Overview: High-Density Buyers Hold Back as Supply Builds
January 2026 opened the new year with market conditions that closely mirror the story told by the final months of 2025. According to the CREB monthly statistics released February 2, 2026, total residential sales reached 1,234, a 14.84 percent decline from January 2025. New listings climbed to 2,785, down 3.83 percent year over year, while active inventory rose to 4,391 units, up 20.63 percent from a year ago. Total months of supply for all residential properties came in at 3.56.
"Following the typical December slowdown, potential buyers for high-density homes were more hesitant to return to the market in January, as increased supply choice across all aspects of the market has reduced the sense of urgency," said Ann-Marie Lurie, CREB's Chief Economist. "At the same time, sellers were quick to bring their listings onto the market, causing the sales-to-new-listings ratio to drop to 44 per cent, mostly due to shifts in apartment and row-style homes."
The sales-to-new-listings ratio of 44 percent is a striking number, deep into buyer's market territory for the segments it reflects. The total residential benchmark settled at $554,400 in January, essentially unchanged from December's $554,700, suggesting the pace of price decline may be stabilizing at the aggregate level even as apartments continue to soften. The divergence between detached and high-density segments has never been clearer.
January 2026 Calgary by the numbers: 1,234 sales, 2,785 new listings, 4,391 active listings, 3.56 months of supply, and a total residential benchmark price of $554,400.
January 2026 Sales and Listings Activity
January is traditionally a slow month for Calgary real estate as buyers and sellers return from the holiday period, but the 2026 edition of January has been notably weaker than typical patterns in the high-density segments. The 2,785 new listings that entered the market in January contributed to inventory growth that sellers in the row and apartment segments will need to compete against for the foreseeable future. The sales-to-new-listings ratio of 44 percent is particularly telling for apartments and row homes, where the ratio implies more than two new listings for every completed sale.
Days on market averaged 53 in January, matching December's figure and confirming that the extended timelines are not just a holiday-season anomaly. The sale-to-list ratio improved slightly to 97.68 percent from December's 97.12 percent, which is a modestly positive signal that sellers who are willing to price at market are achieving reasonable results. The gap between the overall headline figure and the apartment-specific experience is wide, however, with apartment sellers facing longer days on market and more price negotiation than the aggregate suggests.
On the positive side, detached sales held up better relative to the prior year than any other property type, and the detached months-of-supply figure of 2.67 is one of the lowest entry-of-year readings in recent years. The detached market entered 2026 in genuine balance, with pockets of tightness in the West, North West, and South communities that typically drive strong spring activity.
Gold dashed line marks the 4-month buyer's market threshold. Scale extended to 6 months. Source: CREB Monthly Statistics, January 2026.
Calgary Home Prices by Property Type in January 2026
January's total benchmark of $554,400 is nearly identical to December's $554,700, suggesting the worst of the price decline momentum may be slowing at the aggregate level. However, that stability is driven primarily by the detached segment. Apartment prices have not yet found a floor, and the row segment continues to face downward pressure from excess supply. Understanding which segment you are in is the most important context for any January 2026 market participant.
Source: CREB Monthly Statistics, January 2026
Detached Homes
Detached homes continue to provide the most stability in Calgary's residential market. January's benchmark of $724,000 is down 3.38 percent year over year, but that decline is largely attributable to the city-wide softening rather than any specific weakness in detached fundamentals. With 2.67 months of supply, the detached market opens 2026 in balanced territory. The detached benchmark has been essentially flat month over month since October 2025, suggesting that prices may have found a near-term floor in this segment while other property types continue to adjust.
Semi-Detached Homes
The semi-detached segment posted a benchmark of $667,000 in January, down 1.10 percent year over year. The 3.54 months of supply remains comfortable, and this property type has shown consistently resilient performance through the correction period of late 2025 and early 2026. For buyers seeking attached living without apartment-market volatility, semi-detached properties remain one of the more compelling value propositions in the Calgary market right now.
Row Homes and Townhouses
January was the first month where Calgary's row home segment clearly crossed into buyer's market territory at 4.22 months of supply. The benchmark price of $420,800 is down 5.23 percent year over year. The combination of elevated new construction supply and lower rental rates reducing first-time buyer urgency has pushed the row segment beyond the four-month threshold. This gives row home buyers meaningful negotiating leverage, particularly in districts where new build competition is most intense.
Apartment Condominiums
The apartment segment continued its correction in January 2026, with 5.26 months of supply and a benchmark price of $301,200, down 7.75 percent year over year. As CREB's chief economist noted, high-density buyers were particularly hesitant to return from the holiday period, with sellers re-entering the market faster than buyers. The $301,200 benchmark now represents some of the best affordability the Calgary apartment market has offered in years. Buyers who can absorb near-term price risk are finding genuine value at these levels, and the winter months typically represent the lowest buyer competition of the year in this segment.
Source: CREB Monthly Statistics, January 2026
January 2026 marks the first month where both row homes and apartments simultaneously exceeded the 4-month supply threshold, with row at 4.22 months and apartments at 5.26 months. This broad-based buyer's market in the high-density segments is creating the most accessible entry points Calgary has seen in years.
Calgary Real Estate Prices by District in January 2026
The district-level picture in January 2026 shows price corrections broadening across most of the city, with the North West and West districts holding up best and the North East and South East experiencing the largest year-over-year declines. The distribution of apartments and row homes within each district remains the primary driver of how deeply each area's total benchmark has been affected.
Source: CREB Monthly Statistics, January 2026. Total residential benchmark, all property types combined.
West District: Narrowest Correction in January
The West district continues to record the most modest year-over-year total benchmark decline in January, at just 1.4 percent. The West's strong detached market fundamentals, with months of supply well below two in many communities, are anchoring the overall district benchmark against the broader correction. This is the district that has most consistently demonstrated resilience through the correction period, and January reinforces that pattern.
North West District: Broader Correction Taking Hold
The North West's 4.4 percent year-over-year total benchmark decline in January is notably steeper than its December figure of 0.7 percent, indicating that the apartment and row corrections in this area are accelerating. The detached segment in the North West likely remains more stable, but the apartment supply that has built up in certain North West communities is now more clearly weighing on the aggregate district benchmark. Buyers seeking detached homes in the North West should still find good opportunities; condo and row buyers have even more selection and leverage.
City Centre and South: Persistent Correction
City Centre's 4.6 percent total benchmark decline reflects the significant apartment supply in the downtown core. The South district's 3.5 percent decline is somewhat lower, benefiting from a stronger detached component that has held value better than the apartment segment. Both districts show the same pattern seen city-wide: the detached and semi-detached markets are in or near balanced conditions while the apartment market is clearly in buyer's territory.
South East: Above-Average Pressure
South East's 5.8 percent total benchmark decline is one of the steeper district corrections for January. This district has a meaningful concentration of apartment and row product relative to detached homes, and those segments have absorbed disproportionate price declines. Buyers in the South East have real choice across all property types, and the entry prices in the apartment and row categories are materially lower than a year ago. This creates value for long-term buyers who are comfortable with near-term price risk.
North East and East: Deepest Corrections Persist
The North East's 7.9 percent year-over-year total benchmark decline remains the steepest of any Calgary district in January, driven by the district's high apartment concentration and the ongoing softening in that segment. The East at 5.7 percent has seen some relief relative to December's 7.6 percent figure, which may reflect seasonal variation rather than a definitive trend. Both districts continue to offer the most accessible price points in Calgary for buyers who prioritize affordability over location premium.
What January 2026 Data Means for Calgary Buyers
For detached home buyers, January 2026 is a balanced market with the normal January quiet working in your favour. Competition from other buyers is at its seasonal low, and while sellers in supply-constrained areas are not desperate, the slower pace of the month gives you time to do thorough due diligence without feeling rushed. The 2.67 months of supply for detached homes means you should have reasonable selection across most districts, and the West and North West, while still competitive, are not the frenzied bidding environments of two years ago.
Row home buyers have new leverage in January 2026. With 4.22 months of supply, this segment has officially entered buyer's market territory, and prices at $420,800 represent a meaningful discount from January 2025. If you have been targeting a townhouse in Calgary, the window to negotiate from a position of strength is open right now. The summer months, when activity picks up and competing buyers re-enter the market, could narrow that window. January and February may represent the peak of buyer leverage in this segment for the current cycle.
Apartment buyers have a compelling case in January 2026. The combination of 5.26 months of supply, a $301,200 benchmark that is down nearly eight percent year over year, and the lowest buyer competition of the calendar year creates a genuinely favourable entry point. Extended days on market for apartments means you are not competing against a field of other buyers while writing your offer. Take your time, compare options carefully, and negotiate. The data supports a buyer approach right now.
What January 2026 Data Means for Calgary Sellers
Sellers in January 2026 need to resist the temptation to anchor their price expectations to 2024 or early 2025 comparable sales. The market has shifted, and pricing relative to current comparable sales is the only strategy that generates activity. This is particularly true for apartment and row sellers, where buyers have more than enough alternatives to wait out overpriced listings. A competitive list price from day one will consistently outperform a high list price with subsequent reductions in terms of both time on market and ultimate sale price.
Detached sellers in the West and North West who are pricing within the current benchmark range for their community can still expect a reasonable result, even in January's slower market. The detached fundamentals in these areas remain intact, and buyers who have been watching the market through the fall and winter are likely to act when a well-positioned detached property comes to market. Correct pricing is rewarded even in the slow season.
For row and apartment sellers, consider the math carefully before proceeding. If your timeline is flexible, waiting for spring season activity may improve your competitive position marginally. But if you need to sell in the near term, price aggressively, invest in professional photography and staging, and accept that the market conditions favour buyers right now. Work with your agent to set expectations clearly and focus on what you can control: price, condition, and presentation.
Outlook: What to Watch in February and March
February and March are typically when Calgary real estate activity begins its seasonal acceleration toward the spring peak. The question for 2026 is whether the seasonal uptick will be strong enough to meaningfully reduce apartment and row inventory, or whether supply levels will persist and continue to pressure prices in those segments. Watch the sales-to-new-listings ratio closely: if it climbs back above 50 percent for apartments in February, that would suggest demand is starting to recover. If it stays near or below 44 percent, supply will continue to accumulate and price pressure will persist.
Interest rate expectations are a key wildcard for the spring market. Any Bank of Canada rate announcement that signals further reductions could trigger pent-up buyer demand, particularly for the more affordably priced apartment and row segments where payment sensitivity is highest. First-time buyers, who were the primary buyer group for apartments and row homes before the correction, are the most rate-sensitive cohort in the market. A meaningful rate improvement could accelerate their return to active buying.
For the detached segment, the spring market typically brings a seasonal improvement in both sales and prices. If the pattern holds in 2026, detached benchmark prices could recover some of the year-over-year losses in the March through June period. The supply constraint that has characterized the detached segment throughout the correction remains in place, and any increase in demand through the spring could quickly tighten months of supply below two in the most sought-after communities. Buyers waiting for the perfect detached entry point should be mindful that the window of reduced competition closes as spring approaches.
Data sourced from CREB Monthly Statistics Package, City of Calgary, January 2026. Released February 2, 2026.
