Calgary Housing Market Update

Calgary Housing Market Update – January 2026

A Cautious Start to the Year

January opened with typical seasonal conditions across Calgary’s housing market, as both buyers and sellers took a measured approach ahead of the spring market. While overall sales declined year-over-year, activity levels remained in line with long-term January norms, and the market continues to reflect the broader shift toward balance that began in the second half of 2025.

Calgary recorded 1,234 sales in January, down 15% from last year, with the steepest declines seen in higher-density housing. At the same time, sellers were quicker to list, pushing the sales-to-new-listings ratio down to 44% and lifting inventory to 4,391 units, the highest January level since 2020.

According to Ann-Marie Lurie, Chief Economist with CREB®, increased supply—particularly in apartment and row-style homes—has reduced urgency among buyers. While this trend is common for January, it has resulted in noticeably different conditions across property types as the market waits for spring direction.

Benchmark prices are lower than they were at the start of 2025 due to declines in the latter half of last year. However, seasonally adjusted figures show price stability compared to the end of 2025, suggesting the market may be finding its footing.

Market Highlights

Detached Homes

Benchmark Price: $724,000 (↓3% year-over-year)
Condition: Balanced, with under 3 months of supply
Trend: Inventory near long-term averages; price declines most pronounced in the North East, while West district prices remained relatively stable

Semi-Detached Homes

Benchmark Price: $667,000 (↓1% year-over-year)
Condition: Balanced, about 3.5 months of supply
Trend: Rising supply is contributing to price stability; North West and West districts continue to outperform the rest of the city

Row Homes

Benchmark Price: ↓5% year-over-year
Condition: Softer, with over 4 months of supply
Trend: Month-over-month prices held steady thanks to gains in City Centre and West districts, but year-over-year declines remain widespread due to new-home competition

Apartment Condominiums

Benchmark Price: $301,200 (↓8% year-over-year)
Condition: Buyer’s market, with over 5 months of supply
Trend: Record-high January inventory and falling prices across all districts, with the steepest declines in the North East

Regional Highlights

Airdrie: Inventory increased modestly, keeping conditions near long-term norms. The benchmark price of $513,900 remains 5% lower than last January, despite a typical seasonal monthly gain.
Cochrane: Record January new listings pushed the market further into balance, with 5 months of supply and a benchmark price of $550,800, down nearly 2% from both December and last year.
Okotoks: Limited inventory continues to restrict sales, keeping conditions tighter than surrounding markets. Prices held steady month-over-month but remain 2% lower year-over-year at $599,500.

What This Means to You

For Buyers:
Improved inventory—especially in apartments and townhomes—means more selection and negotiating room. January’s slower pace may offer an opportunity to prepare and act ahead of the spring market.

For Sellers:
Balanced conditions remain supportive for well-priced detached and semi-detached homes. In higher-density segments, competitive pricing and strong presentation are key as buyers take more time to decide.

For Investors:
Ongoing price adjustments in the apartment and row segments may create entry opportunities, particularly for long-term holds in well-located areas with solid rental demand.

Posted by Erin Reeves on February 2nd, 2026

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