April brought the seasonal uptick Calgary's market typically delivers heading into spring. But with 2,104 sales coming in six per cent below last April, and prices still running three per cent behind last year across the board, the bigger story remains the same one that has defined 2026 so far: this city is operating as two distinct housing markets wearing one set of statistics.
No matter which property type you look at, the North East keeps appearing at the bottom of the list. Detached home prices in the North East are down eight per cent year-over-year. Row home prices in the North East are down over 11 per cent year to date. Condo prices in the North East are among the steepest decliners in the city. Meanwhile, the West district is posting year-over-year price gains in the detached segment and the smallest row home price adjustments in the city. Two neighbourhoods, two completely different real estate realities, all within the same city limits.
The condo oversupply situation is not stabilizing. April inventory for apartment-style homes hit 1,920 units, nearly three per cent higher than last April and sitting 27 per cent above long-term averages. With over four months of supply and a sales-to-new-listings ratio of just 46 per cent, there is simply too much product chasing too few buyers. Prices are reflecting that reality, sitting nearly nine per cent below last April at a benchmark of $301,400, with further declines recorded in the North East, North and East districts through the month.
While condos pile up, buyers hunting for a detached home in the North West, West or South districts are facing a seller's market. Each of those districts is sitting below two months of supply, the threshold that typically tips conditions in favour of sellers and drives price competition. The overall detached benchmark reached $745,400 in April, and the pace of year-over-year price declines is actually easing, dropping to under three per cent as tight supply keeps upward pressure on values in much of the city.
CREB's chief economist Ann-Marie Lurie described the shift directly: rapid migration growth previously drove intense demand and seller's market conditions across the board. That era appears to be over. Improved supply choice across the housing spectrum has reduced the urgency buyers once felt, and the market is settling into something closer to balance at the citywide level. But that balance masks real stress in specific segments. Row home sales continue to slow, with year-to-date sales-to-new-listings ratios averaging 51 per cent and inventories trending higher than the same point last year.
The total residential benchmark price of $568,800 sounds reasonable. It is up from March, only three per cent off last year, and moving in the right direction seasonally. But that figure is the product of detached and semi-detached prices holding relatively firm while apartment prices continue to slide toward nine per cent below last year. For anyone buying or selling a condo, the headline number is largely meaningless. For anyone in the detached market in the right district, conditions feel nothing like the balanced market the citywide data suggests.
The North East District Is in a Category of Its Own
No matter which property type you look at, the North East keeps appearing at the bottom of the list. Detached home prices in the North East are down eight per cent year-over-year. Row home prices in the North East are down over 11 per cent year to date. Condo prices in the North East are among the steepest decliners in the city. Meanwhile, the West district is posting year-over-year price gains in the detached segment and the smallest row home price adjustments in the city. Two neighbourhoods, two completely different real estate realities, all within the same city limits.
Apartment Inventory Is Now 27 Per Cent Above Long-Term Trends
The condo oversupply situation is not stabilizing. April inventory for apartment-style homes hit 1,920 units, nearly three per cent higher than last April and sitting 27 per cent above long-term averages. With over four months of supply and a sales-to-new-listings ratio of just 46 per cent, there is simply too much product chasing too few buyers. Prices are reflecting that reality, sitting nearly nine per cent below last April at a benchmark of $301,400, with further declines recorded in the North East, North and East districts through the month.
Three Calgary Districts Are in Full Seller's Market Territory for Detached Homes
While condos pile up, buyers hunting for a detached home in the North West, West or South districts are facing a seller's market. Each of those districts is sitting below two months of supply, the threshold that typically tips conditions in favour of sellers and drives price competition. The overall detached benchmark reached $745,400 in April, and the pace of year-over-year price declines is actually easing, dropping to under three per cent as tight supply keeps upward pressure on values in much of the city.
The Urgency Is Gone, and the Market Is Adjusting to That Reality
CREB's chief economist Ann-Marie Lurie described the shift directly: rapid migration growth previously drove intense demand and seller's market conditions across the board. That era appears to be over. Improved supply choice across the housing spectrum has reduced the urgency buyers once felt, and the market is settling into something closer to balance at the citywide level. But that balance masks real stress in specific segments. Row home sales continue to slow, with year-to-date sales-to-new-listings ratios averaging 51 per cent and inventories trending higher than the same point last year.
The Overall Number Is Doing a Lot of Heavy Lifting
The total residential benchmark price of $568,800 sounds reasonable. It is up from March, only three per cent off last year, and moving in the right direction seasonally. But that figure is the product of detached and semi-detached prices holding relatively firm while apartment prices continue to slide toward nine per cent below last year. For anyone buying or selling a condo, the headline number is largely meaningless. For anyone in the detached market in the right district, conditions feel nothing like the balanced market the citywide data suggests.
