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 September 2026, Calgary's housing market kept its balanced footing overall, though the gap between property types stayed wide. Sales eased to 1,650 homes, a 4.1% drop from a year ago, while new listings fell 11.3% to 3,354. Inventory finished the month at 6,486 units, 6.3% below last September and down 0.4% from August. The overall benchmark price was $566,700, off 0.8% from a year earlier and down 0.5% from August. The average price pushed the other way, climbing 5.1% year over year to $646,198, while the median rose 2.6% to $574,444.

That divergence is the familiar mix effect at work. Because the benchmark adjusts for the type of home sold, it slipped 0.8% over the year, while the average and median, which do not, both rose as sales tilted back toward detached houses and away from lower-priced apartments and row homes. Detached sales rose 4.3% year over year even as the higher-density segments fell, and that shift in the mix pulled the broad price measures up. With sales easing only slightly faster than inventory, months of supply held at 3.9, unchanged from August. The sales-to-new-listings ratio was 49%, down from 53% in August as new listings rebounded, though still above the 45% of a year ago, leaving the overall market balanced but on the softer side of that range.

Calgary's average home price in September 2026 was $646,198, up 5.1% compared to last September and up 1.2% from August. By property type:

• Detached homes $823,483, up 5.3% year over year and up 1.2% from August.

• Semi-detached homes $686,328, down 0.1% year over year and down 0.7% from August.

• Townhouses $432,178, down 5.4% year over year and down 2.8% from August.

• Apartments $318,759, down 8.7% year over year but up 0.8% from August.

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: with detached sales improving while the lower-priced apartment and row segments pulled back, the mix shifted toward costlier homes and lifted both the average and the median even as the mix-adjusted benchmark eased. 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 0.8% year over year and eased 0.5% month over month to $566,700. In September 2026, 1,650 homes changed hands, a 4.1% decrease from the same month last year and 0.6% fewer than in August. New listings of 3,354 were down 11.3% year over year. The sales-to-new-listings ratio was 49%, down from 53% in August but up from 45% a year ago. Inventory stood at 6,486 units, 6.3% below last September and 0.4% under August. Months of supply held at 3.9, keeping the overall market balanced, though conditions vary widely by property type. Homes averaged 44 days on the market, up from 42 a year earlier, and the sales-to-list-price ratio was 97.4%, little changed from 97.8% last September, so most homes still sold just under asking.

• Detached homes: The benchmark price eased 1.0% year over year to $739,400 and slipped 0.7% from August. Sales of 896 detached homes were up 4.3% year over year. Months of supply sit at 3.3, placing this segment in balanced territory, though it stays among the tightest in the city.

• Semi-detached homes: The benchmark price edged up 0.1% year over year to $685,200 and slipped 0.8% from August. Sales rose 4.5% year over year to 163 units. Months of supply are 3.7, keeping this segment in balanced territory.

• Townhouses: The benchmark row price declined 5.5% year over year and fell 0.7% from August to $412,400. The number of row homes sold dropped 18% year over year to 248 units. Months of supply stand at 4.5, in balanced territory.

• Apartments: The benchmark apartment price is down 8.3% year over year to $291,400, off 1.4% from last month. Apartment sales fell 14.5% year over year to 343 units. At 5.3 months of supply, this segment 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 rose 2.6% year over year to $574,444 and were up 1.7% from August. Median prices by property type were:

• Detached houses $686,750, down 0.5% from last September and down 1.2% from August.
• Semi-detached houses $585,000, up 1.7% year over year and up 1.5% from August.
• Townhouses $405,000, down 3.6% from last year and down 1.1% from August.
• Apartments $288,000, down 9.4% year over year and up 1.1% from August.

Homes in Calgary remain far more affordable than homes in Toronto and homes in Vancouver, and even slightly more affordable than 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 since early 2025, helped by more supply in both the resale and rental markets and by slower (possibly negative) population growth, continues to take some pressure off affordability.

The September 2026 market stayed balanced overall, with 3,354 new listings and 1,650 sales. Inventory reached 6,486 units, 6.3% below last year. Conditions still vary a great deal by property type. Detached and semi-detached homes remain the tightest, at roughly 3.3 and 3.7 months of supply, but both now sit within balanced territory, having loosened from the sub-three-month readings seen earlier in the year. Row homes are balanced at 4.5 months. Apartment condominiums, at 5.3 months, remain in 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; 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 Calgary 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 Compound Annual Growth Rate of about 3.3% for Calgary home prices. Over that decade (Q2 2016 to Q2 2026), prices rose 41% in Greater Toronto and 106% 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, essentially flat year over year. The overall market remains balanced, and apartment condominiums sit just above five months of supply.

US trade policy remains a real risk to Calgary's housing market, and it escalated again over the summer, with Washington reintroducing aggressive tariffs on Canadian exports and Ottawa's retaliatory counter-tariffs taking effect on September 8. Levies on 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 held its policy rate at 2.25% on September 2, its seventh consecutive hold, as it weighs the drag from US tariffs against inflation that has crept back toward 3% on higher energy costs. The Bank flagged that upside risks to inflation have grown, which points to limited near-term relief on borrowing costs; a steady rate keeps mortgage costs from climbing but offers buyers little fresh support. Energy markets are the swing factor. After a brief de-escalation in June, the US-Israel war on Iran flared again over the summer and crude pushed sharply higher, with Brent averaging about $91 a barrel in August and trading in the mid-$90s through September. Firmer oil is a near-term tailwind for Alberta incomes and housing demand, but it also feeds inflation pressure, increasing the likelihood of the Bank of Canada raising its policy rate.

On balance, where Calgary housing goes from here will depend on the path of US trade policy and on how long energy prices stay elevated, a balance that stays hard to call in the current environment.

Home Prices in Calgary

Calgary Housing Market Statistics for All Property Types in September 2026

Property Type Distribution

Market Overview for Detached Homes in September 2026

Market Overview for Semi-Detached Homes in September 2026

Market Overview for Townhouses in September 2026

Market Overview for Condo Apartments in September 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 September 2026