Calgary, Alberta, August 4, 2026 – As we move into the second half of the year, it is not a surprise to see slower market activity. In July, both sales and new listings eased over June levels, declining to 1,904 sales and 3,323 new listings. Sales were nine per cent lower than last year’s levels, while new listings were 15 per cent lower. The adjustment in both sales and new listings caused little change in the sales-to-new-listings ratio, which sat at 57 per cent. 

In July, the unadjusted total residential benchmark price was $569,200, down slightly over June and two per cent lower than levels reported last year. The persistent oversupply of apartment condos is contributing to a steeper price decline of over eight per cent. Meanwhile, at the other end of the spectrum, detached prices have eased by under two per cent compared to last year, mostly driven by adjustments in the North East and North Districts. 

“Several consecutive years of high construction levels and the sudden drop in mostly international migration have contributed to the shift in housing market conditions mostly for higher-density homes, a transition that started in the second half of last year,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB^®). “While new home construction is slowing, there are over 17,000 apartment-style units under construction. This continues to weigh on rental and higher-density properties, driving price adjustments.”     

While demand has slowed this year, levels remain stronger than those reported during the challenging market conditions experienced from 2015 to 2019. What has shifted significantly is the additional supply choice across the housing spectrum. Total resale inventory levels remained relatively stable compared to both June and July 2025. However, the slower July sales pushed the months of supply up to three and a half months. While the months of supply is rising across all property types, conditions remain mostly balanced in the detached and semi-detached sectors. In the higher-density sectors, the market continues to favour the buyer for apartment-style homes with nearly five months of supply, while row is experiencing some signs of oversupply.

Detached

Sales in July eased to 1,012 units, down nearly two per cent over last year. These numbers have been trending lower throughout most of the year. While slower sales are partly due to changing economic conditions, we have also seen a pullback in the number of new listings. In July, new listings fell to 1,707 units, nine per cent lower than last year, contributing to the year-over-year inventory declines that have persisted since March. The pullback in sales this month outpaced the pullback in inventory levels, causing the months of supply to rise to nearly three months. While this is still in a balanced range, conditions do differ from under two months in the West District to over five months in the North East District. Added competition from the new home market is also weighing on recently built homes listed on the resale market. As of July, the unadjusted detached price in Calgary was $743,900, lower than June and nearly two per cent lower than prices reported last July. While prices have eased over 2025’s peak, it has not erased all the gains reported over the past several years. Price movement has varied significantly across each district. Compared to last year, prices have improved in both City Centre and the West District. The steepest decline occurred in the North East at nearly six per cent. 

Semi-Detached

Despite a typical monthly pullback, sales remained similar to last year, keeping year-to-date levels relatively consistent with 2025. While new listings eased in July, they remain down three per cent so far this year. Throughout most of 2026, conditions have remained relatively balanced, with a sales-to-new-listings ratio remaining near 60 per cent and months of supply below three months. As of July, the unadjusted benchmark price was $691,000, down from June but similar to last year's level. While prices have remained relatively stable for semi-detached homes, there is variation throughout the city. Most sales activity occurred in the City Centre, where year-to-date prices have remained stable compared with 2025. The West District was the only district to record a year-over-year price gain, while the steepest declines occurred in the North East, where buyers' market conditions have emerged. 

Row

For the third consecutive month, row sales have trended down, contributing to a year-to-date decline of 15 per cent. Over the past several months, we have also reported a pullback in new listings, keeping the sales-to-new-listings ratio above 55 per cent.  While inventory levels have also been trending down, they remain elevated based on long-term trends. The steep pullback in sales this month was enough to push the months of supply up to nearly four months. An upward trend in the months of supply over the past few months has prevented any further price increases. In July, the unadjusted benchmark price eased to $418,500, down over the previous month and six per cent lower than last year’s levels. Added competition in the new home market has also weighed on resale row prices. However, like other property types, year-to-date price declines range from 12 per cent in the North East and East Districts to a three per cent decline in the West District. 

Apartment Condominium

Increased rentals and new supply are weighing on ownership demand for resale condos as sales have fallen by nearly 26 per cent so far this year. While new listings have been easing over last year’s levels and are helping to bring down inventory, the 1,999 units available in the resale market are still elevated compared to long-term trends and sales. The combined impact of additional supply and reduced demand has kept the months of supply in a range that has favoured the buyer since the end of spring 2025. The persistent excess supply has placed downward pressure on prices. As of July, the unadjusted benchmark price was $297,600, down over June, over eight per cent lower than last year’s levels and 13 per cent below peak levels reported in 2024. While the rate of decline has ranged across districts, all districts have reported relatively steep adjustments in prices. 

REGIONAL MARKET FACTS

Airdrie

Sales continued to trend down in July compared to 2025, contributing to the year-to-date decline of nearly 14 per cent. However, new listings have also been easing, helping to push the sales-to-new-listings ratio back above 55 per cent in July. While this did little to cause a shift in inventory, the months of supply eased back below four months. Should this trend continue, it will help to support a more balanced state in the Airdrie market. Nonetheless, supply choice in the resale market along with added competition coming from both the new home market in Airdrie and supply choice in Calgary are weighing on prices. Detached prices in July eased to $603,100, four per cent lower than last year’s levels. This decline has outpaced Calgary’s, and now the price spread between Calgary and Airdrie is returning to levels that are more consistent with historical norms.  

Cochrane

While sales have eased for two months in a row, year-to-date, they remain higher than levels reported in 2025. This was partly possible due to gains in new listings, which have raised inventory over last year’s levels. Much of the inventory growth was driven by higher-density homes. In July, the months of supply pushed above four months, and the sales-to-new-listings ratio dropped to 46 per cent. This represents a shift from earlier in the year, and if it persists, it could have further implications for prices. Overall, the unadjusted detached benchmark price was $659,400 in July, down over June and nearly four per cent lower than last year. Like other markets, the added competition from new home products and competing markets is weighing on resale prices.

Okotoks

With 78 new listings and 70 sales in July, the sales-to-new-listings ratio rose to 90 per cent, causing inventories to trend down over the previous month. Supply has improved over the low levels that have persisted over the previous five years but remain below long-term trends and have kept the months of supply relatively low at two months. However, benchmark prices have continued to trend down, likely due to the increased competition coming from the new home sector and new community developments occurring in the south end of Calgary. As of July, the unadjusted detached benchmark price eased to $695,700, over two per cent lower than prices reported last July. 

Chestermere