Calgary Housing Market Report
- The housing inventory of 6,752 remained relatively flat compared to last May.
- At 2,162, Calgary's monthly home sales saw a 16% year-over-year decline.
- The benchmark home price of $570,500 is down 3.0% year over year.
- The Calgary market has shifted to balanced territory with months of supply at 3.1 months.
- Detached home average price decreased by 0.3% year-over-year to $844k.
- Semi-detached home average price decreased by 4.1% year-over-year to $658k.
- Townhouse average price decreased by 2.8% year-over-year to $453k.
- Condo apartment average price decreased by 4.8% year-over-year to $326k.
Calgary Housing Market Overview
Calgary Housing Market: Price Movements for May 2026
Benchmark Home Price | $570,500 | +0.3% 1-Month Change | -3.0% 1-Year Change |
Average Home Price | $665,695 | +2.1% 1-Month Change | +2.5% 1-Year Change |
Median Home Price | $592,250 | +1.1% 1-Month Change | +0.3% 1-Year Change |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
Executive Summary
The Calgary housing market shifted to balanced territory in May 2026, with a benchmark price of $570,500 (down 3.0% year-over-year) and 3.1 months of inventory. Sales declined 16% annually to 2,162 homes, while inventory remained relatively flat at 6,752 units.
Average Prices
Calgary's average home price in May 2026 was $665,695, showing a 2.5% increase compared to last May and a 2.1% increase from April. By Property Type:
Detached homes $844,352, down 0.3% year-over-year and up 1.7% from April.
Semi-detached homes $658,309, down 4.1% year-over-year and down 4.7% from April.
Townhouses $453,342, down 2.8% year-over-year and down 1.8% from April.
Apartments $325,666, down 4.8% year-over-year and down 4.3% from April.
Average home prices do not show the true extent of price changes because of the substitution effect. When home prices or mortgage rates reduce buyers' purchasing power, they tend to shift toward more affordable property types. Conversely, when purchasing power increases, buyers may shift toward more expensive homes. As a result, especially over the medium and long term, the average price can underrepresent house price inflation or deflation. Moreover, luxury homes have a disproportionate impact on average prices, and fluctuations in the number of luxury home sales lead to corresponding fluctuations in average prices. There has been a continued change in the property types that Calgary buyers purchase. Over the past years, the composition of home sales in the Calgary real estate market shifted toward condos while shifting away from detached houses. This trend partially reversed after March 2024, when the share of detached home sales reached its lowest point, and apartment sales reached their peak.
Sales Numbers and Benchmark Prices
The benchmark home price in Calgary declined 3.0% year over year and rose 0.3% monthly to $570,500. In May 2026, 2,162 homes changed hands, representing a 16% decrease compared to the same month last year. 4,226 new listings in Calgary decreased by 13% year over year. The sales-to-new-listings ratio eased to 51%, down from April's 55%. Inventory remained relatively flat year over year at 6,752 units. Months of supply rose to 3.12, shifting the overall Calgary market to balanced territory, though supply varies significantly by property type.
Detached homes: The benchmark price decreased 2.4% year over year to $747,800, up 0.3% month over month. The sale of 1,192 detached homes shows a 6% year-over-year decrease. Currently, inventory stands at 2.45 months of detached home sales, indicating seller's market conditions persist in this segment.
Semi-detached homes: Benchmark home prices declined 1.0% year-over-year to $691,100, up 0.1% month-over-month. Sales of semi-detached homes decreased by 15% YoY to 217 units. Currently, inventory stands at 2.73 months of semi-detached home sales, indicating seller's market conditions.
Townhouses: Benchmark townhouse prices declined 6.4% YoY and fell 0.1% MoM to $422,300 for May 2026. The number of row houses sold decreased 23% YoY to 350 units. Currently, inventory stands at 3.35 months of row home sales, reflecting balanced territory.
Apartments: Benchmark apartment prices are down 9.1% year-over-year to $300,400, down 0.3% from last month. The number of apartments sold decreased by 30% YoY to 403 units. Currently, inventory stands at 5.14 months of apartment home sales, with conditions continuing to favour the buyer.
Calgary Home Prices (Benchmark)
Calgary home prices have fluctuated over the past twenty years, yet they have shown healthy appreciation, with a Cumulative Annual Growth Rate (CAGR) of 4.8% from January 2005.
Median Prices
As another price indicator, median prices for Calgary houses increased by 0.3% year-over-year to $592,250, 1.1% higher than in April 2026. Median prices by property type were:
- Detached houses: $715,000, 2.1% lower compared to last May and up 0.7% monthly.
- Semi-detached houses: $575,000, down 5.3% annually and down 5.2% month over month.
- Townhouses: $423,450, down 5.7% from last year and down 3.5% from the previous month.
- Apartments: $295,000, down 7.2% annually and down 2.8% monthly.
Affordability Context
Calgary homes remain significantly more affordable than homes in Toronto or homes in Vancouver, with pricing comparable to Montreal's housing market. Over the past six years, benchmark home prices have risen significantly (39%), reducing affordability and making life more difficult for renters and future homeowners. The past year's shift toward more balanced conditions, driven by increased supply in both resale and rental markets along with slower population growth, continues to ease affordability pressures.
Market Conditions by Type
The May 2026 market shifted to balanced territory overall, with 4,226 new listings entering the market and 2,162 sales. Inventory remained relatively flat at 6,752 units. The balanced market masks significant variation by category: detached and semi-detached homes remain in seller's market territory at 2.5 and 2.7 months of supply, respectively; townhouses are in balanced territory at 3.4 months; and apartments are in buyer's market territory at 5.1 months of supply.
Population and Housing Needs
Calgary's population was estimated at 1,836,000 with annualized growth rates of 3.7% (5-year) and 2.6% (10-year). At the 10-year rate, the market requires approximately 18,000 new dwellings annually, though national growth data suggests actual rates may be slower.
Calgary Population Chart
As of the last estimate, Calgary's population is estimated at 1,836,000, growing at 5-year and 10-year annualized rates of 3.7% and 2.6%, respectively.
For a longer-term horizon, it is instructive to consider changes in Calgary's population alongside housing starts to gauge whether construction is keeping pace with demographic pressures.
Supply and Demand Dynamics
The home price in the Calgary region is 36% higher than it was ten years ago, compared with a 30% rise in the consumer price index over the same period, implying a cumulative annual growth rate of 3.1% for Calgary home prices. Over that decade, home prices in Greater Toronto rose by 50% and in Montreal by 108%.
Alberta, and Calgary in particular, enjoy more economic freedom and arguably more natural resources than many other parts of Canada. As a result, Alberta offers some of the highest incomes and wages among Canadian provinces, and Calgary offers some of the highest incomes and wages among Canadian cities.
The market continues to reflect broader Canadian housing trends, including slower population growth, persistent uncertainty about economic conditions, and increased competition from both new home construction and the rental market. Trade policy uncertainty and US tariff risks continue to weigh on economic confidence, though energy market activity provides some support for Alberta's economy. In May 2026, sales of 2,162 homes marked a 16% year-over-year decline, and the sales-to-new-listings ratio eased to 51%, shifting the overall market to balanced territory at 3.12 months of supply. Benchmark prices improved 0.3% from April to $570,500, though still 3.0% below last year's levels. Apartment prices continue to face supply pressure, declining 9.1% year-over-year to $300,400, while detached and semi-detached homes remain in seller's market territory at 2.45 and 2.73 months of supply, respectively.
Home Prices in Calgary
Calgary Housing Market Statistics for All Property Types in May 2026
Average Sold Price and Benchmark Price
Total Transactions and New Listings
Property Type Distribution
Market Overview for Detached Homes in May 2026
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes in May 2026
Average Sold Price
Transactions
Market Overview for Townhouses in May 2026
Average Sold Price
Transactions
Market Overview for Condo Apartments in May 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.
Average Sold Price
Transactions
Calgary Region Breakdown by Region for May 2026
Glossary and Definitions
MLS® Home Price Index (HPI): Developed by the Canadian Real Estate Association (CREA), the MLS® HPI is the most advanced tool for tracking price trends in the Canadian housing market. Rather than using simple average prices, which can be skewed by the mix of homes sold in a given month, the HPI tracks the value of a "Benchmark Home"—a property with typical attributes for its specific neighborhood. This allows for an accurate "apples-to-apples" comparison of home values across different regions and time periods, independent of a property's specific features or seasonal volatility. To ensure the index remains relevant, CREA performs an annual review every May to account for evolving market dynamics.
MLS® HPI Benchmark Price: This is the dollar value assigned to a "typical" home in a specific neighborhood. While the HPI itself is an index number used to track trends, the Benchmark Price translates that data into a real-world dollar figure, representing what a standard home with average features (like square footage, rooms, and lot size) would likely sell for in today's market.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Calgary Real Estate Board (CREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
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