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 October 2026, Calgary's housing market kept its balanced footing even as activity cooled with the shift into winter. Sales dropped 16% from a year ago to 1,592 homes, and the decline was spread across every property type rather than concentrated in one. New listings pulled back even faster than sales month over month, so inventory thinned too and months of supply held near 3.9, still firmly in balanced territory.

Prices drifted lower without falling sharply. The benchmark, which adjusts for the mix of homes sold, eased 0.4% over the year, and the average and median moved the same way, down 0.3% and 2.5% respectively. Apartments remain the clear soft spot, posting both the steepest drop in sales and the largest price declines, while detached and semi-detached homes have held up better.

The average has stayed close to last year's level overall, but that masks a wide split by property type:

• Detached homes $806,485, down 1.2% year over year and down 2.1% from September.

• Semi-detached homes $680,363, up 1.6% year over year but down 0.9% from September.

• Townhouses $446,147, up 0.3% year over year and up 3.2% from September.

• Apartments $325,948, down 3.4% year over year but up 2.3% from September.

Average home prices do not show the true extent of price changes because of the substitution effect. When higher prices or mortgage rates cut into buyers' purchasing power, buyers tend to shift toward more affordable property types, and when purchasing power improves they move the other way. That behaviour can make the average understate or overstate underlying house price inflation.

Luxury homes also carry a disproportionate weight in the average, so swings in the number of high-end sales feed straight through to it. CREB noted a pickup in October sales of homes priced above $1.5 million, even as steep pullbacks in the lower-priced apartment and row segments drove most of this year's sales decline, which helped keep the average close to last year's level despite the broad drop in home prices. Over the few years leading up to March 2024, the composition of Calgary sales shifted toward condos and away from detached houses. That trend partially reversed after March 2024, when the detached share of sales bottomed and the apartment share peaked.

New listings pulled back sharply in October, and because they fell faster than sales, the sales-to-new-listings ratio firmed to 54%, up from 49% in September, though below the 58% of a year ago. Homes still took about 43 days to sell, roughly the same as last October, and changed hands at close to 97% of list price. Benchmark prices and sales volumes diverge by property type:

• Detached homes: The benchmark price eased 0.7% year over year to $735,100 and slipped 0.6% from September. Sales of 847 detached homes were down 16% year over year. Months of supply sit at 3.3, placing this segment in balanced territory, though it stays among the tightest in the city.

• Semi-detached homes: The benchmark price edged up 0.8% year over year to $685,200 and was unchanged from September. Sales fell 1.1% year over year to 184 units. Months of supply are 3.2, keeping this segment in balanced territory and the tightest in the city.

• Townhouses: The benchmark row price declined 5.1% year over year and fell 1.2% from September to $407,500. The number of row homes sold dropped 12.4% year over year to 241 units. Months of supply stand at 4.4, in balanced territory.

• Apartments: The benchmark apartment price is down 7.9% year over year to $288,800, off 0.9% from last month. Apartment sales fell 22% year over year to 320 units. At 5.3 months of supply, this segment continues to favour buyers.

Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026

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Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026

The median tells much the same story, easing modestly overall while diverging by type:

• Detached houses $676,000, down 3.2% from last October and down 1.6% from September.
• Semi-detached houses $560,000, down 2.4% year over year and down 4.3% from September.
• Townhouses $410,000, down 4.6% from last year but up 1.2% from September.
• Apartments $280,000, down 7.4% year over year and down 2.8% from September.

Homes in Calgary remain far more affordable than homes in Toronto and homes in Vancouver, and even slightly more affordable than Montreal's larger housing market. Over the past six years, benchmark prices have risen sharply, reducing affordability and making life harder for renters and future owners. The move toward more balanced conditions since early 2025, helped by more supply in both the resale and rental markets and by slower population growth, continues to take some pressure off affordability. With the Bank of Canada raising its policy rate in late October, higher borrowing costs now pose a fresh headwind for buyers even as prices soften.

Balance at the city level masks real differences underneath. Detached and semi-detached homes stay the tightest and sit at the firm end of balanced, row homes are comfortably balanced, and apartment condominiums are the one segment that still favours buyers, with supply well above long-term norms. That split is why the same month can feel like a seller's market to someone listing a detached home and a buyer's market to someone shopping for a condo.

As of the last estimate, Calgary's population was 1,836,000, growing at 5-year and 10-year annualized rates of 3.7% and 2.6%, respectively. In 2021, Calgary had about 595,000 homes; roughly 95% were lived in by people who considered them their main residence. That implies an average of about 2.7 people per dwelling. At the 10-year annualized growth rate, the population would rise by around 48,000 people a year, pointing to a need for roughly 18,000 new dwellings annually. That said, with national population growth slowing significantly, where data comes in at higher frequency, Calgary's population may in fact be expanding far more slowly.

Over a longer horizon, it helps to look at Calgary's population growth alongside housing starts to judge whether construction is keeping pace with demographic pressure.

Alberta, and Calgary in particular, benefits from a good deal of economic freedom and abundant natural resources. That helps explain why Alberta offers some of the highest incomes and wages among Canadian provinces, and Calgary some of the highest among Canadian cities. Over the past ten years Calgary's benchmark price has risen about 33%, a Compound Annual Growth Rate of roughly 2.9%, leaving the city more affordable than most other large Canadian markets.

Calgary's market continues to cool from the exceptional demand of recent years. Sales are running well below last year's pace, and supply, while trending lower into the winter, is still elevated in the apartment segment. Benchmark prices are now lower year over year in most property types, with apartments down the most at nearly eight per cent, while semi-detached prices are the exception, up slightly year over year. The overall market remains balanced, and apartment condominiums sit just above five months of supply.

US trade policy remains a real risk to Calgary's housing market. Washington's tariffs on Canadian exports, and Ottawa's retaliatory measures, continued to weigh on employment and income growth in Alberta through the autumn. Calgary's economy is closely tied to oil and gas, and drawn-out trade uncertainty tends to hold back investment in the sector. The Bank of Canada expects US tariffs to slow Canadian growth in the fourth quarter of 2026 before activity picks up again in 2027. If energy-sector layoffs or wage freezes were to take hold, demand for pricier detached and semi-detached homes would likely soften first, while the already-pressured apartment segment could see further price declines as investor appetite fades.

Working in the other direction, the federal government has turned markedly more pro-investment over the past year, advancing a major-projects agenda that fast-tracks energy and infrastructure approvals and introducing a new Productivity Mega Deduction that lets firms write off capital spending faster. These measures are expected to lift capital investment across the economy, and especially in the oil and gas sector, which over time would support Calgary employment, incomes and housing demand.

On the monetary side, the Bank of Canada raised its policy rate by a quarter point to 2.50% on October 28, its first increase after holding through much of the year. The Bank said it moved to reduce the risk that persistently high energy prices spread into the broader cost of goods and services. Headline inflation has run near 3% since the spring and is expected to climb to about 3.5% by year-end, though inflation excluding gasoline was 2.2% in September and core measures remain close to 2%. Higher borrowing costs are a fresh headwind for buyers: a rate increase lifts mortgage carrying costs just as prices are easing, and the Bank itself expects housing to stay relatively weak in the months ahead. Governing Council signalled it could raise rates further if cost pressures broaden, but said it would proceed carefully; the next rate decision is set for December 9.

Energy markets are the swing factor, and for Alberta the price that matters most is West Texas Intermediate, which was trading around US$97 a barrel. Elevated crude prices and refinery margins have kept inflation sticky across most economies, and the conflict in the Middle East, now in its eighth month, offers no clear path to resolution. Firmer oil is a near-term tailwind for Alberta incomes and housing demand, but it also feeds the inflation pressure that pushed the Bank of Canada to tighten, a tension that leaves the outlook hard to call.

On balance, where Calgary housing goes from here will depend on the path of US trade policy, on how long energy prices stay elevated, and on whether the Bank of Canada needs to tighten again, a balance that stays hard to call in the current environment.

Home Prices in Calgary

Calgary Housing Market Statistics for All Property Types in October 2026

Property Type Distribution

Market Overview for Detached Homes in October 2026

Market Overview for Semi-Detached Homes in October 2026

Market Overview for Townhouses in October 2026

Market Overview for Condo Apartments in October 2026

Unlike other major metro areas in Canada, such as Toronto real estate or Vancouver real estate, condo apartments have historically been a relatively small part of Calgary's real estate market. In recent years, their share surged, reaching close to one-third of total home sales at their peak in 2024, driven by affordability pressures and strong investor demand. Since then, the condo segment has pulled back amid rising supply and softer demand, and currently accounts for about one-fifth of homes sold in the Calgary real estate market.

Calgary Region Breakdown by Region for October 2026