Calgary’s housing market has entered a more measured phase in spring 2026, with sales volumes down year-over-year but overall supply remaining tight enough to keep the city firmly in seller’s market territory. According to the Calgary Real Estate Board (CREB), 1,881 homes changed hands in March 2026 — a decline of 12.9 per cent compared to the same month last year, yet still a figure that reflects steady underlying demand from Calgary’s growing population base.
The overall benchmark price for a Calgary home came in at $565,600 in March, representing a 4.2 per cent drop from March 2025 but a 0.9 per cent month-over-month gain — a signal that the seasonal spring market is lending some support to values after a quieter winter. With just 2.9 months of supply on the market, Calgary remains well below the four-to-six month range that would constitute a balanced market.
Breaking Down the Numbers by Property Type
Not all property types are feeling the same pressure. Detached homes — Calgary’s most coveted housing form — held their value best, with a benchmark of $741,300, down 3.3 per cent from a year ago. Semi-detached properties posted a benchmark of $686,100, a modest 0.9 per cent annual decline. Townhouses came in at $423,900, down 6.2 per cent year-over-year.
The sharpest correction has been in the apartment and condominium segment, where the benchmark fell 9.3 per cent year-over-year to $300,300. Analysts attribute this to a significant wave of new condo completions entering the market simultaneously, which has given buyers more options and more negotiating power than they have had in several years. According to data from WOWA, new listings in March totalled 3,409 — down 15 per cent from the previous year — while active inventory reached 5,395 units, up 4.7 per cent annually.
Why Sales Are Down But the Market Hasn’t Crashed
The headline drop in sales volume has alarmed some observers, but context matters here. Calgary’s record-setting market activity in 2024 set an unusually high comparative baseline. The current pullback is less a sign of weakness and more a normalization after two years of extraordinary demand driven by interprovincial migration and a housing shortage that left buyers competing fiercely for limited inventory.
Average days on market have risen to 42 from 33 a year ago, giving buyers a slightly longer window to make decisions. However, well-priced detached homes in desirable communities — Beltline, Inglewood, Killarney, Mahogany — continue to attract multiple offers, particularly in the $600,000 to $800,000 range where demand from move-up buyers and young families remains concentrated.
Calgary’s long-term housing equation remains structurally undersupplied. The City of Calgary estimates the city needs approximately 16,500 new dwellings annually to keep pace with a population that grew 3.4 per cent over the past five years. In 2025, the city fell short of that target despite record permit activity, leaving the underlying supply deficit largely intact.
What This Means for Buyers and Sellers
For sellers, the message is clear: proper pricing matters more than it has in years. The days of listing 10 per cent above comparable sales and waiting for offers are largely over in most segments. Homes priced accurately from day one are still selling quickly; overpriced properties are sitting longer and requiring reductions that ultimately cost sellers more than a realistic initial list price would have.
For buyers, the current environment is the most balanced opportunity in Calgary since early 2023. Mortgage stress test rates have eased modestly with Bank of Canada rate cuts in late 2025 and early 2026, improving purchasing power. The condo segment in particular — with its 9.3 per cent annual price decline — offers genuine value for first-time buyers willing to enter the market below the detached home price threshold.
Looking ahead, spring 2026 is likely to bring increased listing activity as sellers who held back through the winter re-enter the market. Whether that additional supply tips the balance further toward buyers or gets absorbed by demand will largely depend on employment conditions and migration patterns through the second quarter. CREA statistics for the Calgary Board will provide a clearer picture as April and May data comes in.
For now, Calgary’s market occupies an interesting middle ground: softer than its 2024 peak, but far from distressed. Sellers who understand today’s expectations, and buyers who act on realistic opportunities rather than waiting for a crash that may not arrive, are both likely to find 2026 a workable year in Calgary real estate.