Calgary Housing Market: Prices, Trends and Forecast
Calgary's October 2026 board data by home type and district, the surrounding towns, the supply wave behind it, rents, the income it takes to buy, and the signals to watch into 2027.
Short answer: a balanced market with two speeds
Calgary's housing market is balanced overall and split by home type. The Calgary Real Estate Board (CREB) reported 1,592 sales in October 2026, down 15.3% from a year earlier, with 2,928 new listings, 6,173 homes in inventory and just under four months of supply. The total residential benchmark price was $564,200, down 0.4%. Detached ($735,100, down 0.7%) and semi-detached ($685,200, up 0.8%) prices are steady, while row homes ($407,500, down 5.1%) and apartments ($288,800, down 7.9%) are falling as a wave of new supply competes for buyers and tenants. Prices are rising in the City Centre and West districts and falling more than 6% in the North East and East.
- Benchmark price
- $564,200
- CREB, October 2026, down 0.4%
- Sales
- 1,592
- October 2026, down 15.3%
- Months of supply
- Under 4
- Citywide, October 2026
- Detached benchmark
- $735,100
- Down 0.7% year over year
Calgary housing market in October 2026
CREB's October 2026 report, published November 2, showed a market where buyers have more choice than at any point since before the migration surge of 2022 and 2023. Sales fell to 1,592, down 15.3% from October 2025, and year-to-date sales were down nearly 11%. New listings fell too, by 9.4% to 2,928, which kept inventory from building quickly: 6,173 homes were for sale at month end, 4.6% fewer than a year earlier.
That mix, with sales falling faster than listings, is why months of supply rose to just under four citywide. Months of supply is the number of months it would take to sell every listing at the current sales pace. Below about three, sellers have the upper hand; above about five, buyers do. Calgary sits in between, but the citywide figure hides very different conditions by home type.
The September report, for comparison, showed 1,650 sales, down 3.8%, and a benchmark of $566,700. The sharper year-over-year drop in October reflects a strong October 2025 more than a sudden change in demand, but the direction is consistent: fewer sales, steady listings, and prices drifting down outside the detached market.
| Home type | Benchmark price | Benchmark, 1 year | Median price | Median, 1 year | Months of supply |
|---|---|---|---|---|---|
| All homes | $564,200 | -0.4% | $562,500 | -2.5% | Just under 4 |
| Detached | $735,100 | -0.7% | $676,000 | -3.2% | 3.3 (2.9 a year ago) |
| Semi-detached | $685,200 | +0.8% | n/a | n/a | About 3 |
| Row and townhouse | $407,500 | -5.1% | $410,000 | -4.6% | 4.4 (3.9 a year ago) |
| Apartment | $288,800 | -7.9% | $280,000 | -7.4% | 5.3 (4.6 a year ago) |
Detached sales were 847 (down 16.0%), row and townhouse sales 241 (down 11.7%) and apartment sales 320 (down 22.3%), as reported from CREB's data by Mortgage Sandbox. Semi-detached was the only home type with a year-over-year benchmark gain.
Two markets in one city: detached versus higher density
The most useful way to read Calgary in late 2026 is as two markets. Ground-oriented family homes, detached and semi-detached, have about three months of supply and flat prices. Higher-density homes, row houses and apartments, have four to five-plus months of supply and falling prices.
CREB's chief economist, Ann-Marie Lurie, put it plainly in the October release: supply choice in the new, rental and resale markets "has taken much of the pressure off prices this year," and "much of the downward pressure on prices is occurring in the oversupplied higher-density segments of the market, while detached and semi-detached prices have remained more stable."
The apartment benchmark is now about 15% below its August 2024 peak on CREB's measure. The condo side of the story, with investor math, building checks and the rental competition behind it, is on our Calgary condo market page. This page focuses on the city as a whole and on the family-home market that most buyers moving to Calgary are shopping in.
Why the split? Detached homes are scarce relative to demand because they take land and time to build, and many buyers arriving from Ontario and British Columbia want one. Apartments and townhouses can be built quickly in large numbers, and in 2023 to 2025 they were, at the same time as purpose-built rental towers. When that supply lands together, prices in those segments have to adjust.
Calgary detached prices by district
Even within the detached market, prices are moving in opposite directions depending on where you look. CREB's district data for October 2026, as reported by Daily Hive, shows the inner city and the west gaining while the east and north east fall.
| District | Detached benchmark | 1-year change |
|---|---|---|
| City Centre | $992,500 | +3.3% |
| West | $988,400 | +3.2% |
| South | $705,700 | -0.6% |
| North | $635,700 | -3.5% |
| North East | $548,000 | -6.6% |
| East | $463,800 | -6.8% |
| City-wide | $735,100 | -0.7% |
The South district had the most detached sales (179) and new listings (342) in October. The North East and East are where much of the newest suburban supply sits and where many first-time and investor buyers concentrated during the boom, so they are absorbing the most competition. The City Centre and West combine established neighbourhoods, limited land and higher local incomes, which tends to hold value when the wider market cools.
The practical lesson: a citywide average tells you little about one street. If you are buying, compare the benchmark for your district and home type, and ask your agent for recent sales of similar homes nearby, not the citywide number.
Airdrie, Cochrane and Okotoks
The towns around Calgary have followed the city, with local differences. CREB's October 2026 report noted that Airdrie's year-to-date sales were down 13%, that Cochrane approached six months of supply for the first time since early 2020, and that Okotoks held at about three months of supply.
Airdrie's total residential benchmark was $505,800 in September 2026, down about 4% from a year earlier, according to the CREA board data recorded on our Airdrie affordability page. CMHC's October 2025 survey put Airdrie's purpose-built vacancy at 4.7% and its average two-bedroom rent at $1,851. Commuter towns tend to move more than the city in both directions, because their buyers are often the most price-sensitive ones.
For buyers, six months of supply in Cochrane means room to negotiate and time to compare. For sellers in those towns, pricing to the current market matters more than it did in 2023, when homes sold in days.
The supply wave behind the slowdown
Calgary built an unusual amount of housing. CREB's October release cited more than 27,900 new homes built in 2025, against a 10-year annual average of 13,199. That is more than double the usual pace, and much of it was apartments, townhouses and purpose-built rentals.
Supply on that scale does two things. It eases rents, because new rental buildings compete for tenants with incentives such as free months. And it slows price growth in the segments where it lands, because buyers can choose a new unit instead of a resale one. Both effects are visible in Calgary now.
Supply waves are temporary by nature. Projects started in 2022 and 2023 are finishing now; falling prices and higher vacancy discourage new starts, and a project not started today is a building not finished in 2028 or 2029. That is the main reason many analysts expect Calgary's higher-density weakness to fade over the next two to three years rather than deepen indefinitely. It is a reason for patience, not a guarantee.
Rents and vacancy
CMHC's October 2025 Rental Market Survey put the City of Calgary's purpose-built vacancy rate at 5.0% and its average two-bedroom rent at $1,912. Edmonton's vacancy was 3.8% and its two-bedroom rent $1,577. CMHC's October 2026 survey, due in early 2027, will show whether Calgary's vacancy has kept rising as more rental buildings opened through 2026.
High vacancy matters for the ownership market in two ways. Renters have less pressure to buy, which slows first-time demand. And investors who bought condos expecting rising rents face weaker income, which can push some to sell. Our rent vs buy in Calgary guide compares the monthly cost of each.
Is Calgary still affordable? Prices against income
Calgary's affordability edge over Toronto and Vancouver is real but narrower than it was. Statistics Canada puts the median total income of census families in the Calgary area at $116,530 for 2023. Against the seasonally adjusted MLS Home Price Index composite benchmark of $569,200 for September 2026, that is a price-to-income ratio of about 4.9. The same measure for the Toronto (TRREB) area, using its $917,600 composite benchmark, is far higher, and Vancouver's higher still. Our Calgary affordability page has the sourced figures.
Measured another way: buying the October 2026 detached benchmark of $735,100 with 10% down at a 4.44% insured five-year rate costs about $3,753 a month for the mortgage and about $407 a month for property tax at Calgary's 2026 rate of 0.66499%, before insurance, utilities and maintenance. Qualifying for that home at the stress-test rate needs a household income of roughly $155,000 with little other debt. The median Calgary family can more readily afford a row home or apartment than a benchmark detached house. Our cost of owning a home in Alberta guide prices every line, and the income needed to buy in Calgary guide goes further.
One more Calgary advantage at purchase: Alberta has no land transfer tax. A $600,000 Calgary purchase with a $480,000 mortgage pays $1,180 in Land Titles registration fees, against $8,475 of land transfer tax in Ontario outside Toronto. Our Alberta closing costs guide prices the full stack.
| Market | Composite benchmark (Sept 2026) | Median family income (2023) | Price to income | 2-bed rent (Oct 2025) |
|---|---|---|---|---|
| Calgary | $569,200 | $116,530 | 4.9 | $1,912 |
| Edmonton | $416,700 | $114,130 | 3.7 | $1,577 |
| Airdrie | $505,800 | $116,530 (Calgary CMA) | 4.3 | $1,851 |
Migration: the demand engine, now running slower
Calgary's price run from 2022 to 2024 was powered by people moving in: from other provinces, especially Ontario and British Columbia, and from abroad. Buyers arriving with Toronto or Vancouver equity, or with incomes from remote jobs, could outbid local buyers comfortably. That was the core of the Calgary story, and it explains why detached homes rose so fast.
Two things have changed. Federal limits on temporary residents and lower permanent-resident targets have reduced international arrivals across Canada, and the price gap that drew interprovincial buyers has narrowed as Calgary prices rose. Migration has not stopped, but it no longer adds demand as fast as new supply arrives. Our Toronto to Calgary migration guide walks through the relocation math, and Calgary vs Edmonton compares the two Alberta cities for movers.
Which Calgary price should you quote? Benchmark, median and HPI
Calgary prices are reported three ways, and the numbers differ. CREB's monthly release uses an unadjusted MLS Home Price Index benchmark, $564,200 for all homes in October 2026, and also reports median sale prices, $562,500 in October. CREA publishes a seasonally adjusted version of the same index, which put Calgary's composite benchmark at $569,200 in September 2026, 3.5% below its June 2024 peak of $589,900. Average prices, which some news reports use, move with the mix of homes that sold in a given month.
The benchmark describes a typical home with fixed features, so it is the best measure of whether the same kind of home is getting cheaper or dearer. The median and the average describe what actually sold, so they fall when more condos sell and rise when more large detached homes do. When the detached median fell 3.2% in October 2026 while the detached benchmark fell only 0.7%, part of the gap reflected which detached homes sold. Our MLS HPI vs average price guide explains the difference in more detail.
On this page, October 2026 figures come from CREB's unadjusted benchmark. Comparisons with other cities use CREA's seasonally adjusted September 2026 benchmark, so that every city is measured the same way.
What it costs to buy and own in Calgary
Calgary buyers start with an advantage: Alberta charges no land transfer tax, only Land Titles fees of $50 plus $5 per $5,000 of value on the transfer and on the mortgage. On the detached benchmark of $735,100 with a 20% down mortgage of $588,080, the two registrations come to about $1,430. The same purchase in Toronto would carry more than $20,000 of combined land transfer tax.
The running costs are where Calgary needs a closer look. The city's 2026 residential property tax rate is 0.66499%, lower than Edmonton's 1.03637%, but home insurance in and around Calgary is shaped by hail: a study for the Insurance Bureau of Canada found hail accounts for 30% to 68% of homeowner premiums in high-risk areas. A home's roof can matter as much as its kitchen. Our cost of owning a home in Alberta guide prices every line for each Calgary home type.
Calgary risk by segment
Not every Calgary home carries the same risk. Here is how each segment looks on the October 2026 data.
| Segment | Status | What to watch |
|---|---|---|
| Detached, City Centre and West | Resilient | Prices up about 3% over the year with limited land; watch whether gains hold if migration slows further. |
| Detached, North East and East | Softening | Prices down more than 6%; new suburban supply and price-sensitive buyers make these the first districts to adjust. |
| Semi-detached | Stable | The only type with a benchmark gain; about three months of supply. |
| Row and townhouse | Watch | Down 5.1% with 4.4 months of supply; competes with new townhouse projects. |
| Apartments | Elevated | Down 7.9% and about 15% below the 2024 peak, with 5.3 months of supply and 5% rental vacancy. |
| Investor-owned rentals | Elevated | Rents soft, carrying costs higher at renewal; potential source of extra listings. |
Calgary housing market forecast: what to watch into 2027
The base case on this site is a balanced market through the rest of 2026 and into 2027, with detached and semi-detached prices roughly flat and higher-density prices still soft until the supply wave is absorbed. CREA's October 2026 forecast has Alberta's average price up 3.1% to $529,033 for 2026, with sales down 9%. The full segment view is on our Calgary housing market forecast page, and the provincial picture on the Alberta housing market forecast.
- Months of supply. Citywide supply moving above five would signal a buyer's market spreading beyond apartments; a fall back toward three would signal renewed tightness.
- The Bank of Canada on December 9, 2026. The Bank raised its policy rate to 2.50% on October 28 and said another increase was possible. Higher rates would weigh on first-time buyers and on investors renewing mortgages.
- Fixed mortgage rates. The lowest insured five-year fixed rate was 4.44% on November 12, 2026. Fixed rates follow bond yields, which rose this fall.
- CMHC's October 2026 rental survey. If Calgary's vacancy rises well above 5%, expect more investor selling in the apartment segment.
- Housing starts. A clear fall in apartment and rental starts would point to the supply wave ending in 2028 and 2029.
- Migration data. Statistics Canada's quarterly population estimates show whether interprovincial and international arrivals to Alberta keep slowing.
What the Calgary market means for buyers, sellers and investors
Buyers. Buyers have more negotiating room than at any point since 2021, especially for townhouses and condos, where you can negotiate and take time to compare. For detached homes in the City Centre and West, expect competition for well-priced listings. Get pre-approved, check the RPR and the roof, and budget for hail-heavy insurance.
Sellers. Price to the current market for your district and home type, not to last year's sale down the street. Detached sellers in established areas are in a reasonable position; condo and townhouse sellers face more competition and should expect longer selling times.
Investors. The rental math is harder than it was: rents are soft, vacancy is high and carrying costs rise at renewal. New investors have bargaining power on price; existing investors with renewals coming up should run the numbers early. See our Calgary housing affordability analysis and the Edmonton real estate page, where rents are lower but vacancy is tighter.
Calgary housing data sources
Figures on this page come from these releases. Each date is the period the data covers.
More on Calgary and Alberta
Calgary housing market FAQ
What is happening in the Calgary housing market right now?
CREB reported 1,592 sales in October 2026, down 15.3% from a year earlier, with a benchmark price of $564,200, down 0.4%, and just under four months of supply. Detached and semi-detached prices are steady while row homes and apartments are falling as new supply arrives.
Is Calgary in a housing bubble?
Calgary does not show the extreme price-to-income profile of Toronto or Vancouver: the composite benchmark is about 4.9 times the median family income. The weak spot is the higher-density market, where apartment prices are about 15% below their 2024 peak after a construction boom.
Will Calgary house prices drop in 2027?
The base case is flat detached prices and soft apartment and townhouse prices into 2027, until the supply wave is absorbed. Prices are already falling more than 6% a year in the North East and East districts. A clear rise in months of supply or another rate increase would raise the downside risk.
Is Calgary a buyer's or seller's market?
Citywide it is balanced, with just under four months of supply in October 2026. Detached homes, at 3.3 months, lean toward sellers; apartments, at 5.3 months, lean toward buyers.
Which Calgary areas are rising and falling?
In October 2026 the detached benchmark rose 3.3% in the City Centre and 3.2% in the West, and fell 6.6% in the North East and 6.8% in the East, according to CREB district data.
Is Calgary still affordable compared with Toronto and Vancouver?
Yes. Calgary's September 2026 composite benchmark of $569,200 compares with $917,600 for the Toronto area and $1,163,400 for the City of Vancouver, and Alberta has no land transfer tax. The gap has narrowed since 2021, and home insurance costs more because of hail.
What is the Calgary housing market forecast for 2026?
A balanced finish to 2026, with detached homes holding up better than apartments and condos. CREA's October 2026 forecast has Alberta's average price up 3.1% for 2026 with sales down 9%. Watch months of supply, the Bank of Canada's December 9 decision and rental vacancy.