Calgary Real Estate Market Report: February 2026 Stats and Analysis

Overview: Detached and Semi-Detached Markets Tighten as Apartment Correction Deepens

February 2026 brought a market that is increasingly telling two distinct stories. According to the CREB monthly statistics released March 2, 2026, total residential sales reached 1,526, an 11.18 percent decline from February 2025. New listings came in at 2,766, down 2.26 percent year over year, while active inventory rose to 4,822 units, a 16.28 percent increase from a year ago. The total months of supply improved to 3.16, down from January's 3.56, driven by a meaningful tightening in the detached and semi-detached segments heading into spring.

The February data reveals a genuine bifurcation at work. The detached segment entered February with 2.64 months of supply, and the semi-detached segment tightened to just 2.37 months, both reflecting balanced-to-tight conditions heading into spring. At the same time, apartments continued their correction with 4.58 months of supply and benchmark prices down 9.27 percent year over year, approaching the double-digit annual decline level. The gap between these two market realities has rarely been wider in Calgary's recent history.

The total benchmark price climbed to $560,500, up from January's $554,400, suggesting seasonal price recovery in the stronger segments is beginning to outpace continued softening in apartments. Days on market improved to 42 from January's 53, and the sale-to-list ratio improved to 97.87 percent, early signals that the spring market is beginning to engage the stronger segments of Calgary real estate.

February 2026 Sales and Listings Activity

February's 1,526 sales are an improvement over January's 1,234, consistent with the seasonal pattern of activity picking up as winter fades. The new listings count of 2,766 also reflects sellers entering the market in anticipation of spring demand. What is notable is that the overall sales improvement was driven largely by the detached and semi-detached segments, while apartment activity remained subdued relative to the volume of available listings entering the market.

The days-on-market improvement to 42 from 53 in January is a meaningful signal. Properties in the stronger segments, particularly detached homes in the West, North West, and South, are moving considerably faster than the city-wide average suggests. The 97.87 percent sale-to-list ratio is approaching levels associated with a fully engaged market in the detached category. Sellers in those areas who price correctly are achieving results that would not look out of place in a strong market year.

For apartments, the picture remains one of extended days on market, competitive pricing pressure, and more inventory than buyers can comfortably absorb. The divergence in performance between property types is creating very different experiences for sellers and buyers depending on which segment they are operating in. City-wide statistics continue to blend these two environments into a single number that understates both the opportunity for apartment buyers and the strength for detached sellers in the right areas.

Calgary Home Prices by Property Type in February 2026

The February total benchmark of $560,500 is up from January's $554,400, a monthly improvement that reflects seasonal price recovery in the detached and semi-detached segments. This is a normal pattern for Calgary: the spring market typically brings modest price improvement as buyer activity increases. The question is whether the seasonal lift in the stronger segments will be enough to offset the continued apartment correction and move total benchmark prices higher through the spring period.

Detached Homes

Detached homes are showing early signs of spring momentum in February 2026. The benchmark price of $734,300 is up from $724,000 in January, a month-over-month gain that reflects improving seasonal demand in this segment. With just 2.64 months of supply, the detached market is in balanced-to-tight territory overall, and specific communities in the West, North West, and South are tighter still. Sellers of well-positioned detached homes entering the market in February and March are likely to find more buyer activity than at any point since last spring.

Semi-Detached Homes

The semi-detached segment posted the tightest supply conditions of any property type in February 2026, at just 2.37 months, and the benchmark price of $682,200 is up meaningfully from January's $667,000. This improvement reflects strong seasonal demand for semi-detached product, which is in short supply relative to buyer interest. Year over year, the semi-detached benchmark is down just 0.38 percent, making this the most price-stable property type through the correction period. Semi-detached remains one of Calgary's most resilient investment and ownership options in the current environment.

Row Homes and Townhouses

Row homes improved slightly month over month in February, with the benchmark reaching $423,600 from $420,800 in January. The 3.29 months of supply is a meaningful improvement from January's 4.22 months, suggesting some row home buyers have re-entered the market ahead of spring. Year over year, the row benchmark is still down 4.96 percent, but the trend is less negative than in recent months. Row home buyers in February have more leverage than they will likely see once the spring market fully engages, making the coming weeks a good window for active negotiation.

Apartment Condominiums

The apartment segment crossed an important threshold in February 2026, with the benchmark price dipping to $298,600, the first time the Calgary apartment benchmark has fallen below $300,000 since before the pandemic-era appreciation cycle. The year-over-year decline of 9.27 percent is the steepest of any property type and reflects the sustained inventory overhang that has defined this segment since mid-2025. With 4.58 months of supply still firmly in buyer's market territory, the correction in apartments does not appear to have found a floor yet as of February. For buyers who believe in Calgary's long-term fundamentals and can accept near-term price risk, sub-$300,000 apartments represent a meaningful value entry point.

Calgary Real Estate Prices by District in February 2026

The district picture in February 2026 shows the West district as essentially flat year over year, a remarkable result given the city-wide correction. The North East and East continue to record the deepest declines, driven by apartment supply. What is new in February is the improved benchmark in several districts month over month, suggesting the spring market is beginning to provide some seasonal price support in the stronger areas.

West District: The First Positive Annual Reading

The West district recorded the only year-over-year total benchmark gain in Calgary for February 2026, at a nominal plus 0.1 percent. This is a significant milestone: the first month in the recent correction cycle where any Calgary district has posted positive annual total benchmark performance. It reflects the strength of the West's detached market, where supply constraints and consistent demand from higher-income buyers have insulated prices from the broader correction. The West's detached benchmark continues to lead the city in both absolute price and relative price stability.

North West and City Centre: Holding Better Than Most

The North West posted a 3.9 percent year-over-year total benchmark decline in February, a better result than the prior month's 4.4 percent, suggesting some improvement as the spring market begins to engage demand in this area. City Centre's 3.0 percent decline is likewise improved from recent months, partially reflecting the apartment segment beginning to attract some bottom-fishing buyer interest in the downtown core. Both districts benefit from diverse product mixes that include meaningful detached and semi-detached inventory.

South: Straddling the Threshold

The South district's 4.0 percent year-over-year total benchmark decline places it right at the boundary between the mild and significant correction categories. The South's detached market remains one of Calgary's most active by volume, with consistent buyer demand supporting prices in that property type. The apartment and row segments in the South are contributing to the overall decline, pulling the aggregate district figure below where the detached-only data would suggest.

South East: Sustained Above-Average Correction

South East's 6.2 percent year-over-year total benchmark decline is one of the steeper district results for February 2026. The district's significant row and apartment inventory, combined with competitive new construction alternatives in some communities, has maintained downward pressure on prices in those segments. Detached South East buyers continue to find more reasonable conditions than they would in the West or North West, and apartment buyers in this district have considerable leverage and selection.

North East and East: Deepest Corrections Continue

The North East's 8.6 percent year-over-year total benchmark decline is the steepest of any Calgary district in February, continuing the pattern that has defined this area through the correction. The East at 7.5 percent follows closely. Both districts' apartment-heavy inventory profiles make them most sensitive to the ongoing softening in that property type. For buyers who are price-driven rather than location-driven, these districts offer the most access to affordable entry points in Calgary in the current market.

What February 2026 Data Means for Calgary Buyers

For detached home buyers, February is a transitional month where the competitive landscape is shifting. The supply tightening from January to February, dropping from 2.67 to 2.64 months, signals that spring demand is engaging and more buyers are competing for the available detached inventory. If you have been planning to purchase a detached home in the spring market, February is likely among the last months where you will face relatively lower competition before the spring peak. Acting sooner rather than later in the detached segment is advisable.

For apartment buyers, February 2026 reinforces that there is no urgency that the market is imposing on you. With 4.58 months of supply and prices down more than nine percent year over year, you retain significant buyer leverage. The sub-$300,000 benchmark is an important psychological and financial threshold, and purchasing in this range in February gives you the advantage of winter-level competition combined with spring-level selection as new listings have entered the market. There is no case for rushing in the apartment segment right now.

Row home buyers occupy an increasingly interesting position in February. The improvement in row supply from 4.22 months in January to 3.29 months in February suggests buyers are returning to this segment as spring approaches. If you are targeting a row home, the February-to-March window may represent the peak of your leverage before competing buyer interest reduces it. The $423,600 benchmark is down roughly five percent year over year, and a well-positioned offer today is likely to achieve better terms than the same property will see by May.

What February 2026 Data Means for Calgary Sellers

The February data is genuinely encouraging for detached and semi-detached sellers who have been waiting for the right moment to list. Month-over-month price gains in both segments, improving days on market, and tightening supply all point to a market that is beginning to favour sellers in these categories as spring approaches. If you have a detached or semi-detached property ready to market, listing in March or April, when buyer activity peaks, is a reasonable strategy that the data supports.

Apartment sellers should be clear-eyed about what the February data means. A 9.27 percent year-over-year price decline and 4.58 months of supply do not describe a market where waiting for better conditions is the right call. If your timeline requires a sale in 2026, the spring season offers better buyer activity than winter, but the underlying supply-demand imbalance for apartments is unlikely to resolve in a way that meaningfully improves your selling position without a significant external catalyst such as a substantial rate reduction. Price aggressively, present well, and move decisively.

For row home sellers, February's improvement in supply suggests your segment is beginning to attract more buyers as spring approaches. If your property is priced relative to current comparable sales rather than 2024 levels, there is a path to a solid result in the spring market. The key is making sure your price reflects where the market is today, not where it was when inventory was lower and demand was higher.

Outlook: Spring Market Setup Heading into March

The February data sets up an interesting spring market for Calgary real estate. The detached and semi-detached segments are entering the traditional peak season in genuine balance or tighter, which historically produces price stability and in some cases modest gains through the April to June period. If buyer demand shows up as expected in spring, detached home prices could post meaningful month-over-month improvements that begin to close the year-over-year gap in that segment.

The apartment market's trajectory into spring is less clear. The seasonal uptick in buyer activity typically helps absorb some of the inventory overhang, which could provide modest price support or at least slow the pace of decline. However, the structural excess supply in the apartment segment will not be resolved by a single season of improved buyer activity. Watch whether months of supply for apartments dips below four during the spring; that would signal a meaningful inflection toward a more balanced market for that property type.

The broader economic context matters significantly for spring 2026. If the Bank of Canada delivers further rate reductions in March or April, the impact on affordability could meaningfully accelerate the return of first-time buyers and investors to the apartment and row segments, where payment sensitivity is highest. A half-point reduction in the policy rate could translate to several hundred dollars less per month on a mortgage payment in the apartment price range, which is a material improvement for cost-sensitive buyers who have been priced out or waiting. Any rate catalyst between now and May could accelerate the market in ways the current supply data alone does not predict.

Data sourced from CREB Monthly Statistics Package, City of Calgary, February 2026. Released March 2, 2026.

Atinder Shoker

Real Estate Agent, Shoker Real Estate

Atinder Shoker is a Calgary real estate agent specializing in inner-city infill properties, new construction, and investment acquisitions. With deep expertise in the YYC market and a track record of off-market transactions, he helps buyers and sellers navigate one of Canada's most dynamic real estate markets.