Shakespeare’s “a rose by any other name” is taking on new meaning when it comes to Calgary’s condo market.
Although the condo stats, trends, analysts and Calgary realtors refer to “a downturn, a decline, a slowdown or a market adjustment,” there is consensus that, for various key reasons, Calgary may be having a condo slump.
No matter what they call it – or positivity and guesswork about the rest of the year – the cold, hard numbers are undisputable. The Calgary condo market is experiencing a significant downturn, transitioning from a previous period of high growth to a buyer’s market, characterized by rising inventory and declining prices.
As of early 2026, the market faced a freefall in certain segments, with apartment benchmark prices falling below $300,000. City-wide condo/apartment prices have dropped, with some areas declining by 11 per cent.
By February, Calgary’s benchmark condo price fell to $298,600, which worked out to a nine per cent a decrease, year-over-year.
The stats also show a condo inventory surge and low sales. A spike in active listings with inventories in some Calgary areas at their highest levels in over 10 years, but low sales dropping significantly. Calgary’s Q1 condo stats showed 753 new listings compared to only 345 sales.
Rising condo inventories and time-on-market are also symptoms of a condo crunch, with the highest months of supply since 2021. Many condos taking much longer to sell and often staying on the market for over 50 days.
The experts agree on the likely causes.
Overbuilding and oversupply! A high volume of pre-construction projects, particularly approved between 2020 and 2023, are now complete and flooding the market with new condo units.
In Calgary’s perfect condo storm, there is also reduced demand, and buyers are opting for new condos vs. resales, as resale condos are competing with lower-priced new inventory from developers.
Investor interest has also waned, mostly because the more than 30 per cent price hike between 2021 and 2024 have made condos less attractive.
Some condo real estate experts also caution about investor and owner impact, and factors like appraisal issues – investors who bought pre-construction condos now face challenges with appraisals, because the completed units are valued lower, in some cases much lower, than the purchase price.
Calgary condo owners must also deal with reduced profitability. In 2026, the ability to flip or rent units for profit has taken a hit.
Julie Dempsey, the respected Calgary Realtor and downtown certified condo specialist with Royal LePage Benchmark, has realistic positivity about the current condo situation. “The Calgary condo market has historically been a challenging investment over the long term. There are certainly exceptions where people have done well, of course, but success is often tied to market timing – buying at the right price and selling when market conditions are stronger.
She resists calling Calgary’s condo market a slump and suggests the numbers showing more of a balanced market trend, which usually neither favours the seller or the buyer.
Compared with stats about Calgary’s overall real estate market, the detached home market is showing more balanced stability, while there is a shift to a buyer’s market in Calgary’s condo/apartment sector.
According to Ann-Marie Lurie, chief economist at CREB®, “Condo sales have slowed from the record highs we saw over the last couple of years, but they aren’t slumping. Perhaps they have just returned to a level that’s in line with long-term trends.
“What’s changed in Calgary’s condo market is supply. Condos and apartment-style starts are at record highs. That has given buyers, and those considering whether to buy, much greater choice in new homes and resale product, as well as in rentals.
“Record highs in apartment-style starts are creating oversupply that’s putting downward pressure on resale condo prices,” she explains. New condos typically have lower fees than resale condos, so that has the potential to attract some buyers toward new units instead of existing homes.”
Condo market slowdown, downturn or slump, many Calgary condo experts and the numbers reflect a definite trend, showing that 2026 is much different than 2025 and the past five years.
Slowing condo sales and oversupply, particularly in the resale condo market, are continuing this year. The condo market experts point out that, as more units currently under construction are completed, Calgary condo buyers looking for an apartment-style home are going to find even more choices.
For re-sales, Julie Dempsey suggests, “What is especially critical in the current environment is pricing the property correctly from the beginning of the listing. When prices are softening, starting too high and chasing the market down can ultimately result in a lower sale price and a longer time on market.
“Over the past year, we have seen a noticeable softening in condo prices. So, setting expectations appropriately is important. One simple reference point is the property tax assessment – typically I suggest taking that number and adjusting it down by at least 10 per cent, as a starting point when evaluating realistic market value.”