By Ryan Van Spengen, REALTOR® | Karakter Realty, brokered by Grassroots Realty Group
Published August 6, 2026 · Data Source: CREB® July 2026 Statistics, released August 4, 2026
July is always slower in Calgary. People are at the lake, not at open houses. So a 9% drop in sales is not the number worth reacting to.
The number worth reacting to is 17,000. That is how many apartment-style units are still under construction in this city while the resale apartment benchmark sits at $297,600, down 13% from its 2024 peak. Supply that was committed in 2023 is still arriving in 2026, and it will keep arriving after the market would prefer it stopped.
The second thing that happened in July is that row homes joined the apartment story. Row sales fell 22.91%, months of supply hit 3.90, and the benchmark dropped 6.10% year-over-year. Through 2025 that segment was the affordable alternative to detached. In July 2026 it started behaving like the segment with a supply problem.
Calgary Snapshot, July 2026
$569,200
Benchmark Price
↓ 2.05% YoY · ↓ 0.58% MoM
1,904
Homes Sold
↓ 9.16% vs July 2025
3,323
New Listings
↓ 15.03% · 57% sales-to-new-listings
6,626
Inventory
↓ 4.23% YoY · 3.48 months supply
Read those four cards together and the picture is clear. Sales fell 9.16%. New listings fell 15.03%. Inventory actually declined 4.23% year-over-year. Supply is not piling up in Calgary because sellers are dumping product on the market. It is piling up because buyers slowed down faster than sellers did, and months of supply rose to 3.48 on that arithmetic alone.
Homes took 40 days to sell in July and closed at 97.69% of list. Both figures have moved against sellers every month since April. Year to date, Calgary has recorded 12,993 sales against 14,492 through the same point in 2025, down 10.34%.
One piece of context CREB was careful to put on the record: demand is slower than 2025, but it remains well above the levels Calgary lived through from 2015 to 2019. This is a market with more supply choice, not a market without buyers.
The Four Markets Inside Calgary's Market
Balanced
Detached Homes
$743,900
↓ 1.87% YoY · ↓ 0.88% MoM · 2.90 months supply
1,012 sales, down only 1.65% year-over-year, the smallest decline of any segment. New listings fell 9.54% to 1,707, and inventory of 2,939 has been below last year every month since March. Months of supply rose to 2.90, still balanced, but the district range runs from 1.96 months in the West to 5.11 in the North East. Detached sold in 33 days at 98.23% of list. New-home competition is starting to weigh on recently built resale homes.
Balanced
Semi-Detached Homes
$691,000
↓ 0.30% YoY · ↓ 0.52% MoM · 2.89 months supply
The steadiest segment in the city, and the only one where sales rose in July: 198 units, up 5.88%. Year-to-date sales of 1,348 are within 0.15% of 2025. The ratio held at 62.46% and months of supply stayed under three, where it has been all year. The benchmark is essentially flat against last July. The West district was the only district with a year-over-year gain, at 1.75%. North East semis fell 5.25%.
Oversupplied
Row / Townhomes
$418,500
↓ 6.10% YoY · ↓ 1.32% MoM · 3.90 months supply
The segment that broke in July. Sales fell 22.91% to 286 units, a third consecutive monthly decline, taking year-to-date sales down 15.23%. New listings fell harder, down 25.48%, but inventory of 1,115 is still elevated against long-term trends and months of supply jumped to 3.90. Row homes took 44 days to sell. Year-to-date declines run from 12% in the North East and East districts to 3% in the West.
Buyer's Market
Apartment Condos
$297,600
↓ 8.37% YoY · ↓ 0.47% MoM · 4.90 months supply
408 sales against 793 new listings. Year-to-date sales are down 25.58%, the steepest pullback in the city, driven by rental supply competing directly for the same first-time buyers and investors. Inventory eased to 1,999 units, but that is still high relative to both long-term trends and current sales. Apartments took 54 days to sell at 96.27% of list. The benchmark is 13% below the peak set in 2024, and every district posted a steep decline.
"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. 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.", Ann-Marie Lurie, CREB® Chief Economist, August 4 2026
What's Driving the Calgary Market in July 2026
Sellers left the market before buyers did
New listings of 3,323 are the lowest July total since 2021, down 15.03% from last July and 9.42% year to date. Every conversation I had in July with a would-be seller ended the same way: they looked at the number, decided it was not the number they wanted, and stayed put. That is rational at an individual level and it has a real market effect. Inventory is down 4.23% year-over-year despite the slowest July sales in five years, purely because supply stopped arriving.
Row homes lost their buyer
Row was the pressure valve in 2022 and 2023. Buyers priced out of a $750,000 detached home moved into a $450,000 townhouse, and that flow supported row pricing. In 2026 that buyer has three other options: a new row home from a builder, a cheaper apartment, or a rental at a rent that has stopped rising. Resale row homes are competing with all three. The result is 3.90 months of supply, a 6.10% annual price decline, and the widest year-to-date sales drop of any lower-density segment at 15.23%.
The apartment pipeline has years left to run
17,000 units under construction against 408 resale apartment sales in July. Even allowing for pre-sales, rentals and phasing, that is a supply overhang measured in years, not months. The resale apartment market cannot clear it and is not supposed to, but it prices against it. Anyone modelling a Calgary condo recovery in 2027 should start from the construction schedule, not from a rate forecast.
Detached is holding, but the ground shifted underneath it
Detached inventory has been below last year every month since March, which is the reason the benchmark is only 1.87% off. But months of supply still rose to 2.90 from 2.99 last July because sales eased faster than inventory did. Only two districts are above water year-over-year: West at 2.31% and City Centre at 0.91%. Every other district is negative. In April it was three districts. The base holding up detached prices is narrowing.
Same City, Eight Different Markets
Detached, every district, July 2026.
Swipe for more columns →
District
Sales
New Listings
Inventory
Months Supply
Benchmark
YoY
West
107
151
210
1.96
$1,003,800
+2.31%
City Centre
103
182
370
3.59
$992,000
+0.91%
South
218
344
509
2.33
$719,500
−1.42%
South East
173
236
398
2.30
$698,900
−3.05%
East
25
60
120
4.80
$490,200
−3.47%
North West
135
228
354
2.62
$770,600
−3.52%
North
146
255
437
2.99
$647,700
−4.93%
North East
104
249
531
5.11
$563,900
−6.03%
Total City
1,012
1,707
2,939
2.90
$743,900
−1.87%
Detached homes, City of Calgary by district. Source: CREB® July 2026 City of Calgary Monthly Statistics Package.
Two things stand out. The North West gave back 2.64% in a single month, the largest monthly drop of any detached district, and is now 3.52% below last July after being close to flat in June. And the North East, at 5.11 months of supply with a 41.77% sales-to-new-listings ratio, is no longer a soft district. It is a buyer's market for detached houses.
The row market is the one that changed character in July, so it is worth seeing in full.
Swipe for more columns →
District
Sales
Inventory
Months Supply
Benchmark
YoY
City Centre
36
142
3.94
$577,100
−4.55%
West
44
129
2.93
$438,000
−5.03%
North West
31
115
3.71
$436,900
−2.56%
South East
48
165
3.44
$423,300
−7.78%
South
52
154
2.96
$383,400
−3.67%
North
32
189
5.91
$380,700
−8.97%
North East
32
179
5.59
$334,400
−13.21%
East
10
37
3.70
$261,200
−14.16%
Total City
286
1,115
3.90
$418,500
−6.10%
Row and townhouse, City of Calgary by district. Source: CREB® July 2026 City of Calgary Monthly Statistics Package.
Eight districts, eight declines, and North and North East both above 5.5 months of supply. Compare that to the same districts on the detached table and you can see the whole 2026 Calgary market in two tables: lower density holds, higher density does not, and the North East gets hit worst in both.
Apartments continued to grind down. City Centre at $304,400 is 7.95% off last July, the North East at $253,400 is down 13.63%, and the East at $213,100 is down 13.83%. The North West at 7.22% remains the mildest decline in the city.
What I'm seeing on the ground
July was quiet in the way July usually is, with one difference. In a normal slow month I get sellers testing the water with an aspirational price. This July almost nobody did. The people who called me were moving for a reason: a job, an estate, a baby, a downsize. Discretionary sellers sat out entirely, and that is exactly what the 15% drop in new listings looks like from the inside.
On the buy side, townhouses were the surprise. I had clients who spent the spring looking at row homes in the southeast and suddenly had six comparable options instead of two. When a buyer gets that much choice, the negotiation changes shape. Two of my July row purchases closed under list with conditions I would not have written in March.
If you own a Calgary row home or condo and have not had it valued since 2024, get a current number before you make any plan around it. 403-998-4274.
Around Calgary: Airdrie, Cochrane, Okotoks, Chestermere
CREB reports detached benchmarks for the surrounding towns in the July release. All four are down year-over-year, and all four are dealing with the same pressure: new-home competition plus more supply choice inside Calgary itself.
Improving
Airdrie
$603,100 detached
↓ 4% YoY · under 4 months supply · 55%+ ratio
Year-to-date sales are down nearly 14%, but new listings eased too and the sales-to-new-listings ratio pushed back above 55%, dropping months of supply below four for the first time in months. Airdrie's detached decline has outpaced Calgary's, and the price gap between the two markets is returning to something closer to its historical norm. For a Calgary buyer priced out of the southwest, that gap is worth doing the math on.
Turning
Cochrane
$659,400 detached
↓ nearly 4% YoY · ↓ from June · 4+ months supply
The clearest reversal in the region. Cochrane was posting monthly price gains through June. In July months of supply pushed above four months and the sales-to-new-listings ratio dropped to 46%. Year-to-date sales are still ahead of 2025, but inventory growth, much of it in higher-density homes, has changed the balance. If that ratio holds below 50%, expect further price effects into the autumn.
Tight
Okotoks
$695,700 detached
↓ over 2% YoY · 2 months supply · 90% ratio
78 new listings, 70 sales, a 90% sales-to-new-listings ratio, and inventory falling again. Two months of supply is the tightest market in the Calgary region by a distance. Prices still eased, which tells you how much competition is coming from new communities on Calgary's south edge. Okotoks is a market where the constraint is finding a house, not affording one.
Buyer's Market
Chestermere
$771,900 detached
↓ nearly 5% YoY · ↓ from June · ~7 months supply
Year-to-date sales of 333 units are down 18%, and new listings have not fallen nearly as fast, which left the sales-to-new-listings ratio at 36% and pushed months of supply toward seven. That is the loosest market in the Calgary region. Chestermere is still growing, but a growing town with seven months of resale supply is a buyer's market, and pricing has to reflect it.
What This Means If You're Going Through a Life Transition
July is the month people put decisions off until September. Sometimes that is right. Here is when it is not.
Settling an estate: July's release is a warning for executors carrying a row home or apartment. Row is down 6.10% year-over-year and 1.32% in a single month. Apartments are 13% below their 2024 peak. An estate valuation prepared even six months ago is overstating a North East row home by roughly 7%, and that difference lands on the beneficiaries. Get a current market opinion, put it in writing, and price to it. Detached estates in most districts are within 3.5% of last year and far easier to defend.
Upsizing: The maths improved slightly in July for one specific move: row home to detached. Row fell 1.32% in the month and detached fell 0.88%, so the gap narrowed a little, but both are moving in the same direction and the sell side is weaker than the buy side. If your current home is a townhouse in the North East, where the benchmark is down 13.21% year-over-year, the honest advice is that your equity position has changed materially and the plan needs rebuilding around the real number rather than the 2024 one. Ryan runs both sides before anyone lists.
Every transition is different, and the playbook is not off the shelf. If you want to know exactly where your property sits in this market, and what that means for your situation, let's talk.
Frequently Asked Questions, Calgary Real Estate, July 2026
What is the benchmark home price in Calgary in July 2026?
$569,200, down 0.58% from June and 2.05% below July 2025 (CREB, August 4 2026 release). By type: detached $743,900, semi-detached $691,000, row $418,500, apartment $297,600.
Are Calgary home prices crashing?
No. The citywide benchmark is 2.05% below last July, and detached is 1.87% below. Sales are slower, but inventory is also down 4.23% year-over-year, and CREB notes demand remains well above the 2015 to 2019 period. What is actually happening is a price correction concentrated in high-density housing: apartments down 8.37% and row homes down 6.10%, while detached and semi-detached are close to flat.
Why did Calgary row and townhouse prices drop in July 2026?
Row sales fell 22.91% in July, a third straight monthly decline, pushing months of supply to 3.90. Resale row homes are now competing with new row construction, a large apartment pipeline, and a rental market with more availability. The benchmark fell to $418,500, down 6.10% year-over-year, with declines in all eight districts.
How much apartment supply is still coming to Calgary?
Over 17,000 apartment-style units were under construction as of July 2026. Resale apartment inventory was 1,999 units against 408 sales, holding months of supply at 4.90. That overhang is measured in years, not months.
Which Calgary districts are still up year-over-year?
For detached homes, two: West at $1,003,800, up 2.31%, and City Centre at $992,000, up 0.91%. West also has the tightest supply in the city at 1.96 months. For semi-detached, only the West district posted an annual gain, at 1.75%. No district is up on row or apartment.
How long does it take to sell a home in Calgary right now?
40 days citywide in July at 97.69% of list. Detached 33 days, semi-detached 36, row 44, apartment 54. Apartments closed at 96.27% of list price, the widest discount in the city.
Is it a good time to buy a condo in Calgary?
If you are buying to live in it for five or more years, the negotiating position has not been this good since the 2015 to 2019 cycle: 4.90 months of supply, 54 days on market, and sellers closing at 96.27% of list. If you are buying as a short-term investment, the 17,000 units under construction are the number to think about first. Read the reserve fund study and the last two years of board minutes before anything else.
Who should I call in Calgary for a life-transition sale?
Downsizing and upsizing moves and estate sales need a different structure than a standard transaction, from how the listing agreement is signed to how offers get communicated between parties. As a licensed Calgary REALTOR® with Karakter Realty, brokered by Grassroots Realty Group, that is the work Ryan is set up for. Call or text: 403-998-4274.
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Data sourced from the CREB® July 2026 City of Calgary Monthly Statistics Package and Calgary Region Monthly Statistics Package, released August 4, 2026. Regional figures for Airdrie, Cochrane, Okotoks and Chestermere are detached benchmark prices as reported by CREB® in the July release. All benchmark prices are unadjusted CREB® composite benchmarks (MLS® HPI), not average or median sold prices. This report is for informational purposes only and does not constitute financial or investment advice. Ryan Van Spengen is a licensed REALTOR® with Karakter Realty, brokered by Grassroots Realty Group. CREB® and REALTOR® are registered trademarks of their respective owners.
