Calgary Real Estate Market Update: Why Condos Are Struggling in 2026
If you have been following the Calgary real estate market lately, you have probably noticed something important: Calgary is no longer moving as one housing market.
Detached homes in many areas remain relatively balanced. Some duplex markets are still active. But condos and apartments across Calgary are facing much more pressure than they were a year ago.
This article breaks down what is changing, why some condo prices are falling, what buyers should watch for, and what sellers can realistically expect in today’s market.
Calgary Condo Prices Are Starting to Fall
Calgary’s condo market has shifted noticeably over the last year.
Inventory has risen, properties are taking longer to sell, and buyers now have far more choice than they did during the peak market frenzy. At the same time, condo sales have slowed and prices in some segments have started coming down.
For buyers, this creates more negotiating power and less pressure to rush into decisions.
For sellers, pricing strategy has become much more important. Buyers are comparing more listings, negotiating harder, and becoming more cautious about condo fees, building quality, and future costs.
Want to stay updated on Calgary real estate trends? You can browse all of my latest Calgary housing market updates here.
Why Calgary Condos Are Struggling Right Now
Calgary’s condo market is facing pressure from several directions at once, but the biggest issue is supply.
Over the last few years, Calgary experienced massive population growth and migration from provinces like Ontario and British Columbia. Builders responded by launching large condo and apartment projects across the city.
The problem is that many of those projects are completing now, just as migration has slowed and buyers have become more cautious.
At the same time, buyers are also dealing with:
• Higher condo fees
• Rising insurance and utility costs
• Concerns about special assessments
• More rental inventory hitting the market
• Increased resale competition
This has created a much tougher environment for condo sellers.
Buyers are no longer rushing into offers like they were during Calgary’s peak market conditions. They have more options, more negotiating power, and more time to compare listings. Many are waiting for price reductions before making a move.
That shift alone changes how the condo market performs.
New Construction Projects Are Putting Pressure on Calgary Condos
One of the biggest issues facing Calgary’s condo market right now is the sheer amount of new supply entering the market.
Many condo and apartment projects were launched during Calgary’s migration boom, when demand was surging and buyers were aggressively entering the market. Those projects are now completing at a time when demand has slowed and buyers have become far more cautious.
That creates much more competition for resale condo owners.
Today, sellers are not just competing against other resale listings. They are also competing against:
• Brand new rental buildings
• Builder incentives on new construction
• Investors trying to exit properties
• Sellers reducing prices to attract buyers
This is also changing buyer behaviour.
A first time buyer may compare an older condo with high fees and potential future assessments against renting a newer apartment with modern amenities and fewer financial unknowns.
As more supply continues hitting the market, buyers simply have more leverage and more alternatives than they did a few years ago.
Buyers Have More Bargaining Power
Over the last few years, Calgary buyers were conditioned to move quickly. Properties sold fast, multiple offers were common, and many buyers felt pressure to waive conditions just to compete.
That environment has changed significantly in the condo market.
Buyers no longer feel pressure to act quickly because there is simply much more inventory available. New listings are constantly hitting the market, giving buyers more options and far more bargaining power than they had during the peak market frenzy.
Many buyers are now:
• Waiting for price reductions
• Submitting lower offers
• Negotiating harder on price and conditions
• Taking longer to make decisions
• Ignoring listings that feel overpriced
In some cases, buyers are not even bothering to view properties that are priced at or above recent comparable sales because there are so many alternatives available.
That shift in buyer behaviour has major consequences for sellers. Listings are sitting on the market longer, more properties are expiring or being terminated, and falling prices are putting additional pressure on condo owners trying to sell.
What Calgary Condo Sellers Need to Know Right Now
One of the biggest mistakes condo sellers make in a softer market is pricing based on old comparable sales instead of where the market is heading.
In markets like this, pricing “correctly” is often not enough. Buyers have more leverage, more inventory to choose from, and many expect prices to continue softening.
That means sellers often need to price ahead of the market and be ultra aggressive from day one.
Listings that come out too high can quickly become stale. Buyers move on, showings slow down, price reductions follow, and sellers end up chasing the market down while competing against newer and cheaper listings hitting the market.
The sellers still having success are typically:
• Pricing aggressively from day one
• Preparing condo documents early
• Allowing flexible showings
• Presenting the property well
• Responding quickly to market feedback
Condos are still selling throughout Calgary, but sellers who hesitate on pricing can quickly fall behind changing buyer expectations.
Is Buying a Calgary Condo Still Worth It?
Despite the negativity surrounding Calgary’s condo market right now, condos can still make sense for certain buyers.
For people who want an urban lifestyle near downtown Calgary, shorter commutes, walkability, restaurants, and nightlife, a condo may still be the best fit. Condos also remain one of the more affordable ways to enter Calgary’s housing market.
A condo can still provide:
• Home ownership
• Inner city locations
• Lower purchase prices
• A stepping stone into the market
That said, buyers need to approach condos more conservatively than they did during the recent market boom.
It is important to assume:
• Condo fees will likely rise over time
• Appreciation may be slower
• Special assessments are possible
Condos can still work well for the right buyer, but they should be viewed more as a lifestyle purchase and long term hold rather than a guaranteed short term investment win.
The Biggest Mistakes Condo Buyers Are Making
Buying a condo is very different from buying a detached home, and many buyers underestimate the risks involved until after they take possession. In Calgary’s current condo market, understanding those risks has become more important than ever.
• Not Understanding how condos are structured
Many buyers do not fully review reserve fund studies, meeting minutes, bylaws, financial statements, or the overall health of the building. Poorly managed condos can lead to rising costs, deferred maintenance, and expensive special assessments later on.
• Underestimating Condo Fees
Condo fees often rise over time due to increasing insurance, utility, maintenance, and repair costs. Buyers should assume fees will likely increase in the future, especially in older buildings.
• Assuming Prices Will Keep Going Up
A lot of buyers purchased condos during Calgary’s recent boom expecting prices to continue climbing. Now, some pre construction units are completing at values below what buyers originally paid. Condo prices do not always move the same way detached homes do.
• Buying Pre Construction for Speculation
Assignment style investing has historically been much more common in markets like Toronto and Vancouver. Calgary’s condo market behaves differently, and buyers assuming they can quickly flip or assign contracts can end up stuck with a property worth less than expected.
FAQs
Is Calgary in a buyer’s market right now?
It depends on the property type and area. Many detached home segments remain relatively balanced, while condos are leaning toward buyer’s market conditions.
Are condo prices dropping in Calgary?
Some condo segments have experienced noticeable price declines due to rising inventory and softer demand.
Is now a good time to buy a condo in Calgary?
For long term buyers focused on lifestyle and affordability, it can still make sense. Buyers simply need to be more careful about fees, building quality, and long term ownership costs.
Why are Calgary condo fees so high?
Insurance, utilities, maintenance, reserve funding, and inflation have all contributed to rising condo fees across Calgary.
Will Calgary condo prices recover?
Markets move in cycles. Some well located properties will likely remain desirable long term, but buyers should avoid assuming rapid appreciation.
In Summary
Calgary’s condo market is facing much more pressure than it was during the peak frenzy years, with rising inventory, softer demand, and growing competition from both rentals and new construction. That does not mean condos are automatically bad purchases or impossible to sell, but buyers and sellers need to be far more strategic in today’s market.
If you have questions about buying or selling a condo in Calgary, feel free to reach out anytime, schedule an appointment, or leave a comment below.
Additional Resources
- Call/Text: (403) 471-4212
- Email: ryan@ryangillard.ca
- Request a Home Evaluation
- Buyer’s Guide
- Seller’s Guide
- Relocation Guide
- View Homes
- Watch the full video here