Calgary Real Estate Market Update May 2026: Why the Market Is Shifting

Calgary’s housing market is starting to feel very different than it did over the past couple of years.

Buyers finally have more options.

Homes are taking longer to sell.

And depending on the type of property you own, the market might feel strong… or surprisingly tough right now.

Detached homes in many areas are still holding up relatively well.

But condos, row homes, and some oversupplied segments are seeing a lot more pressure.

So what’s actually happening in Calgary right now?

Here’s a breakdown of what the latest numbers are really showing.

Here’s What’s Actually Happening in Calgary Right Now

The latest numbers show Calgary’s market is continuing to slow down and become more balanced.

Here are a few of the biggest trends from April:

• Sales were down about 6% year over year
• Inventory climbed to nearly 6,000 homes
• Homes are taking longer to sell
• Benchmark prices are down about 3.5% overall
• Condo prices are down nearly 9% year over year

So what does that actually mean?

Buyers finally have more choice and a little more negotiating power again.

At the same time, sellers are starting to face more competition, especially in the condo and townhouse market.

Homes that are priced properly are still selling.

But overpriced listings are sitting much longer than they were a year ago.

This market feels very different than the frenzy we saw in 2023 and early 2024.

Still, this does not look like a broad market crash.

Calgary’s Market Is Starting to Split

One of the biggest stories right now is how differently each property type is performing.

Detached homes are still holding up fairly well in many parts of the city, and semi detached homes have stayed relatively stable.

But row homes and especially condos are seeing much softer conditions.

• Detached benchmark price: $745,400 (down 2.7%)
• Semi detached benchmark price: $690,200 (roughly flat)
• Row home benchmark price: $422,900 (down 7%)
• Apartment benchmark price: $301,400 (down 8.9%)

Condos Are Seeing the Most Pressure

Condos continue to be the softest part of Calgary’s housing market right now.

Sales were down nearly 27% year over year in April, while benchmark prices fell almost 9%.

At the same time, months of supply climbed to 4.44 months and inventory remains well above normal levels.

There are a few reasons for this:

• More condo listings are hitting the market
• New construction and rental projects are adding competition
• Investor demand has slowed
• Buyers are becoming more cautious
• Higher condo fees are hurting affordability

The result is a much more competitive market for condo sellers.

Well priced units are still selling, but buyers have far more options and negotiating power than they did a year ago.

Detached Homes Are Still Holding Up Better

While condos are seeing more pressure, detached homes are still holding up relatively well in many parts of Calgary.

Inventory remains below long term averages, and months of supply stayed around 2.25 months in April.

Some of the stronger areas right now include:

• North West Calgary
• West Calgary
• South Calgary

In some districts, detached home prices even increased month over month despite the softer overall market.

That’s why broad headlines about Calgary’s market “crashing” don’t really tell the full story.

Detached homes and condos are behaving very differently right now.

What This Means for Buyers and Sellers

Buyers finally have more choice and negotiating power again, especially in the condo and townhouse market.

Compared to the past couple of years, there’s less urgency right now. Buyers have more inventory to look at, more time to make decisions, and in many cases, more room to negotiate on price or conditions.

For sellers, pricing strategy matters much more than it did a year ago.

Well priced homes that show well are still selling, especially in stronger detached segments. But buyers are becoming far more selective, and overpriced listings are often sitting longer and seeing price reductions.

This is no longer the type of market where almost every home sells instantly, particularly in oversupplied segments like condos and some row homes.

Why Calgary’s Market Is Starting to Shift

Calgary’s housing market is not crashing, but it is clearly starting to rebalance after several years of extremely strong seller conditions.

A few major factors are driving that shift right now:

• Inventory is rising, giving buyers more choice and reducing the urgency we saw over the past couple of years

• Migration to Calgary remains strong, but it has slowed compared to the massive surge that helped fuel the market previously

• New construction and purpose built rentals are creating more competition, especially in the condo and townhouse market

• Buyers are becoming more cautious and selective, with homes taking longer to sell than they did a year ago

In Summary

Calgary’s housing market is clearly becoming more balanced, but conditions vary a lot depending on the property type and area of the city.

Detached homes are still holding up relatively well in many areas, while condos and some row homes are seeing more pressure as inventory rises and buyers become more selective.

If you’re thinking about buying or selling and want help understanding what’s happening in your specific area or price range, feel free to reach out anytime.

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