Calgary Housing Market Report

Calgary Housing Market Overview

Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.

In August 2026, Calgary's housing market kept its balanced footing overall, though the gap between property types widened again. Sales eased to 1,660 homes, a 16.5% drop from a year ago, while new listings slipped 9.7% to 3,141. Inventory finished the month at 6,509 units, 2.3% below last August and down 1.8% from July. The overall benchmark price was $569,800, off 1.1% from a year earlier and essentially flat, up just 0.1%, versus July. The average price moved the other way, climbing 4.3% year over year to $638,440, while the median edged down 0.9% to $565,000.

That divergence is the real story of the month. Because the benchmark adjusts for the mix of homes sold and barely moved, the jump in the average mostly reflects stronger activity at the top of the market rather than a broad lift in values. Sales of homes priced above $1 million rose compared with last year, concentrated in detached and semi-detached houses, and that pulled the average up even as the mix-adjusted benchmark slipped. With sales pulling back faster than inventory, months of supply rose to 3.9 from 3.5 in July. The sales-to-new-listings ratio was 53%, down from 57% both last August and in July, and the overall market stayed balanced while leaning toward the softer side of that range.

Calgary's average home price in August 2026 was $638,440, up 4.3% compared to last August and up 1.4% from July. By property type:

• Detached homes $813,806, up 4.2% year over year and up 1.8% from July.

• Semi-detached homes $691,163, up 5.2% year over year and up 3.7% from July.

• Townhouses $444,734, down 3.2% year over year but up 4.2% from July.

• Apartments $316,248, down 5.1% year over year and down 5.4% from July.

Average home prices do not show the true extent of price changes because of the substitution effect. When higher prices or mortgage rates cut into buyers' purchasing power, buyers tend to shift toward more affordable property types, and when purchasing power improves they move the other way. Over the medium and long term, that behaviour can make the average understate or overstate underlying house price inflation.

Luxury homes also carry a disproportionate weight in the average, so swings in the number of high-end sales feed straight through to it. That is visible this month: the pullback in sales has not been even across price ranges, and firmer demand for homes above $1 million has lifted the average even while the benchmark and median softened. Over recent years the composition of Calgary sales shifted toward condos and away from detached houses. That trend partially reversed after March 2024, when the detached share of sales bottomed and the apartment share peaked.

The benchmark home price in Calgary declined 1.1% year over year and was essentially flat month over month, up 0.1% to $569,800. In August 2026, 1,660 homes changed hands, a 16.5% decrease from the same month last year and 12.8% fewer than in July. New listings of 3,141 were down 9.7% year over year. The sales-to-new-listings ratio was 53%, down from 57% both last August and in July. Inventory stood at 6,509 units, 2.3% below last August and 1.8% under July. Months of supply moved up to 3.9, keeping the overall market balanced, though conditions vary widely by property type. Homes averaged 41 days on the market, up from 38 a year earlier, and the sales-to-list-price ratio was 97.5%, little changed from 97.8% last August, so most homes still sold just under asking.

• Detached homes: The benchmark price eased 1.1% year over year to $744,300 and was up 0.1%, from July. Sales of 875 detached homes were down 12.1% year over year. Months of supply sit at 3.4, still tight in most districts but no longer as tight as earlier in the year, and generally favouring sellers.

• Semi-detached homes: The benchmark price rose 1.0% year over year to $690,500 and slipped 0.1% from July. Sales fell 18% year over year to 168 units. Months of supply are 3.3, keeping this segment on the tighter side of balanced.

• Townhouses: The benchmark row price declined 5.4% year over year and fell 0.8% from July to $415,200. The number of row homes sold dropped 16.2% year over year to 284 units. Months of supply stand at 3.9, in balanced territory.

• Apartments: The benchmark apartment price is down 8.2% year over year to $295,400, off 0.7% from last month. Apartment sales fell 26% year over year to 333 units. At 5.7 months of supply, this segment is the most oversupplied and continues to favour buyers.

Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026

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Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026

As another price indicator, median prices for Calgary homes edged down 0.9% year over year to $565,000 and were down 0.9% from July. Median prices by property type were:

• Detached houses: $695,000, up 0.8% from last August and up 0.9% from July.
• Semi-detached houses: $576,500, down 1.8% year over year but up 1.6% from July.
• Townhouses: $409,680, down 5.8% from last year and up 1.6% from July.
• Apartments: $285,000, down 7.5% year over year and down 1.7% from July.

Homes in Calgary remain far more affordable than homes in Toronto and homes in Vancouver, while Calgary's affordability is roughly on par with Montreal's larger housing market. Over the past six years, benchmark prices have risen sharply, reducing affordability and making life harder for renters and future owners. The move toward more balanced conditions over the past year, helped by more supply in both the resale and rental markets and by slower population growth, continues to take some pressure off affordability.

The August 2026 market stayed balanced overall, with 3,141 new listings and 1,660 sales. Inventory reached 6,509 units, 2.3% below last year. Conditions still vary a great deal by property type. Detached and semi-detached homes remain the tightest, at roughly 3.4 and 3.3 months of supply, and generally favour sellers, though both have loosened from the sub-three-month readings seen earlier in the year. Row homes sit in balanced territory at 3.9 months. Apartment condominiums, at 5.7 months, have moved into buyer-friendly territory, with supply still well above long-term norms.

As of the last estimate, Calgary's population was 1,836,000, growing at 5-year and 10-year annualized rates of 3.7% and 2.6%, respectively. In 2021, Calgary had about 595,000 homes, and almost all of them, roughly 95%, were lived in by people who considered them their main residence. That implies an average of about 2.7 people per dwelling. At the 10-year annualized growth rate, the population would rise by around 48,000 people a year, pointing to a need for roughly 18,000 new dwellings annually. That said, with national population growth having turned negative, where data comes in at higher frequency, Calgary's population may in fact be expanding far more slowly.

Over a longer horizon, it helps to look at Calgary's population growth alongside housing starts to judge whether construction is keeping pace with demographic pressure.

The home price in the Calgary region is 38% higher than it was ten years ago, against a 32% rise in the consumer price index over the same stretch, which works out to a cumulative annual growth rate of about 3.3% for Calgary home prices. Over that decade, prices rose 35% in Greater Toronto and 103% in Montreal.

Alberta, and Calgary in particular, benefits from a good deal of economic freedom and abundant natural resources. That helps explain why Alberta offers some of the highest incomes and wages among Canadian provinces, and Calgary some of the highest among Canadian cities.

Calgary's market continues to cool from the exceptional demand of recent years. Sales are running below last year's pace and supply is elevated, especially in the apartment segment. Benchmark prices are now lower year over year in most property types, with apartments down the most at more than eight per cent, while semi-detached prices are the exception, up about one per cent. The overall market remains balanced, and apartment condominiums now sit near six months of supply.

US trade policy remains a real risk to Calgary's housing market. Tariffs on Canadian exports, particularly in energy and manufacturing, weigh on employment and income growth in Alberta and chip away at household confidence and spending power. Calgary's economy is closely tied to oil and gas, and drawn-out trade uncertainty tends to hold back investment in the sector. If energy-sector layoffs or wage freezes were to take hold, demand for pricier detached and semi-detached homes would likely soften first, while the already-pressured apartment segment could see further price declines as investor appetite fades.

On the monetary side, the Bank of Canada has held its policy rate at 2.25% in its July 15 decision, its sixth consecutive hold, as it weighs the drag from US tariffs against still-sticky inflation. Its next scheduled decision in early September is expected to hold the policy rate again. A steady rate keeps mortgage costs from climbing and offers some support to buyers, but it also signals that meaningful relief on borrowing costs may be limited in the near term. Oil prices, meanwhile, have stayed elevated through the late summer, a near-term tailwind for Alberta that supports provincial incomes and housing demand, even as firmer energy prices add to the inflation pressure keeping the Bank of Canada cautious about cutting.

On balance, where Calgary housing goes from here will depend on the path of US trade policy and on whether energy markets hold their footing, a balance that stays hard to call in the current environment.

Home Prices in Calgary

Calgary Housing Market Statistics for All Property Types in August 2026

Property Type Distribution

Market Overview for Detached Homes in August 2026

Market Overview for Semi-Detached Homes in August 2026

Market Overview for Townhouses in August 2026

Market Overview for Condo Apartments in August 2026

Unlike other major metro areas in Canada, such as Toronto real estate or Vancouver real estate, condo apartments have historically been a relatively small part of Calgary's real estate market. In recent years, their share surged, reaching close to one-third of total home sales at their peak in 2024, driven by affordability pressures and strong investor demand. Since then, the condo segment has pulled back amid rising supply and softer demand, and currently accounts for about one-fifth of homes sold in the Calgary real estate market.

Calgary Region Breakdown by Region for August 2026