March 2026 brought the spring market into focus — and what it revealed was a Calgary market that is anything but uniform. Supply conditions, buyer demand, and price momentum differ sharply depending on which segment you’re tracking. If you own a detached home in the West or City Centre district, conditions are markedly tighter than the headline numbers suggest. If you own a condominium, the picture has shifted materially in favour of buyers over the past 12 months.
CREB® Chief Economist Ann-Marie Lurie summarized the tension well, noting that when you look beneath the surface, “the market ranges from tighter conditions for detached homes to the apartment sector, where conditions tend to favour the buyer.” That divergence is the central story of March 2026 — and it has direct implications for pricing strategy, timing, and negotiation leverage depending on what you own and what you’re looking to buy.
Market Activity Indicators indexed to March 2025 = 100. Inventory is up, sales are down, and prices have softened across all segments. | Source: CREB®
Calgary recorded 1,881 residential sales in March 2026 — up from February’s pace as the spring market got underway, but still 13% below the same month last year and below long-term seasonal norms. New listings came in at 3,409, also down 15.2% year-over-year, meaning the decline in supply and demand are broadly tracking each other rather than indicating a one-sided market collapse.
Total inventory of 5,395 active listings sits about 5% above last year. Months of supply widened to 2.87, up 20% from March 2025’s 2.39 — still a technically seller’s market on aggregate, but the trend line is moving in the wrong direction for sellers. The sale-to-list price ratio dipped to 98.2% (from 99.1%), and days on market extended to 35 days from 29 — both signals that buyers are gaining incrementally more time and leverage across the board.
The unadjusted benchmark price settled at $565,600, down 4.2% year-over-year but up nearly 1% from February — evidence that the spring market is generating some momentum even as annual comparisons remain negative. The story behind the headline is the divergence: detached benchmark prices declined 3.3%, while apartment benchmarks fell 9.3%.
Total sales by property type: March 2025 vs. March 2026. Apartment sales fell the sharpest (-28.8%) while semi-detached was the only segment to post a year-over-year gain. | Source: CREB®
Calgary’s detached market remained the most resilient segment in March. With 982 sales against 1,614 new listings, the sales-to-new-listings ratio hit 61% — above the long-run average and indicative of seller-favoured conditions. Inventory of 2,181 units produced just 2.22 months of supply, effectively unchanged from last year. Days on market extended modestly to 31 days from 27, and the sale-to-list price ratio held at 98.6%.
The detached benchmark price of $741,300 is down 3.3% from March 2025, but the year-to-date story is slightly better at -3.28%. Critically, the detached segment produced the quarter’s largest gains in the West district (+2.46%) and the South district (+1.64%) — directly relevant to luxury communities like Springbank Hill, Aspen Woods, and Bel-Aire. Limited detached supply in inner-city and southwest neighbourhoods continues to provide price insulation that broader market averages mask.
The apartment segment is in a different cycle entirely. March sales of 384 units represent a 28.8% year-over-year decline — the sharpest drop of any segment. Inventory of 1,774 units has climbed 3.7% year-over-year and is approaching levels last seen during the 2008 financial crisis, according to CREB®. With a months-of-supply reading of 4.62 and a sales-to-new-listings ratio of only 43%, this segment clearly favours buyers.
The apartment benchmark fell to $300,300, a drop of 9.3% year-over-year. The City Centre apartment benchmark of $308,800 (−8.83% Y/Y) reflects the direct pressure from record new supply entering the downtown core. For investors and first-time condo buyers, this represents a materially different negotiating environment than 18 months ago.
Semi-detached was the only property type to post a year-over-year gain in sales (+4.9%), with 193 transactions in March. The benchmark price of $686,100 is essentially flat year-over-year (−0.85%), and months of supply at 2.49 confirm balanced-to-seller conditions. This segment’s performance reflects steady demand for inner-city infill properties in established neighbourhoods like Mount Pleasant, Killarney, and Bankview.
Row home sales fell 19.3% year-over-year to 322 units, while inventory climbed 16% to 960 units. Months of supply rose sharply to 2.98 (from 2.08 a year ago) — still technically a seller’s market, but approaching balanced territory quickly. The benchmark of $423,900 is down 6.2% Y/Y, with the North East district showing the most stress (−12.32% Y/Y).
Months of supply by property type. Detached and semi-detached remain in seller’s market territory; apartments have crossed into buyer’s market conditions. | Source: CREB®
| Property Type | Sales | Y/Y | Inventory | Mo. Supply | Benchmark | Y/Y Price |
|---|---|---|---|---|---|---|
| Detached | 982 | -5.0% | 2,181 | 2.22 | $741,300 | -3.3% |
| Semi-Detached | 193 | +4.9% | 480 | 2.49 | $686,100 | -0.9% |
| Row | 322 | -19.3% | 960 | 2.98 | $423,900 | -6.2% |
| Apartment | 384 | -28.8% | 1,774 | 4.62 | $300,300 | -9.3% |
| Total Residential | 1,881 | -12.8% | 5,395 | 2.87 | $565,600 | -4.2% |
All four property types posted year-over-year benchmark price declines. Apartments saw the steepest drop at -9.3%; semi-detached held best at -0.85%. | Source: CREB®
The district-level data reveals the geographic texture underneath the citywide averages. Not all of Calgary is moving in the same direction — and for luxury sellers and buyers, this granularity matters considerably.
The West district — home to Springbank Hill, Aspen Woods, Coach Hill, and West Springs — posted the strongest detached price performance in March, with the benchmark at $997,400 and year-over-year change of just −0.2% (total residential) and a positive quarterly gain of +2.46% for detached homes. Months of supply at 1.56 remain the tightest in the city. This district continues to act as a price floor even as broader market conditions soften.
The City Centre district tells two stories simultaneously. The detached benchmark of $964,700 is holding relatively well at −1.87% Y/Y, reflecting the premium placed on inner-city lots and low supply of detached product. In sharp contrast, the City Centre apartment benchmark of $308,800 is down 8.83% year-over-year as new supply from completed towers hits the resale market. If you own a condo in the Beltline or East Village, you’re competing with more listings for fewer buyers.
The North East showed the largest detached price decline at −7.13% Y/Y, with months of supply at 4.06 for detached — the highest of any district in that category. The North district followed at −6.87% detached price decline and −7.5% total residential benchmark. These districts are feeling the combined pressure of reduced migration demand and more supply relative to their price bands.
Detached benchmark prices by Calgary district, March 2026. West ($997,400) and City Centre ($964,700) remain the premium corridors. East ($504,500) and North East ($574,800) lead in affordability. | Source: CREB®
| District | Total Res. Benchmark | Y/Y Change | Detached Benchmark | Det. Y/Y | Det. Mo. Supply |
|---|---|---|---|---|---|
| West | $719,500 | -0.2% | $997,400 | +0.7% | 1.56 |
| City Centre | $564,200 | -3.9% | $964,700 | -1.9% | 2.85 |
| North West | $622,600 | -3.8% | $780,000 | -3.2% | 1.81 |
| South East | $550,400 | -5.7% | $696,500 | -4.8% | 1.71 |
| South | $574,500 | -2.6% | $714,000 | -3.4% | 1.77 |
| North | $524,700 | -7.5% | $646,800 | -6.9% | 2.82 |
| East | $410,200 | -5.1% | $504,500 | -3.2% | 1.81 |
| North East | $473,800 | -8.2% | $574,800 | -7.1% | 4.06 |
| City of Calgary | $565,600 | -4.2% | $741,300 | -3.3% | 2.22 |
The spring market is underway, and the forces shaping it are more complex than in recent years. On one side: lower borrowing costs, a large pool of renters considering ownership, and constrained detached supply in desirable neighbourhoods. On the other: elevated apartment inventory, continued migration moderation compared to the 2022–2023 surge, and buyers who have more time and more choice than they did 18 months ago.
For the detached market in Calgary’s southwest — Springbank Hill, Aspen Woods, Upper Mount Royal, Elbow Park, Britannia, and Bel-Aire — supply is structurally limited and spring traditionally produces the year’s strongest buyer pool. Sellers who price accurately relative to recent comparable sales have the best opportunity to achieve strong results before summer softening. Overpriced listings in any market are costly; in a market where the sale-to-list ratio has slipped to 98.2%, sellers absorbing price reductions on stale listings face a compounding discount.
Key signal for luxury sellers: The West district’s detached months of supply of 1.56 is the tightest in the city. Buyers have fewer than two months of inventory to choose from in Springbank Hill and Aspen Woods — a meaningful constraint that supports pricing discipline in the $1M–$2M range. Spring is the time to act.
Detached sellers in the West, South, and City Centre districts should approach spring with measured confidence. Inventory remains tight, buyer pools are seasonal-peak, and comparable data still supports meaningful prices. The key discipline is calibrating list price to recent sales data rather than the peak prices of 2024 — buyers are informed, and overpricing generates days-on-market accumulation that carries a real cost. A well-prepared, accurately priced detached home in a premium Calgary neighbourhood will attract qualified buyers in this window.
Apartment condo sellers face a more competitive environment. With 4.62 months of supply citywide and inventory near historical highs, your competition is substantial. Differentiating through presentation, strategic pricing, and proactive marketing — including reaching relocating buyers who may not yet be in market — matters more than ever.
Apartment buyers are in the strongest relative position in years. Benchmark prices have declined 9.3% year-over-year, days on market have extended, and the sales-to-list price ratio has softened. This is a buyer’s market in the condo segment — approach negotiations accordingly and take time to evaluate all available options before committing.
Detached buyers should act with more urgency, particularly in the West and South districts. With under 2 months of supply in key communities and competing buyers re-entering the market this spring, well-priced detached homes are still moving. Getting pre-approved, knowing your target communities, and being ready to move decisively will matter in this segment.
Whether you’re considering selling your home in Springbank Hill, Aspen Woods, or Upper Mount Royal — or looking to buy in Calgary’s luxury market — the data matters. But so does interpreting it correctly for your specific situation.
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