Calgary's market cooled in July, but the headline stats hide the real story. Sales dropped nine per cent and new listings fell 15 per cent, which sounds like a market losing steam evenly across the board. It isn't. Dig into the district and property-type breakdowns and you find a market splitting hard in two directions, buyer's market for some, still relatively tight for others, depending entirely on what you own and where. Here's what Calgary owners, buyers, and sellers actually need to know.
Condos are down 13 per cent from their 2024 peak, and it's not slowing down
The apartment condo benchmark price hit $297,600 in July, down over eight per cent from last year and 13 per cent below the 2024 high. This isn't a blip. With more than 17,000 apartment-style units still under construction, the new supply keeps landing on top of a resale market that's already oversupplied. Condo sales are down nearly 26 per cent year to date. If you own a condo and were waiting for a rebound before selling, the data says the pressure isn't easing yet. If you're buying, this is the segment with the most negotiating room in the city.
The same city, two different markets: under two months of supply in the West, over five in the North East
Detached homes are technically "balanced" citywide at just under three months of supply, but that number hides a massive split. The West District sits under two months, tight enough to still favour sellers. The North East is over five months, solidly a buyer's market. Same property type, same month, completely different negotiating position depending on which side of the city you're on. Anyone pricing a listing or writing an offer needs to know which market they're actually in, not the citywide average.
Row homes just had their third straight month of falling sales
Row sales are down 15 per cent year to date, and July marked the third consecutive month of decline. The benchmark price dropped to $418,500, down six per cent from last year, with new-build competition adding extra pressure on resale. Row is also the property type showing the clearest early signs of oversupply, worth watching closely if you're holding one or considering entering that segment.
North East detached prices fell almost six per cent while the West District actually gained
Citywide, detached prices are down under two per cent year over year, a number that sounds mild until you split it by geography. The North East saw nearly a six per cent decline, the steepest in the city, while City Centre and the West District both posted year-over-year gains. The "Calgary detached market" isn't one market. It's at least two, moving in opposite directions at the same time.
Demand has slowed, but it's still stronger than the 2015-2019 slump
Easy to read the headlines and assume Calgary is heading back to the rough years. It isn't. Ann-Marie Lurie, CREB's Chief Economist, points out that even with this year's pullback, demand remains stronger than what the city saw through 2015 to 2019. What's actually changed is supply, not appetite. Construction levels and a sharp drop in international migration have reshaped the higher-density market specifically, not buyer demand across the board.
The bottom line
This isn't a market that's simply "cooling." It's a market where condos and row homes are absorbing real oversupply pressure while detached and semi-detached sit in a much steadier, more balanced position, and where the district you're in matters as much as the property type. Whether you're buying, selling, or just watching your equity, the citywide averages will mislead you. The district and property-type numbers are where the real story is.
Source: Calgary Real Estate Board (CREB®), July 2026 market data
Condos are down 13 per cent from their 2024 peak, and it's not slowing down
The apartment condo benchmark price hit $297,600 in July, down over eight per cent from last year and 13 per cent below the 2024 high. This isn't a blip. With more than 17,000 apartment-style units still under construction, the new supply keeps landing on top of a resale market that's already oversupplied. Condo sales are down nearly 26 per cent year to date. If you own a condo and were waiting for a rebound before selling, the data says the pressure isn't easing yet. If you're buying, this is the segment with the most negotiating room in the city.
The same city, two different markets: under two months of supply in the West, over five in the North East
Detached homes are technically "balanced" citywide at just under three months of supply, but that number hides a massive split. The West District sits under two months, tight enough to still favour sellers. The North East is over five months, solidly a buyer's market. Same property type, same month, completely different negotiating position depending on which side of the city you're on. Anyone pricing a listing or writing an offer needs to know which market they're actually in, not the citywide average.
Row homes just had their third straight month of falling sales
Row sales are down 15 per cent year to date, and July marked the third consecutive month of decline. The benchmark price dropped to $418,500, down six per cent from last year, with new-build competition adding extra pressure on resale. Row is also the property type showing the clearest early signs of oversupply, worth watching closely if you're holding one or considering entering that segment.
North East detached prices fell almost six per cent while the West District actually gained
Citywide, detached prices are down under two per cent year over year, a number that sounds mild until you split it by geography. The North East saw nearly a six per cent decline, the steepest in the city, while City Centre and the West District both posted year-over-year gains. The "Calgary detached market" isn't one market. It's at least two, moving in opposite directions at the same time.
Demand has slowed, but it's still stronger than the 2015-2019 slump
Easy to read the headlines and assume Calgary is heading back to the rough years. It isn't. Ann-Marie Lurie, CREB's Chief Economist, points out that even with this year's pullback, demand remains stronger than what the city saw through 2015 to 2019. What's actually changed is supply, not appetite. Construction levels and a sharp drop in international migration have reshaped the higher-density market specifically, not buyer demand across the board.
The bottom line
This isn't a market that's simply "cooling." It's a market where condos and row homes are absorbing real oversupply pressure while detached and semi-detached sit in a much steadier, more balanced position, and where the district you're in matters as much as the property type. Whether you're buying, selling, or just watching your equity, the citywide averages will mislead you. The district and property-type numbers are where the real story is.
Source: Calgary Real Estate Board (CREB®), July 2026 market data
