Calgary Real Estate Market Analysis

Executive Summary

Calgary’s residential real estate market in February 2026 demonstrated a pronounced divergence between property segments, with detached homes tightening while apartment-style properties faced persistent oversupply conditions. The market recorded 1,526 sales—an 11% year-over-year decline—yet this aggregate figure masks significant segment-specific dynamics that create distinct opportunities for strategic buyers and challenges for sellers.

Most notably, detached homes exhibited relative strength with only a 4% sales decline and months of supply contracting to 2.64—approaching seller’s market territory. In stark contrast, apartments experienced a 27% sales collapse alongside 4.58 months of supply, representing the most acute buyer’s market conditions since early 2020. This bifurcation reflects fundamental shifts in Calgary buyer preferences and affordability dynamics that will define investment opportunities throughout 2026.

Sales Performance by Property Type

Market Overview: Detached Resilience vs. High-Density Weakness

February’s statistics reveal a market in transition, with inventory levels reaching 4,822 units—16% higher than last year—while sales velocity decreased 11%. This imbalance drove months of supply to 3.16, up 31% year-over-year and approaching the threshold where sustained price depreciation typically occurs. However, this citywide average obscures critical property-type distinctions that sophisticated market participants must understand.

Calgary Market Snapshot

Market Balance Indicators

Property Type Analysis: Understanding the Divergence

Detached Homes: Tightening Market Dynamics

The detached segment demonstrated remarkable resilience in February, with sales declining only 4% to 736 transactions while inventory rose just 14% to 1,941 units. This produced 2.64 months of supply—down from 2.22 in February 2025—indicating strengthening seller leverage despite broader market softness.

The benchmark price of $734,300 reflects a 3% year-over-year decline, yet this masks month-over-month stability and even modest appreciation in select premium districts. Days on market extended to 35 from 28, suggesting more deliberate buyer decision-making rather than fundamental weakness. The sales-to-new-listings ratio of 58% indicates relatively balanced conditions where quality properties continue commanding strong interest.

Significantly, new listings decreased marginally while sales held relatively steady, creating the inventory contraction that drove months of supply lower. This dynamic suggests many potential detached sellers are choosing to defer listings rather than compete in current conditions—a pattern that typically precedes price stabilization as supply constraints emerge.

Semi-Detached: The Stabilization Story

Semi-detached properties presented February’s most surprising performance, with sales actually increasing 7% to 175 transactions while benchmark prices remained essentially flat at $682,200—just a 0.4% decline. This segment achieved the smallest price depreciation among all property types, suggesting underlying value retention despite volume softness earlier in 2025.

Months of supply increased to 2.37 from 1.98, yet remains well within balanced market territory. The sales-to-new-listings ratio of 69% represents the strongest among all property types, indicating robust buyer interest relative to available inventory. New listings rose 5% while inventory increased 27%, reflecting accumulated supply from slower winter months rather than acute oversupply.

Days on market extended to 45 from 32, though this remains below detached homes and substantially better than row or apartment segments. Properties priced competitively continue achieving sales within 30-45 days, while overpriced listings languish. The key differentiator appears to be location, with City Centre and West Calgary semi-detached homes showing positive month-over-month momentum.

Row Homes: Navigating Oversupply

Row homes faced more pronounced headwinds with sales declining 15% to 270 transactions while months of supply surged 58% to 3.29. The benchmark price of $423,600 declined 5% year-over-year, with depreciation accelerating from January’s trend. This segment now clearly sits in buyer’s market territory.

The challenge stems from the sales-to-new-listings ratio dropping to 55%—the lowest since January 2020—indicating supply substantially exceeds demand at current pricing. New listings increased modestly at 4% while sales fell, creating inventory accumulation that reached 887 units. Days on market extended to 44 from 31, with many properties requiring 60+ days to achieve sales.

However, performance varies dramatically by district. North West and West Calgary row homes maintain relatively balanced conditions with 2-2.5 months of supply, while North East and East Calgary face acute oversupply exceeding 7-8 months in some neighborhoods. This disparity creates opportunities for buyers targeting established communities where row home supply remains constrained despite citywide trends.

Apartment Condominiums: Maximum Buyer Leverage

The apartment segment experienced February’s most severe correction, with sales plummeting 27% to 345 transactions—the lowest February volume since 2019. Inventory reached 1,580 units, driving months of supply to 4.58, the highest among all property types and firmly in buyer’s market territory.

The benchmark price of $298,600 declined 9% year-over-year with month-over-month depreciation continuing through February. The sales-to-new-listings ratio collapsed to 46%, indicating persistent supply-demand imbalance. Days on market extended to 54 from 42, with many apartments requiring 75+ days and multiple price reductions to achieve sales.

The fundamental challenge stems from Calgary’s apartment construction pipeline, with Chief Economist Ann-Marie Lurie noting nearly 18,000 units currently under construction, predominantly rental-focused. While this supply targets rental markets, it creates competitive pressure on resale condominiums as potential buyers weigh new construction against existing inventory.

District performance shows universal weakness, though City Centre maintains relative strength with 4.40 months of supply versus 10.92 months in North East. Price declines range from 9% in City Centre to 14% in North East, reflecting the compounding impact of oversupply in less-established districts.

Price Movement Comparison

Geographic Analysis: Premium Districts Outperform

Detached Home Prices by District

Premium Western Districts: Sustained Strength

West Calgary

West Calgary delivered February’s strongest performance with total residential benchmarks at $706,900, posting a remarkable 0.1% year-over-year increase—the only district achieving price appreciation. Detached homes at $973,500 rose 1.4% annually, while semi-detached properties surged 2.9% to $819,900, demonstrating exceptional resilience.

The district’s strength reflects constrained supply meeting persistent demand. With just 1.90 months of detached inventory and a 69% sales-to-new-listings ratio, competitive dynamics favor sellers despite broader market softness. The 146 total units in inventory represent the lowest among all districts, while 189 sales indicate robust activity.

This performance validates West Calgary’s position as Calgary’s premier residential district, where established neighborhoods, superior schools, and limited developable land create structural supply constraints that support long-term value appreciation regardless of cyclical market conditions.

City Centre

City Centre maintained its premium positioning with total residential benchmarks at $563,900 (down 3% annually). Detached homes at $967,800 showed modest 0.3% appreciation, while row homes demonstrated strength with a 1% gain to $594,400—one of few positive price movements citywide.

Inventory reached 1,025 units across property types, with months of supply ranging from 2.94 for detached to 4.40 for apartments. The district recorded 305 total sales, representing balanced activity for this high-density urban core. The key differentiator remains location-specific demand, with properties near Eau Claire, Kensington, and Sunnyside commanding premium pricing.

North West Calgary

North West Calgary posted total residential benchmarks at $618,100 (down 4%), though performance varied substantially by property type. Detached homes at $774,600 declined 3%, while semi-detached properties rose 1% to $667,800—mirroring West Calgary’s semi-detached strength.

The district recorded 135 sales against 362 units of inventory, with detached homes showing exceptional momentum: 2.08 months of supply and a 63% sales-to-new-listings ratio. This performance reflects the enduring appeal of established North West communities like Tuscany, Arbour Lake, and Royal Oak, where mature amenities and quality schools continue attracting move-up buyers.

Growth Corridors: Mixed Performance

South Calgary

South Calgary generated the highest transaction volume with 222 sales, supported by diverse housing stock spanning detached estates to affordable apartments. Total residential benchmarks of $565,200 declined 4%, reflecting balanced depreciation across property types.

Detached homes at $702,500 command strong positioning, while apartments at $277,400 offer accessible entry points. The district’s 486 units of inventory and relatively balanced months of supply (2.12 for detached, 3.45 for apartments) indicate ongoing equilibrium despite broader market adjustments.

South East Calgary

South East showed similar dynamics at $544,600 total residential benchmarks (down 6%). The district recorded 187 sales with improving inventory balance as spring approaches. Row homes face pressure at $427,700 (down 6%), largely from new construction competition, though detached homes at $689,000 maintain value in established communities.

North Calgary

North Calgary at $523,300 (down 7%) experienced more pronounced corrections, particularly in apartments (down 9% to $303,800) and row homes (down 8% to $388,000). The district’s 163 sales reflect solid ongoing demand despite pricing adjustments, with opportunities emerging for value-conscious buyers targeting newer developments.

Value Markets: Adjustment Continues

North East Calgary

North East Calgary faced the most acute pricing pressure with total residential benchmarks at $471,200 (down 9%). Apartments declined 14% to $260,600, while row homes fell 12% to $342,700. The district confronts intense competition from new developments, creating 10.92 months of apartment supply—the highest citywide.

However, the 128 sales demonstrate continued activity, and detached homes at $572,900 maintain reasonable positioning for first-time move-up buyers. As pricing stabilizes and new construction absorption progresses, North East may offer value opportunities for investors with longer time horizons.

East Calgary

East Calgary at $402,200 (down 8%) shows similar adjustment dynamics, with row homes declining 14% to $265,800. Detached inventory of 2.18 months suggests balanced conditions for single-family homes, while high-density segments require further time to achieve equilibrium.

District Price Comparison

Market Outlook: Spring Market Implications

Overall Market Activity Trends

Seasonal Patterns and Spring Projections

February’s statistics establish critical baseline conditions as Calgary enters its traditional spring market—typically the year’s most active selling season. The interplay between current inventory levels, seasonal listing patterns, and buyer activity will determine whether 2026 follows historical seasonal appreciation trends or continues the adjustment trajectory evident in early-year data.

Historically, Calgary experiences 40-60% increases in monthly listings from February to April as sellers time the spring market. If this pattern holds, April could see 4,400-4,800 new listings enter the market. Combined with February’s 4,822-unit inventory base, total active listings could reach 7,000-8,000 units by late April—levels not sustained since 2019-2020.

However, several factors may moderate supply growth. Sellers observing current high-density oversupply may defer listings until conditions improve. Mortgage holders facing higher interest rates (even with Bank of Canada rate reductions) may choose to retain properties rather than sell at depreciated values. These dynamics could constrain spring listing growth below historical averages.

Property Type Trajectories

Detached homes appear positioned for relative spring strength. With 2.64 months of supply approaching seller’s market territory and new listings declining, the spring market may see competitive dynamics emerge for well-priced properties in desirable districts. Premium detached homes in West, North West, and select City Centre neighborhoods could experience bidding activity reminiscent of 2021-2022, particularly if mortgage rates decline further.

The key risk factor involves economic uncertainty—if employment weakens or recession fears intensify, even detached demand could soften. However, Calgary’s diversified economy, sustained population growth (estimated 50,000+ annually through 2026), and improving affordability relative to Toronto/Vancouver support continued detached strength.

Semi-detached properties present intriguing value propositions. The 0.4% price decline represents minimal depreciation, while months of supply at 2.37 indicates near-balance. Spring demand could tighten this segment further, particularly as buyers priced out of detached markets seek attached alternatives with superior space compared to apartments or row homes.

Strategic buyers targeting semi-detached homes should act decisively on quality listings in March-April before spring competition intensifies. Properties in City Centre, West, and North West offering detached-home features (private yards, garages, end-unit locations) will command premium interest.

Row homes and apartments face more complex spring dynamics. While seasonal demand increases typically improve absorption, the fundamental oversupply—particularly in apartments—requires sustained sales velocity exceeding new listing growth. This seems unlikely given construction pipeline realities.

Apartment prices may stabilize by mid-2026 as construction completions slow and rental demand absorbs new supply, but near-term appreciation seems improbable. Row homes could see selective improvement in premium districts where supply remains constrained, though citywide oversupply will cap appreciation potential.

For buyers targeting these segments, spring markets present optimal selection and negotiating leverage. Sellers listing in March-April will face intense competition, creating opportunities for buyers to negotiate favorable terms, request concessions, and acquire properties below asking prices.

District-Specific Projections

Premium western districts (West Calgary, established North West communities) should maintain market leadership through spring. Limited supply, sustained demand from affluent buyers, and superior amenities create structural advantages regardless of broader market conditions. Buyers targeting these areas should expect competitive dynamics for quality listings, though overall conditions remain more favorable than 2021-2022 peak markets.

Growth corridors (South, South East) will benefit from spring new home construction activity, which typically drives resale absorption as builders offer trade-in programs and buyers circulate between new and existing inventory. However, these districts also face continued pressure from new supply competing with resale inventory.

Value markets (North East, East, North) require additional time for equilibrium. Spring may see modest improvement as seasonal demand increases, but sustained recovery likely extends into Q3-Q4 2026. Long-term investors recognizing Calgary’s growth trajectory may identify compelling opportunities as pricing bottoms and rental yields become attractive.

Strategic Recommendations

For Buyers

Luxury Detached Purchasers: February-March represents a strategic acquisition window before spring competition intensifies. Target West Calgary, North West, and select City Centre properties where inventory remains constrained. Focus on quality over urgency—with 35 days on market, buyers can conduct thorough due diligence without artificial pressure. Expect competitive situations for exceptional properties, but overall conditions favor measured decision-making compared to recent years.

Move-Up Buyers: Semi-detached properties offer exceptional value propositions with minimal price depreciation and balanced supply. Target end units, corner lots, and properties with detached-home features in premium districts. If considering row homes, focus on established communities in North West, West, or South where supply constraints support value retention. Avoid areas with acute oversupply unless willing to accept extended holding periods.

First-Time Buyers and Investors: Apartment and row home oversupply creates maximum negotiating leverage. Target well-managed buildings in established locations with strong rental fundamentals. Negotiate aggressively on price, request seller concessions for closing costs or improvements, and avoid overpaying simply to secure a property. The market will remain buyer-favorable through spring, providing ample selection. Consider properties languishing 60+ days on market—these sellers often demonstrate greatest willingness to negotiate.

For Sellers

Premium Detached Property Owners: February-April represents optimal listing timing to capture spring demand before inventory peaks. Price competitively based on recent comparable sales (not historical peaks), invest in professional staging and photography, and emphasize unique features that differentiate your property. Expect 30-45 day marketing periods in current conditions. Properties exceeding $1 million require particular attention to positioning—this segment remains active but selective.

Semi-Detached and Row Home Sellers: Market conditions vary dramatically by district and property type. Sellers in premium districts (West, North West, City Centre) can achieve sales with competitive pricing and strong presentation. Those in oversupplied areas must price aggressively—matching or slightly undercutting comparable properties—to generate showing activity. Consider listing in late February or early March to capture early spring demand before peak inventory competition in April-May.

Apartment Condominium Sellers: Face reality regarding current market conditions. Apartments requiring sales should price 5-8% below recent comparables to generate interest, expect extended marketing periods (60-90 days), and prepare for negotiations yielding 3-5% below asking prices. Highlight building amenities, low condo fees, and location advantages. Sellers without urgency should consider deferring until Q3-Q4 2026 when supply-demand balance may improve as construction completions slow.

Timing Considerations: Sellers targeting spring markets should list by March 15 to establish market presence before April inventory surge. Later listings (April-May) face substantially increased competition. Those unable to achieve sales by June should consider removing properties from market rather than carrying “stale” listings into slower summer months. Re-listing in September with renewed positioning often proves more effective than continuous spring/summer marketing.

Conclusion

Calgary’s February 2026 real estate market presents a nuanced landscape where broad generalizations fail to capture segment-specific realities. The detached market’s resilience—evidenced by contracting supply and minimal price depreciation—stands in stark contrast to apartment oversupply that creates maximum buyer leverage in that segment.

For sophisticated market participants, these divergent conditions create distinct opportunities. Detached buyers should act strategically before spring competition intensifies, while apartment buyers can afford patience and aggressive negotiation given sustained favorable conditions. Sellers must calibrate expectations to current realities—premium detached properties continue achieving sales while high-density inventory requires competitive pricing and extended marketing periods.

The spring 2026 market will prove decisive in establishing whether current trends represent temporary seasonal adjustment or more sustained correction. Early indicators suggest detached and semi-detached segments may stabilize or strengthen, while row homes and apartments require additional time for supply-demand equilibrium. Calgary’s robust economic fundamentals—sustained population growth, diversified employment, and improving affordability relative to Toronto/Vancouver—support medium-term recovery, though near-term price appreciation appears unlikely except in premium detached segments.

Market participants who understand these dynamics, resist emotional decision-making, and execute disciplined strategies aligned with segment-specific conditions will achieve optimal outcomes in Calgary’s evolving 2026 real estate landscape. As always, location, property quality, and realistic pricing remain the decisive factors determining transaction success regardless of broader market trends.