CLHMS • CNE • CIPS • Million Dollar Guild
The West Hits $1 Million: Spring Confirms Calgary’s Two-Track Market
April brought 2,104 sales citywide, down 5.7% year-over-year, while the West district detached benchmark crossed $1,007,600 — the only district in positive Y/Y territory. Apartment condos deepened into buyer’s market conditions at 4.44 months of supply, while overall residential conditions remained near balanced at 2.84 months.
April 2026 — City of Calgary at a Glance
Executive Summary
April 2026 confirmed what March data first signalled: Calgary’s housing market has settled into two distinct realities. The first is a tight, resilient detached market where select districts — particularly the West, North West, and South — are registering months of supply below two and posting positive price momentum. The second is a challenged apartment condo market with supply near record levels, falling prices, and buyers in control.
CREB® Chief Economist Ann-Marie Lurie described the overall picture as one of “balanced conditions” across most of the city, driven by improved supply choice and slower migration growth reducing buyer urgency — but stressed that the detached segment remains supply-constrained in key corridors while condos continue to feel the weight of elevated inventory and softening demand.
The spring market delivered its typical seasonal lift: benchmark prices ticked up month-over-month for all four property types, sales rose from March, and new listings expanded. But year-over-year comparisons remain negative across the board. The rate of Y/Y price decline is narrowing for detached homes (now just −2.7%), hinting that the correction may be approaching a floor in the low-density segment.
Market Overview: Spring Activity and the Correction’s Pace
Total residential sales of 2,104 represent the market’s strongest month of 2026 to date, up from 1,881 in March. That seasonal momentum is encouraging, but the 5.7% year-over-year decline against April 2025’s 2,230 sales confirms activity has not recovered to prior-year levels. New listings also fell year-over-year (−5.2%), so supply and demand are declining in tandem — a dynamic that prevents a dramatic price collapse while also limiting recovery speed.
Inventory of 5,973 units is barely 2% above last April. With 2.84 months of supply, conditions sit in balanced territory at the city level. The sale-to-new-listings ratio of 55% is functionally neutral. Days on market held flat at 35, matching March and suggesting the seasonal pickup absorbed some of the inventory build. The sale-to-list price ratio of 98.25% represents a very modest softening from prior-year levels but indicates sellers are still achieving close to their asking price when priced correctly.
The unadjusted total residential benchmark reached $568,800 — up $3,200 from March and the second consecutive month of gains. The year-over-year decline of 3.5% represents a slight improvement from March’s 4.2% annual decline rate, a meaningful signal that the pace of correction is moderating.
Property Type Analysis
Detached Homes — Supply-Constrained, Prices Recovering
April delivered the most encouraging detached data of 2026. With 1,095 sales against 1,863 new listings, the S/NL ratio hit 58.8% — firmly seller-favoured. Inventory of 2,468 units is actually 1.75% lower than April 2025, a notable divergence from the broader market’s inventory build. Months of supply at 2.25 is the lowest reading of any property type, and the year-over-year change of −1.5% confirms detached supply is tightening relative to last year.
The benchmark of $745,400 is down 2.73% year-over-year but rose 0.55% month-over-month — the third consecutive monthly gain. The pace of Y/Y decline has narrowed from −3.3% in March, suggesting the detached correction may be finding its floor. West district and North West district detached homes are in clear seller’s market conditions with under 2 months of supply driving positive price momentum month-over-month.
Apartment Condominiums — Deepening Buyer Advantage
The apartment market moved further into buyer territory in April. Sales of 432 units were 26.7% below April 2025, and inventory climbed to 1,920 units — 27% above long-term trends according to CREB®. With 4.44 months of supply and a sales-to-new-listings ratio of just 45.7%, this segment remains the clearest buyer’s market in Calgary’s housing spectrum.
The benchmark of $301,400 is down 8.9% year-over-year, though April’s reading of $301,400 is marginally above March’s $300,300 — a small positive that reflects spring demand absorbing some supply pressure. North West, South East, and West district apartment prices rose month-over-month, while North East, North, and East continued to slide. For buyers, this is the most favourable entry point for Calgary condos in several years.
Semi-Detached — The Spring Standout
Semi-detached was April’s strongest performer on a sales basis, posting a 13.8% year-over-year gain to 214 transactions. The S/NL ratio of 60% confirms healthy demand relative to supply. The benchmark of $690,200 is virtually flat year-over-year (−0.29%) — by far the most price-stable segment. Month-over-month, the benchmark rose 0.60%. City Centre semi-detached at $957,000 (+0.38% Y/Y) and West at $845,100 (+3.38% Y/Y) are the clear standouts for price strength.
Row Homes — Modest Improvement, but Supply Still Rising
Row home sales of 363 were up 2.3% year-over-year — the second consecutive month of year-over-year gains for this category. However, inventory climbed 4.6% to 1,049 units and the benchmark of $422,900 is down 6.95% annually. At 2.89 months of supply, row conditions remain technically balanced but are drifting toward the buyer-friendly threshold. North East row inventory at 5.38 months and East at 5.22 months are the most challenged sub-markets within this category.
Property Type Summary — April 2026
| Property Type | Sales | Y/Y | Inventory | Mo. Supply | Benchmark | Y/Y Price |
|---|---|---|---|---|---|---|
| Detached | 1,095 | 0.0% | 2,468 | 2.25 | $745,400 | -2.7% |
| Semi-Detached | 214 | +13.8% | 536 | 2.50 | $690,200 | -0.3% |
| Row | 363 | +2.3% | 1,049 | 2.89 | $422,900 | -7.0% |
| Apartment | 432 | -26.7% | 1,920 | 4.44 | $301,400 | -8.9% |
| Total Residential | 2,104 | -5.7% | 5,973 | 2.84 | $568,800 | -3.5% |
Geographic Analysis: The West Crosses $1 Million
April’s district-level data delivered the clearest geographic bifurcation yet seen in 2026. The West district detached benchmark of $1,007,600 — up 2.28% year-over-year — crossed the psychological $1 million threshold and stands as the only Calgary district with positive annual price growth in the detached category. This is the market most directly relevant to Springbank Hill, Aspen Woods, Coach Hill, and West Springs.
West District — The Only Positive Detached Y/Y District
With detached months of supply at just 1.73 and a sales-to-new-listings ratio of 64.4%, the West district is operating in seller’s market conditions. The monthly price gain of +1.02% in April is the continuation of a trend that began in late winter. For sellers with quality detached product in Aspen Woods or Springbank Hill, this is the strongest pricing environment in Calgary right now. North West detached at $795,500 (1.54 months of supply, +1.99% month-over-month) is equally tight.
City Centre — Detached Resilience, Condo Pressure
The City Centre detached benchmark of $978,700 (−1.10% Y/Y, +1.45% month-over-month) is showing recovery momentum. Semi-detached City Centre at $957,000 (+0.38% Y/Y) has now crossed into positive annual territory — the first district and category combination to do so in months. However, City Centre apartments at $309,900 (−8.39% Y/Y, 4.47 months of supply) continue to face headwinds from the volume of completed units entering resale.
North East — Steepest Declines Continue
The North East remained the most challenged district across all property types. The total residential benchmark of $468,600 (−8.7% Y/Y) leads the city in annual price decline. Detached homes (−8.20% Y/Y), apartments (−12.69% Y/Y), and row homes (−11.15% Y/Y) all recorded the worst performance in their respective categories. Apartment months of supply in the North East reached 7.32 — deeply into buyer’s market territory. For buyers with flexibility on location, the North East offers the most pricing power in April 2026.
District Summary — Total Residential Benchmark Prices
| District | Total Res. Benchmark | Y/Y Change | Detached Benchmark | Det. Y/Y | Det. Mo. Supply |
|---|---|---|---|---|---|
| West | $727,800 | +1.4% | $1,007,600 | +2.28% | 1.73 |
| City Centre | $568,200 | -3.2% | $978,700 | -1.10% | 3.13 |
| North West | $633,100 | -2.1% | $795,500 | -1.34% | 1.54 |
| South | $580,700 | -2.0% | $720,600 | -3.08% | 1.76 |
| South East | $551,400 | -5.6% | $696,700 | -4.86% | 1.99 |
| North | $524,000 | -6.5% | $645,400 | -5.75% | 2.36 |
| East | $399,100 | -7.6% | $487,500 | -7.28% | 3.12 |
| North East | $468,600 | -8.7% | $565,100 | -8.20% | 4.22 |
| City of Calgary | $568,800 | -3.5% | $745,400 | -2.73% | 2.25 |
Market Outlook: Reading the Signals Heading Into May
April’s data offers two signals that matter for the months ahead. The first is that the detached price correction appears to be losing momentum — month-over-month gains are building, the Y/Y decline rate narrowed from −3.3% in March to −2.7% in April, and supply in premium districts is actually lower than a year ago. If this trajectory holds, detached prices in markets like the West and North West may post positive Y/Y readings by mid-summer.
The second signal is that the apartment market has not found its floor yet. With inventory 27% above long-term trends and new supply from completed condo towers continuing to enter the resale pool, structural supply pressure remains elevated. The absence of meaningful price support — only a $1,100 month-over-month gain to $301,400 — confirms the market is absorbing units slowly. Relief likely requires either a significant pullback in new condo construction (which takes 12–18 months to manifest in supply data) or a return of migration-driven demand that characterized 2022–2023.
Key signal for spring sellers: The West district’s detached benchmark has crossed $1,007,600 with only 1.73 months of supply and month-over-month gains for three consecutive months. If you own a premium detached property in Springbank Hill, Aspen Woods, or West Springs, you are in the strongest micro-market in Calgary right now. The window is open — but accurately priced listings are what’s selling.
Strategic Recommendations
For Sellers
Detached sellers in the West, North West, and South districts are operating in seller-favoured conditions and should price with confidence relative to recent comparable sales. The month-over-month price momentum is real, but it’s being driven by properly priced, well-presented homes. Overpriced inventory still sits — the 35-day average days on market compared to 29 a year ago is a reminder that buyers have more patience and more choice than in 2023 or 2024.
Apartment condo sellers face a market with over four months of supply and 27% excess inventory above long-term trends. The competitive environment is the most challenging it has been since before the pandemic. If you are a condo owner considering a sale in 2026, being early in the year is better than being late — spring buyer pools are larger, and positioning ahead of additional new completions entering the market is strategically sound.
For Buyers
Detached buyers in the West and North West should understand that supply constraints in those areas are real and persistent. Properties priced at or below market are moving. Waiting for prices to fall further in these specific corridors may not be the right strategy — month-over-month gains suggest the opposite direction. Pre-approved buyers with clear parameters will have the best outcomes.
Apartment buyers continue to hold the strongest negotiating position of any segment. Benchmark prices are down 8.9% year-over-year, average days on market have extended to 47 days, and the S/NL ratio of 45.7% means sellers are competing harder for each buyer. If your search involves inner-city condos — Beltline, East Village, downtown core — this is a materially better entry point than 18 months ago.
Frequently Asked Questions
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Rivers Real Estate | Synterra Realty • luxuryhomescalgary.ca