homes in January 2026

Market Overview for Townhouses in January 2026

Market Overview for Condo Apartments in January 2026

Unlike other major metro areas in Canada, such as Toronto real estate or Vancouver real estate, as recently as two years ago condo apartments were a relatively small part of Calgary's real estate market. Two years ago, they made up close to one-seventh of total home sales and a much smaller proportion of sales volume in dollars due to their lower prices. Currently, they constitute close to one-third of homes sold in the Calgary real estate market.

Calgary Region Breakdown by Region for January 2026