Calgary Real Estate Market Analysis
January 2026 Market Insights
Executive Summary
Calgary's residential real estate market began 2026 with notable shifts across all property segments. The market recorded 1,234 sales in January—a 15% year-over-year decline—while inventory surged to 4,391 units, marking the highest January level since 2020. This represents a 21% increase in available properties compared to last year, fundamentally reshaping market dynamics for both buyers and sellers.
The most significant development is the pronounced divergence between property types. High-density housing—apartments and row homes—experienced substantial headwinds with sales declines of 26% and 25% respectively, while detached homes demonstrated remarkable resilience with only a 2% decrease. This bifurcation signals a strategic repositioning in buyer preferences and market equilibrium that will define investment opportunities throughout 2026.
Sales Performance by Property Type
Market Overview: The New Supply Dynamic
January's market statistics reveal a fundamental recalibration in Calgary's supply-demand balance. The sales-to-new-listings ratio dropped to 44%, down from 50% last year, indicating sellers returned to the market more aggressively than buyers. With months of supply reaching 3.56—up 42% year-over-year—the market is transitioning toward more balanced conditions after years of constrained inventory.
Calgary Market Snapshot
| Metric | January 2026 (Y/Y Change) |
|---|---|
| Total Sales | 1,234 (-15%) |
| New Listings | 2,785 (-4%) |
| Inventory | 4,391 (+21%) |
| Months of Supply | 3.56 (+42%) |
| Benchmark Price | $554,400 (-5%) |
| Days on Market | 53 (+31%) |
Market Balance Indicators
Property Type Analysis: Detached Homes Lead
Detached Homes: Relative Stability
The detached segment continues to demonstrate the strongest market fundamentals, with 657 sales representing only a marginal 2% decline from January 2025. This resilience stands in stark contrast to other property types and reflects sustained demand among discerning buyers seeking premium single-family residences.
The benchmark price of $724,000 reflects a 3% year-over-year decline, though seasonally adjusted figures indicate stability compared to December 2025 levels. With 2.67 months of supply and a 53% sales-to-new-listings ratio, the detached market maintains relatively balanced conditions that favor neither buyers nor sellers disproportionately.
Inventory increased 21% to 1,753 units, approaching but not exceeding long-term averages. Properties are now spending 48 days on market, up from 37 days last year—a modest extension that suggests deliberate buyer decision-making rather than market weakness.
For luxury buyers, the detached market presents optimal conditions for selective acquisitions. Increased inventory provides enhanced choice without the pricing pressure evident in high-density segments, while competition remains sufficient to support value appreciation.
Semi-Detached: Transitional Dynamics
Semi-detached properties experienced a more pronounced 26% sales decline to 118 transactions, while new listings decreased 8% to 251 units. This created an 88% surge in months of supply to 3.54 months, though conditions remain relatively balanced overall.
The benchmark price of $667,000 declined only 1% year-over-year—the smallest depreciation among all property types—suggesting underlying value retention despite volume challenges. The sales-to-new-listings ratio of 47% indicates near-equilibrium between supply and demand.
Days on market extended dramatically to 61 days from 36 days, reflecting increased buyer deliberation. Properties achieving sales demonstrate strong fundamentals, while those languishing on market may present negotiation opportunities for astute purchasers.
Row Homes: Supply Saturation
The row home segment faces significant headwinds with sales declining 25% to 186 transactions while new listings increased 7% to 504 units. This imbalance drove months of supply up 76% to 4.22 months, and pushed the sales-to-new-listings ratio down to just 37%.
Benchmark prices decreased 5% to $420,800, though month-over-month comparisons show stabilization at current levels. The pricing correction primarily reflects competition from new-home developments in districts like North East and South East, where row homes face particularly acute pressure.
Properties now require 52 days to sell, up from 39 days. The extended marketing period, combined with increased inventory of 785 units (up 33%), creates a distinctly buyer-favorable environment for those interested in attached housing.
Apartment Condominiums: Maximum Oversupply
The apartment segment experienced the most severe market correction, with sales plummeting 26% to 273 transactions—the lowest volume among property types. New listings of 787 units, while down 15% from last year, substantially exceeded sales, driving inventory to 1,435 units, the highest January level ever recorded.
With 5.26 months of supply and a sales-to-new-listings ratio of only 35%, the apartment market faces pronounced oversupply conditions. This imbalance has driven the benchmark price down 8% to $301,200, with continued month-over-month depreciation indicating ongoing adjustment.
Days on market extended to 65 days, the longest among all property types. Price declines have been universal across all districts, ranging from 6% in City Centre to 13% in North East, reflecting broad-based correction rather than localized weakness.
While current conditions challenge sellers, sophisticated investors may identify compelling value opportunities as prices stabilize and rental demand fundamentals remain intact given Calgary's continued population growth.
Price Movement Comparison
Geographic Analysis: District Performance
Detached Home Prices by District
Premium Districts: City Centre & West Calgary
City Centre
City Centre maintains its position as Calgary's most affluent residential district with a total residential benchmark price of $552,700, down 5% year-over-year. The district's detached market commands $932,300, while row homes achieved positive month-over-month momentum with a 3% price increase to $583,800.
Inventory levels reached 1,025 units across property types, with months of supply varying significantly: detached homes sit at 3.19 months (relatively balanced), while apartments face 5.08 months of supply. The district recorded 227 total sales in January, representing balanced activity for this premium location.
West Calgary
West Calgary posted the strongest year-over-year performance with total residential prices at $698,400, declining only 1%. The district's detached benchmark of $958,800 experienced minimal depreciation of 0.3%, while semi-detached properties actually appreciated 3% to $806,800—one of the few positive pricing movements citywide.
With 387 total units in inventory and 115 sales, West Calgary demonstrates the tightest supply conditions among premium districts. The sales-to-new-listings ratio exceeds 50% for detached homes, indicating continued competition for quality properties in this established, prestigious area.
North West: Established Family Market
North West Calgary, with a total residential benchmark of $603,700 (down 4%), represents the premier family-oriented district. Detached homes at $755,100 declined 3%, while semi-detached properties at $651,300 posted a rare 1% year-over-year gain.
The district recorded 133 sales against 362 units of inventory, with detached homes showing exceptional momentum: just 1.81 months of supply and a 62% sales-to-new-listings ratio. This performance reflects the enduring appeal of established Northwest communities for affluent families seeking quality schools and amenities.
Growth Corridors: South, South East & North
South Calgary
South Calgary generated the highest transaction volume with 222 sales, supported by a diverse housing mix. The total residential benchmark of $561,800 (down 4%) reflects balanced depreciation across property types. Detached homes at $698,100 command premium positioning, while apartments at $278,100 offer more accessible entry points.
South East
South East shows similar dynamics at $541,500 total residential benchmark (down 6%). Row homes in this district face particular pressure, declining 7% to $425,200, largely due to competition from new construction. However, with 187 total sales and improving inventory balance, the district offers value propositions for move-up buyers.
North Calgary
North Calgary at $518,800 (down 7%) experienced more pronounced corrections, particularly in apartments (down 10% to $306,700) and row homes (down 8% to $388,300). The district's 163 sales reflect solid ongoing demand despite pricing adjustments.
Value Markets: North East & East
North East Calgary
North East Calgary presents the most acute pricing pressure with total residential benchmarks at $472,100 (down 8%). Apartments declined 13% to $266,800, while row homes fell 11% to $344,000. The district faces intense competition from new developments, creating 12.89 months of apartment supply—the highest in the city.
East Calgary
East Calgary at $411,500 (down 6%) shows similar dynamics, with row homes declining 12% to $272,200. However, detached inventory of 5.62 months suggests extended marketing times. These districts may appeal to value-conscious buyers or investors with longer-term horizons as fundamentals eventually stabilize.
Benchmark Price Comparison by District
| District | Detached | Apartment | Y/Y Change |
|---|---|---|---|
| West | $958,800 | $326,400 | -1.4% |
| City Centre | $932,300 | $309,600 | -4.6% |
| North West | $755,100 | $286,800 | -4.4% |
| South | $698,100 | $278,100 | -3.5% |
| North East | $573,400 | $266,800 | -7.9% |
Market Outlook: Strategic Implications
Overall Market Activity Trends
Spring Market Expectations
January's statistics establish the foundation for 2026's spring market, traditionally Calgary's most active period. The current inventory accumulation—particularly in high-density segments—suggests buyers will enter the spring season with substantial choice and reduced urgency compared to recent years.
The 44% sales-to-new-listings ratio indicates that approximately 56 properties entered the market for every 44 that sold in January. If this pattern persists through February and March, spring inventory could reach 5,500-6,000 units, providing exceptional selection for purchasers while challenging sellers to differentiate their properties through pricing, presentation, and strategic positioning.
Historical patterns suggest that when months of supply approaches four months citywide, as it currently trends, price appreciation moderates significantly. However, premium districts like West Calgary and desirable detached properties in North West may continue demonstrating price resilience due to constrained supply in these specific segments.
Property Type Projections
Detached homes appear positioned for relative stability. With months of supply at 2.67—below the citywide average—and consistent demand from move-up buyers and relocating professionals, this segment should experience only modest further depreciation. Premium detached properties in established neighborhoods may actually appreciate modestly if mortgage rates stabilize and economic confidence improves.
Semi-detached properties face more uncertain prospects. The dramatic increase in months of supply suggests some pricing pressure ahead, though the minimal year-over-year depreciation to date indicates underlying stability. These properties may represent strategic value for buyers seeking attached housing without the oversupply concerns affecting apartments and row homes.
Row homes and apartments will likely experience continued adjustment through at least the first quarter of 2026. With 4-5 months of supply and sales-to-new-listings ratios in the 35-37% range, these segments require either reduced pricing, decreased listing activity, or increased buyer demand to achieve equilibrium.
However, this correction creates opportunities for investors and first-time buyers. Once prices stabilize—potentially by mid-2026—these property types may offer superior value propositions, particularly in well-located buildings or developments with strong amenities and management.
District-Specific Trajectories
Premium western districts (West Calgary, parts of North West, and City Centre) should maintain their market leadership. These areas benefit from established desirability, superior amenities, proximity to employment centers, and limited developable land that constrains supply. Year-over-year depreciation of 1-5% in these districts likely represents near-bottom pricing, with stabilization expected by spring.
Growth corridors (South, South East) face transitional dynamics as new development continues. These districts offer compelling value for families and first-time buyers, though further modest depreciation is possible as builders compete for market share. Strategic buyers might target established neighborhoods within these districts that offer superior schools and mature landscaping at discounts to peak pricing.
Value markets (North East, East, North) present the highest risk-reward proposition. Significant inventory and acute competition from new construction suggest these districts may experience additional 3-5% depreciation before stabilizing. However, for investors with multi-year horizons, current pricing may offer exceptional value as Calgary's continued population growth eventually absorbs this supply.
Strategic Recommendations
For Buyers
Luxury Detached Purchasers: The current market provides optimal conditions for selective acquisitions in premium districts. With 48 days on market and stable pricing, buyers can conduct thorough due diligence without artificial urgency. Focus on West Calgary, established North West communities, and select City Centre properties where inventory remains constrained.
Move-Up Buyers: Consider strategic timing. If purchasing detached in Q1 2026, current conditions are favorable. If considering semi-detached or row homes, waiting until Q2 may yield additional 2-3% depreciation. However, inventory selection is currently excellent, potentially justifying earlier action for ideal properties.
Investors and First-Time Buyers: Apartment and row home oversupply creates exceptional opportunities for those with patience. Target well-managed buildings in established locations. Negotiate aggressively on price and terms, particularly for properties exceeding 60 days on market. Consider properties in transitional districts where long-term fundamentals remain sound despite current oversupply.
For Sellers
Premium Property Owners: Detached homes in West, City Centre, and North West districts retain strong fundamentals. Price competitively based on recent comparable sales, invest in professional staging and photography, and emphasize unique features. Properties priced correctly typically achieve sales within 45-60 days in current conditions.
High-Density Property Sellers: Realistic pricing is essential. Properties priced above market face extended marketing periods exceeding 90 days. Consider competitive pricing strategies—matching or slightly undercutting comparable properties—to achieve faster sales. Properties that generate multiple viewings in the first two weeks typically perform best.
Timing Considerations: Sellers with flexibility should strongly consider listing in late February or early March to capture spring market momentum. Properties entering the market in April-May face substantially increased competition as inventory peaks. Those unable to achieve sales by summer may face additional depreciation through fall 2026.
Conclusion
Calgary's January 2026 real estate market reflects a decisive transition from the supply-constrained conditions of recent years toward more balanced dynamics that favor informed, strategic participants on both sides of transactions. The pronounced divergence between property types and districts creates a nuanced landscape requiring sophisticated analysis rather than broad generalizations.
For discerning buyers, particularly those targeting premium detached properties in established districts, conditions present exceptional opportunities for selective acquisitions without the bidding wars and urgency that characterized 2023-2024. Enhanced inventory provides choice, while pricing has stabilized near sustainable levels that reflect fundamental value.
Sellers face more challenging conditions requiring strategic positioning, competitive pricing, and professional execution. However, quality properties in desirable locations continue achieving sales, demonstrating that Calgary's market fundamentals—driven by economic growth, population increases, and employment strength—remain intact despite current inventory recalibration.
The spring 2026 market will prove decisive in establishing whether current trends represent a temporary seasonal adjustment or a more sustained market correction. Early indicators suggest stabilization in premium segments while high-density properties continue adjusting. Participants who understand these dynamics and position themselves accordingly will achieve optimal outcomes in Calgary's evolving real estate landscape.