Calgary Housing Market Report — October 2026

September Data Shows a Market With More Choice, More Negotiation — and Much Bigger Differences Between Property Types Calgary's housing market has changed. Not disappeared. Not crashed. Not suddenly gone on clearance. Changed.

And September 2026 is another good example of why I keep telling buyers and investors: Stop trying to buy “the Calgary market.” You aren't buying Calgary.

You're buying one property, on one street, in one neighbourhood, with one mortgage attached to it.

According to , Calgary recorded 1,720 residential sales in September, about 6% lower than September 2025. There were 3,337 new listings, inventory reached 6,817 homes, and the city had approximately four months of supply.

The total residential benchmark price was $567,800, approximately 2% below September 2025. That doesn't sound dramatic. But once we separate detached houses, townhomes and condos? The story gets much more interesting. The September 2026 Calgary Numbers Here is the latest completed monthly snapshot:

Sales: 1,720 New listings: 3,337 Inventory: 6,817 Months of supply: approximately 4 months Residential benchmark price: $567,800 Benchmark price change: approximately 2% lower year over year.

Calgary has moved away from the extremely tight conditions buyers experienced a few years ago. There is more inventory. Buyers generally have more time. Negotiation has returned. And in some segments, prices are clearly under pressure. But please don't translate that into: “Everything in Calgary is falling.” Because it isn't. Detached Homes: Still Holding Up Better Calgary recorded 918 detached sales in September.

There were 1,715 new detached listings, inventory reached 3,012 units, and months of supply remained slightly above three months. The detached benchmark price was: $742,600 That's approximately 1% lower than September 2025. Pretty boring. And in real estate? Sometimes boring is beautiful.

Especially when you've spent several years watching buyers write offers like they're trying to win concert tickets. But here's where the citywide number becomes misleading.

Detached price performance continues to vary significantly by district.

CREB reported year-over-year detached price gains of more than 2% in the West and City Centre, while the Northeast experienced a decline of more than 6%. Same city. Same property type. Completely different experience. So when someone tells me: “Calgary detached prices are down 1%.” My response is: “Okay. Which house?” Semi-Detached Homes: Quietly Stable

Semi-detached homes remain one of Calgary's steadier segments.

September sales were 149, with 284 new listings and 535 units in inventory. The benchmark price was: $687,200 That's roughly 1% higher than last September. Again, not exactly a market falling off a cliff.

And this is why broad headlines can create terrible real-estate decisions. Someone reads: “Calgary prices declining.” Then assumes every property should be discounted.

The seller of a desirable semi-detached home in a strong neighbourhood may have a slightly different opinion. And possibly several interested buyers. Townhouses and Row Homes: More Pressure, More Opportunity Now we start seeing a different market. September recorded 295 row-home sales.

There were 607 new listings and 1,156 units of inventory, resulting in approximately four months of supply. The row-home benchmark price was: $413,100 That's approximately 5% below September 2025. For buyers, that's meaningful.

Especially first-time buyers who originally wanted detached ownership but don't necessarily want a detached-sized mortgage payment. A townhouse can offer: More space than many apartments. Multiple bedrooms. Possibly a garage. Possibly some outdoor space.

And a significantly lower purchase price than a detached home.

But don't buy a townhouse simply because prices have come down. I still want to know: Is it condominium or freehold? What's the condo fee? What's included? How healthy is the reserve fund? Any upcoming special assessments? What does comparable new construction cost? What could it realistically rent for? A 5% price decline can create opportunity.

It can also create a very affordable way to inherit somebody else's expensive condo problem. Read the documents. Apartment Condos: This Is Where the Correction Is Happening

If you want to see the clearest buyer-friendly conditions in Calgary, look at apartments. September recorded 358 apartment sales.

There were 731 new listings, inventory reached 2,114 units, and months of supply was approaching six months. The apartment benchmark price was: $294,500 That's approximately 8% lower than September 2025.

And CREB notes apartment prices are now roughly 14% below the peak reached in August 2024. That's no longer a tiny monthly fluctuation. That's a meaningful correction. But notice what I said: Apartment correction. Not: Calgary housing crash. Those are two very different statements. Why Are Calgary Condos Under More Pressure? Supply. Rental competition. And changing urgency.

Calgary added substantial higher-density housing and purpose-built rental inventory following the population surge of recent years.

When rental choices improve, renters don't necessarily feel the same pressure to buy immediately. And investors become more selective too. Imagine you're renting. A few years ago:

“Your rent is increasing and there are 40 people coming to see the apartment.” Buying starts looking pretty attractive.

Now suppose you have multiple rental options and landlords competing harder for tenants. Suddenly: “Maybe I'll rent another year.” That affects condo demand. Does This Make Condos a Good Investment? Maybe. But please don't call me and say: “Harpreet, condos are down 14%. We have to buy one.” No. We have to buy a good one. Show me: Purchase price. Condo fees. Property taxes. Insurance. Realistic rent. Vacancy allowance. Management. Reserve fund. Special-assessment history. Competing rentals. Future construction. Location. And the mortgage. Then I'll get interested.

Something being cheaper than it was two years ago doesn't automatically make it cheap. Price and value are not the same thing.

First-Time Buyers: This Market Is Giving You Something Valuable Time. And I think people underestimate how valuable that is. You may now have the opportunity to: See the house. Review comparable properties. Understand the neighbourhood. Get an inspection. Review condo documents where applicable. Talk through the mortgage. Calculate the real monthly cost. Go home. Sleep. And then decide. Imagine that. A few years ago, buyers were basically: “Nice kitchen.” “Offers are due in 47 minutes.” “Where do I sign?”

That isn't how I want you making one of the largest financial decisions of your life.

But Don't Confuse More Choice With Unlimited Negotiating Power This is important.

Four months of supply doesn't mean every seller is desperate.

A properly priced detached home in a desirable neighbourhood can still attract competition.

A dated apartment in a building with lots of competing listings? Different conversation.

A renovated townhouse with good fees and a healthy corporation? Different again. This is becoming a property-by-property market.

Which is exactly why your offer strategy should also be property by property. Sellers: The Market Will Tell You What Your House Is Worth Not your neighbour. Not the house that sold during the craziness two years ago. Not the amount you need for your next purchase. And unfortunately, not how much you spent on the kitchen. Buyers have alternatives again. That means: Pricing matters. Condition matters. Photography matters. Presentation matters. Marketing matters. And your competing listings matter.

The first couple of weeks on market become extremely important.

If buyers repeatedly choose another property over yours, the market is giving you information. Listen to it. Investors: Welcome Back to Doing Math This is where I actually enjoy a slower market.

When property values are increasing rapidly, everybody looks smart. Buy house. Wait. House goes up $80,000. Congratulations, you're apparently a real-estate genius. A more balanced market asks harder questions. What's the rent? Mortgage? Taxes? Insurance? Maintenance? Vacancy? Utilities? Condo fee? Management? Renovations?

Could we legally add another unit, subject to municipal approval? What is happening in the neighbourhood? What future supply is coming? What's our exit? And here's my favourite question:

What happens if the property doesn't appreciate for three years? If the investment still works? Now I'm listening. Calgary's Rental Market Matters More Than You Think

Rental conditions are becoming increasingly important to the ownership market. More rental supply gives tenants alternatives.

That can slow the transition from renting to buying, particularly in the apartment segment. For landlords, it means you shouldn't automatically assume: “Calgary is growing, so whatever I buy will rent.” Maybe. But at what rent? How quickly? Against what competition? And with what incentives? Population growth can support a good investment thesis. It cannot rescue a bad spreadsheet. What About Mortgage Rates?

The housing market and mortgage market are connected, but they aren't identical.

The [Bank of Canada](https://www.bankofcanada.ca/?utm_source=chatgpt.com) held its policy rate at 2.25% on September 2, 2026.

That means variable-rate borrowers didn't receive another policy-driven reduction at that meeting. But fixed mortgage rates are a different animal.

Five-year fixed rates are influenced heavily by Government of Canada bond yields, lender funding costs, competition and broader financial markets. So: Bank of Canada holds rates does not mean: Every mortgage rate stays exactly the same. Mortgages apparently enjoy keeping me employed. Should You Wait for Prices to Fall More? Maybe. But let's identify what you're actually waiting for. Suppose a property is $600,000 today. You wait because you think it'll become $580,000. Maybe you're right. But what happens to mortgage rates? What happens to competing inventory? What happens to your income?

What happens if the particular neighbourhood you want doesn't decline?

Or maybe prices do fall another 5% and waiting turns out brilliantly. Nobody knows with certainty.

That's why I don't want your entire home-buying strategy dependent on predicting the bottom. Instead: Can you comfortably afford the property today? Do you have emergency savings after closing? Is your employment stable? Is the property reasonably priced? Does the neighbourhood make sense? Do you plan to own it long enough?

Does the mortgage work without praying for future rate cuts? If yes, let's analyze the property. October 2026 Is NOT Complete

This report uses September 2026, the latest completed monthly CREB dataset. October has only just started.

There will naturally be sales, listings and inventory figures accumulating during the month, but those are partial-month numbers.

I am not going to compare five days of October with an entire September and announce: “BREAKING NEWS: CALGARY SALES COLLAPSE 80%!” We'll leave that type of mathematics to social media.

October should be evaluated once the month is complete and CREB publishes the full monthly data. My View of Calgary's Housing Market — October 2026 If I had to describe the current market in two words: MORE SELECTIVE. Detached homes are relatively resilient. Semi-detached properties remain stable. Townhouses have softened.

Apartment condos are clearly experiencing the strongest correction. Buyers have more negotiating power. Sellers need to be realistic. Investors need to do actual analysis.

And neighbourhood-level differences are becoming more important. Personally? I think that's healthier.

I don't want you buying a house because you're terrified somebody else will buy it first. I want you buying it because: THE PROPERTY MAKES SENSE. THE NUMBERS MAKE SENSE. THE MORTGAGE MAKES SENSE. And if one of those doesn't? I'll probably be the annoying guy asking: “Why are we buying this again?” Don't Ask Me: “Is Calgary a Good Market to Buy In?” Send me the listing. Tell me what you're trying to do. Home? First purchase? Rental? BRRRR? Flip? Basement-suite project? Long-term investment? Then let's look at: The address. The neighbourhood. The property. The comparable sales. The renovation potential. The rent. The mortgage. The payment. The risks. And the exit.

Because you don't need the entire Calgary market to be perfect. You need your deal to make sense. And that's a much easier problem for us to solve. ---

September 2026 at a glance: Calgary had 1,720 sales, 3,337 new listings, 6,817 units of inventory and roughly four months of supply. The overall benchmark was $567,800. Detached benchmark: $742,600; semi-detached: $687,200; row: $413,100; apartment: $294,500.

The figures above are from the , published October 1, 2026. CREB's data show an important split: overall prices are down only around 2% year over year, while apartment prices are about 8% lower year over year and roughly 14% below their August 2024 peak.

This report is for general educational and informational purposes only. Housing-market conditions vary significantly by neighbourhood, property type and price range. It is not mortgage, financial, investment, appraisal, legal, tax or real-estate advice. Mortgage qualification, rates and suitable products depend on the individual borrower, property and lender.