Some real estate agents say it’s a quirky market!
Detached re-sales have plateaued. There is a Calgary condo slump. Multi-family has stabilized. After three-plus consecutive years of record housing starts, the new home market has transitioned and cooled from an exceptionally strong growth period to what the market calls “balanced.” And luxury homes are surging.
CREB’s late summer tracking showed that re-sales of detached homes were down slightly from last year, and the hottest Calgary housing market for semi-detached homes, with total sales up by nearly six per cent, compared to July 2025.
According to the Royal LePage® Q2 2026 House Price Survey, the aggregate Calgary home price remained flat year over year, decreasing $695,300. The median price of a single-family Calgary home increased one per cent, $814,600. The median price of a Calgary condo dropped four per cent to $258,600.
The encouraging trend? The Survey forecasts that the aggregate price of a home in Calgary will increase 2.5 per cent in this fourth quarter.
For various reasons, Calgary’s detached re-sales and new builds are flat.
“The number of detached home sales has been lower than the last couple of years,” tracks Susanita de Diego, chair, CREB® Board of Directors and owner/broker of Coldwell Banker Mountain Central. “This summer, there were two per cent fewer sales than in summer 2025.”
According to the plugged-in Taylor Pardy, CMHC lead economist, Prairies, “Calgary’s single-detached market is benefitting from more demand-side stability that’s characteristic of that housing type through market cycles.
“It’s the multi-unit side of the market that tends to see more demand swings when market conditions change, particularly when new supply coming to the market is abundant, like what we’re seeing now. But the single-detached market hasn’t been completely immune to shifts in market conditions, with the pace of existing homes sales down 14 per cent relative to the peak of 2024.”
No doubt about it. Potential buyers and sellers in the Calgary real estate market have a lot of issues to deal with.
CREB and Calgary real estate agents suggest that single-family detached prices are down and the market has cooled, partially driven by lower migration to Calgary creating less demand, competition from robust new builds and, particularly since this spring, many home buyers may be hesitating due to the impact of tariffs and the trade war causing consumer jitters and uncertainty about the economy.
For new builds, “The residential construction industry continues to face cost pressures from a range of sources,” explains Amie Blanchette, chief executive officer of BILDCR. “Labour, materials, financing and broader economic uncertainty. Tariffs and trade-related uncertainty add additional pressure to the cost of some building materials and create challenges for long-term planning and investment decisions.
“But, despite the challenges, BILD members remain remarkably resilient and continue to deliver high-quality housing across the Calgary region. More than 20,000 homes were under construction at the start of this year. Calgary consumers continue to benefit from increased housing choice across a variety of housing types and communities.
“And Calgary remains one of Canada’s leaders in housing supply, continuing to outperform many major Canadian markets when it comes to delivering new housing.”
Particularly for detached re-sales, the 2026 Calgary market continues spotty, with the north and northeast areas dropping by five to six per cent. Much of the softening is due to competition from new builds in surrounding towns like Airdrie.
Another quirky but interestingly positive about Calgary’s detached real estate market is the stealth but steady spike in Calgary’s “luxury” market.
The reasons are different but many. CREB stats show that, while there is a leveling-off in most Calgary market segments, resales for all housing types for all price levels fell 16 per cent last year, new builds and resales for $2 million-plus homes grew four per cent.
“Comparing nationally is difficult, considering that luxury markets can differ significantly between Calgary and Toronto, for example, and have different drivers,” Pardy says. “In Calgary, the $1 million and above category has shown some recovery recently with the percentage of sales over $1 million increasing from around 13 per cent at the start of the year to about 18 per cent by the summer.”
He adds the factor influencing the luxury market is simply more Calgary properties valued at $1 million and above while, “in general, the luxury market tends to do well when economic and labour market conditions are brisk.”
Blanchette explains the uptick in Calgary’s luxury market because “Calgary continues to attract people from across Canada and around the world because of its strong economic fundamentals, exceptional quality of life and relative affordability compared to many other major metropolitan centres. At all price points, even for higher-end luxury homes, Calgary often offers greater value than what buyers may find in other markets across Canada.”
“The Calgary market factor of strong values compared with Vancouver and Toronto attracts buyers who recognize how much more their purchasing power can provide here. Ultimately, the luxury market is less about affordability and more about choice, lifestyle and finding a property that feels difficult to replicate.”
John Hripko, Royal LePage’s regional spokesperson and broker at Calgary’s RLP Benchmark has much experience in Calgary’s luxury market. “Our overall market values are not only lower, we are adding incredibly affordable, and one of the highest income markets and lowest taxation rates in Canada.”
Market trends change. Situations change. Lifestyles and the economy change.
And Hripko explains that real estate market values change. “In Calgary, a $1 million home is no longer a luxury category. Maybe $2 million-plus. As with traditional real estate, location matters. Like Mount Royal, Springbank, Bearspaw, Elbow Park, Priddis, Riverdale, Rideau, Roxboro, Belair, Eagle Ridge and Briar Hill.
“With luxury homes, the lots alone could start at $1 million, especially some high end infills, and the construction is $800 to $1,400 a square foot.”
Jim Groenewoud, president at Baywood Estate Homes and one of Calgary’s most respected luxury home builders explains that, in the Calgary area, the luxury home entry point is $1.5-$2 million, and the ultra-luxury range are homes over $4 million.
While that is rarified air few Calgarians have the financial wherewithal to breathe, demand is surprisingly steady and growing modestly due to a certain type of migrant to the city: the corporate executive.
He mentions some factors causing the stealth surge in Calgary’s luxury home market. “Calgary’s economy is diversifying beyond oil and gas and into tech. Also, the stat that, according to the Financial Post 500 listing, about 10 per cent of Canada’s largest corporate head offices are located in Calgary – a large number, relative to Calgary’s population.
“The highest paying Calgary jobs are in medicine, executive leadership, law, engineering (petroleum and IT) and finance.”
Besides, Groenewoud points out that the luxury buyer isn’t as focused on price points. “The market demands more of a unique, one-off product that provides pride of ownership, lifestyle enhancements, a place to enjoy valuable personal time from busy demanding schedules.”
CREB’s Susanita de Diego explains that, aside from price, the luxury market is distinguished by how buyers make decisions. “Luxury buyers tend to have more flexibility around financing and timing, allowing them to be more selective. They are looking beyond square footage and finishes for something exceptional – location, architecture, privacy, views or a truly turnkey home.”
There is no elusive crystal ball, but Calgary trends suggest a mostly balanced 2027 real estate market for buyers and sellers, although sellers may have a bit of an advantage, tight supply and low detached home inventory, steady prices and slower inter-provincial and international migration, compared to recent Calgary hot market years.