Calgary’s residential real estate market is entering a more measured phase in 2026, shifting away from the urgency and tight supply that defined recent years.
The result is a market that is more stable overall, but one that varies significantly depending on property type, price point and location.
“The market ranges from balanced to buyer conditions depending on property type,” says Ann-Marie Lurie, chief economist with the Calgary Real Estate Board (CREB®).
This transition began in 2025, driven by increased supply across rental, new home and resale markets, combined with moderating demand tied to slower migration.
Supply Gains Reshape the Market
After several years of record population growth and housing shortages, Calgary is now seeing the effects of elevated construction levels.
“There are over 25,000 units under construction in the city,” Lurie notes, adding that at current migration levels, supply is beginning to catch up.
However, she cautions that overall supply does not always align with housing needs, as affordability challenges remain.
At the market level, those shifts are becoming more visible.
“Inventory trends vary by property type,” explains Catherine Chow, realtor with CIR Realty, noting tighter supply in detached homes and rising inventory in apartment-style properties.
A Segmented Market Emerges
One of the defining features of the current market is segmentation.
Detached and semi-detached homes continue to perform differently than higher-density housing.
“Apartment-style homes have the highest inventory supply and sales are down year over year,” Chow says, adding that resale homes in higher-supply segments are experiencing longer days on market.
Lurie connects this trend to broader supply increases.
“In 2025, we saw prices ease for both row and apartment-style units as added competition from rental and new home supply weighed on resale prices.”
That pressure is expected to continue into 2026, as additional supply continues to enter the market.
Carmen Davison, realtor with Real Estate Professionals Inc., is seeing similar conditions.
“There are large levels of inventory to process, so we will see this type of home continue on a downward trend in price,” she says, referring to condo and townhouse segments.
Detached Homes Continue to Lead
While higher-density housing faces increased competition, detached homes remain a relatively strong segment.
Chow points to steady demand in entry-level and mid-range detached homes, particularly when properties are well priced and well presented. She notes that homes in these segments continue to move at a steady pace despite broader market normalization.
The luxury segment has also remained stable in areas where supply is more limited.
Davison adds that demand for single-family homes remains consistent across price ranges.
“The luxury market, middle and starter homes remain strong commodities.”
Lurie notes that detached homes remain the most desired property type, particularly in lower price ranges where supply is still constrained. At higher price points, however, buyers are seeing more options, especially where new construction is competing with resale inventory.
Changing Buyer Preferences
Buyer preferences are also evolving.
Davison is seeing a shift away from uniform design trends, with more buyers seeking homes that offer character and warmer finishes.
“The white home has come and gone,” she says.
Lifestyle considerations are also influencing decisions. Many buyers are seeking less dense, quieter environments while maintaining access to amenities, contributing to continued interest in suburban communities.
Secondary suites are gaining attention as affordability pressures persist.
“Clients are converting spaces into suites or purchasing homes that already include them,” Davison explains.
Downsizing trends are also shifting, with some buyers choosing bungalows or adapting homes to support long-term living rather than moving into condos.
Interest Rates and Market Confidence
Interest rates continue to shape buyer behaviour, though their impact has evolved.
With rates stabilizing around four per cent, buyers are adjusting expectations compared to previous years.
Chow notes that reduced consumer confidence has contributed to a slower pace of activity in some segments.
Even so, demand remains for well-positioned properties.
“A sharply priced home in a great location can still attract one to three buyers,” Davison says, particularly as the spring market approaches.
Migration Trends Shift Demand
Population growth remains a key driver of housing demand, but its impact is changing.
Lurie notes that migration surged between 2022 and 2024, contributing to housing shortages and rapid price growth. That pace has since slowed significantly.
Migration has declined from approximately 80,000 people annually to closer to 20,000, easing demand, particularly in rental and entry-level markets.
Lurie explains that this shift is expected to ease resale activity this year, as slower population growth and increased supply provide buyers with more options.
“The additional rental product is impacting vacancy rates and rents, which ultimately slows investor demand and the transition to ownership.”
Davison continues to see interest from out-of-province buyers, particularly from Ontario and British Columbia, though at a slower pace.
“Calgary is still viewed as a great place to retire or start a family.”
Looking Ahead
The outlook for Calgary’s housing market reflects continued stability, with variations across segments.
Lurie indicates that resale sales are expected to ease slightly this year due to slower migration levels and increased supply options in rental and new home markets.
Price trends are expected to diverge. Detached and semi-detached homes are likely to remain stable, while apartment and row-style homes may continue to face downward pressure.
For now, Calgary’s housing market is defined by balance and increased choice. In this environment, success will depend on how well buyers and sellers navigate a market that is no longer moving in one direction.