Overview: Apartment Supply Correction Deepens as Detached Holds Ground
Calgary's July 2026 housing market recorded 1,904 sales, a 9.2 percent year-over-year decline from July 2025's 2,097. The pullback is concentrated in higher-density property types: apartment and row home sales each fell more than 20 percent year over year, while detached and semi-detached remained comparatively stable. More notable than the sales decline is the sharp retreat on the supply side: new listings fell 15.0 percent year over year to 3,323, the steepest annual reduction of 2026. The result was active inventory of 6,626 units, down 4.2 percent year over year, the clearest sign yet that supply growth is topping out. Overall months of supply edged to 3.48, up slightly from July 2025's 3.30, keeping the headline market in balanced territory while masking widening divergence beneath the surface.
"Several consecutive years of high construction levels and the sudden drop in mostly international migration have contributed to the shift in housing market conditions mostly for higher-density homes, a transition that started in the second half of last year," said Ann-Marie Lurie, Chief Economist at CREB. "While new home construction is slowing, there are over 17,000 apartment-style units under construction. This continues to weigh on rental and higher-density properties, driving price adjustments."
The total residential benchmark price reached $569,200 in July, down 2.05 percent from July 2025's approximately $581,100 and slightly below June 2026's $572,500 on a monthly basis. As with every report in 2026, the city-wide figure obscures significant divergence by property type and district. The West district remains the only area posting annual price appreciation. The North, North West, and North East continue to see the most pronounced corrections. Detached and semi-detached homes show considerably more resilience than the apartment segment, which remains in buyer's market territory city-wide.
July 2026 Calgary at a glance: 1,904 sales, 3,323 new listings, 6,626 active listings, 3.48 months of supply, and a total residential benchmark price of $569,200.
July 2026 Sales and Listings Activity
The 1,904 sales recorded in July represent a 9.2 percent year-over-year decline but are broadly consistent with the seasonally adjusted pace observed since April 2026. The sales-to-new-listings ratio came in at 57.3 percent, indicating that even with fewer buyers active, the proportional retreat in new supply partially offset the demand reduction. The most striking feature of July's activity report is the supply side: new listings falling 15 percent year over year across all property types simultaneously is an uncommon pattern that signals a collective seller hesitancy, particularly among apartment condo owners who face the most challenging pricing environment of the cycle.
Days on market averaged 40 in July, reflecting buyers taking additional time to evaluate options in a market with full inventory across most segments. The sale-to-list price ratio came in at 97.69 percent, a modest retreat from June 2026's 98.02 percent but still indicating sellers are achieving close to asking price across the combined market. The ratio varies considerably by property type: detached sellers in the West and City Centre continue to command stronger ratios, while apartment sellers in the North, North East, and East districts face materially more negotiation.
The July months of supply of 3.48 compares with 3.09 in June 2026 and 3.30 in July 2025, a modest upward drift rather than a significant deterioration. The sharpest reduction in supply this month came from new listings, which fell 15 percent year over year, the steepest decline recorded in 2026. If this new-listing restraint persists into August and September, it will begin to draw down active inventory more meaningfully, particularly in the detached and semi-detached segments that have already shown signs of supply tightening throughout the summer.
Gold dashed line marks the 4-month buyer's market threshold. Source: CREB Monthly Statistics, July 2026.
Calgary Home Prices by Property Type in July 2026
The total residential benchmark of $569,200 reflects a market where two property types are holding their value with only minor annual adjustments while row and apartment segments face more meaningful corrections as elevated supply weighs on values. On a monthly basis, the July benchmark edged slightly below June's $572,500, a modest directional shift rather than acceleration of the decline. The real story in July's price data is the divergence between detached and semi-detached homes, which remain anchored in moderate-correction or near-flat territory, and apartments, which continue to face buyer's market dynamics with over 17,000 units still under construction across the Calgary area.
Source: CREB Monthly Statistics, July 2026.
Detached Homes
Detached homes recorded 1,012 sales in July, a 2 percent year-over-year decline and the most resilient sales performance of any property type this month. New listings fell 10 percent year over year to 1,707, tightening the pool of available product and keeping months of supply at 2.90, one of the lowest readings across all segments. The benchmark price of $743,900 is down 1.87 percent year over year but has held within a narrow range since spring. The strongest sub-markets are the West, where detached homes reached $1,003,800, up 2.31 percent year over year, and the City Centre at $992,000, up 0.91 percent. The North West posted a detached benchmark of $770,600, down 3.52 percent, while the South district sits at $719,500, down 1.42 percent. Well-positioned detached homes in the West and City Centre continue to generate competitive offers, and the declining new-listing trend is broadly supportive of values heading into fall.
Semi-Detached Homes
Semi-detached is the standout segment of July 2026. Sales of 198 rose 6 percent year over year, the only property type to post annual sales growth this month. The benchmark price of $691,000 is down just 0.30 percent year over year, making semi-detached essentially flat on an annual basis and by far the most price-stable category in the Calgary market. With 2.89 months of supply and new listings falling 4 percent year over year, buyer interest is being met by a contracting supply of available product. Semi-detached homes in communities across the South East, North West, and City Centre continue to attract buyers seeking the features of a detached property at a lower entry price. Sellers in this segment are positioned better than any other property type heading into the fall 2026 market.
Row Homes and Townhouses
Row home sales of 286 fell 23 percent year over year in July, the sharpest sales decline of any property type. Months of supply reached 3.90, approaching the upper bound of balanced territory. The benchmark price of $418,500 represents a 6.10 percent annual decline, reflecting reduced buyer interest as affordability-focused demand has shifted toward apartments or new construction options. New listings for row homes fell 25 percent year over year to 506, a meaningful reduction that, if sustained, will begin to draw down the 1,115 active row home listings toward more balanced conditions. Buyers in this segment have good selection and meaningful negotiating room relative to the detached category, but the declining new-listing trend is a sign that the correction is moderating rather than accelerating.
Apartment Condominiums
Apartment condominiums remain the most pressured segment in the Calgary market. Sales of 408 fell 20 percent year over year, months of supply reached 4.90, firmly in buyer's territory, and the benchmark price came in at $297,600, down 8.37 percent from July 2025. The ongoing supply pressure reflects CREB's commentary on over 17,000 apartment-style units still under construction across the Calgary area, ensuring that the supply pipeline will continue to exert downward pressure on values in the near term. The North and North East districts carry the most challenging apartment conditions, while select inner-city and South quadrant districts show relative stability near the city-wide benchmark. For buyers with a long investment horizon, Calgary apartments at these price points represent entry at a cycle low, but near-term price appreciation depends on absorption of a significant supply overhang that is not yet complete.
Source: CREB Monthly Statistics, July 2026.
At $297,600 with 4.90 months of supply, Calgary apartment condominiums remain in buyer's market territory. Over 17,000 apartment-style units are still under construction across the Calgary area, keeping supply pressure elevated through the remainder of 2026. Buyers have substantial selection and real negotiating leverage city-wide, with the most pronounced discounts available in the North, North East, and East districts.
Calgary Real Estate Prices by District in July 2026
The district breakdown for July 2026 illustrates the geographic fault lines that have defined this market correction. The West district stands alone with annual price appreciation, reflecting tight detached supply and persistent demand for premium suburban communities. Every other district recorded year-over-year declines, ranging from a modest 0.7 percent in the City Centre and East to a significant 6.6 percent in the North. The composition of each district's housing stock, particularly the share of apartment condominiums, is the primary driver of these divergent outcomes.
Source: CREB Monthly Statistics, July 2026. Total residential benchmark year-over-year change.
West District
The West district is the standout performer in Calgary's July 2026 market, with total residential prices up approximately 0.9 percent year over year, the only district posting annual appreciation. Detached homes in the West reached a benchmark of $1,003,800, up 2.31 percent from July 2025, confirming that the West's detached segment has held its value better than any other area in the city throughout 2026. Communities such as Aspen Woods, Springbank Hill, Cougar Ridge, and Coach Hill continue to attract strong demand from families and move-up buyers seeking larger lots and proximity to top-ranked schools. Months of supply for detached homes in the West remain among the lowest in Calgary. Sellers in the West are positioned better than anywhere else in the city heading into fall 2026, and buyers targeting this quadrant should expect limited selection and less negotiating room than they would find elsewhere.
North West District
The North West posted a total residential benchmark down approximately 4.7 percent year over year in July, one of the larger annual declines recorded in this quadrant during 2026. Detached homes in the North West sit at $770,600, down 3.52 percent annually, reflecting a softening in a district that posted exceptional strength in 2024 and early 2025. Communities like Edgemont, Hamptons, and Royal Oak contain a mix of established detached homes and a meaningful share of higher-density product, and it is the apartment component that is weighing most heavily on the district's total residential benchmark. The detached sub-market within the North West remains considerably more stable than the overall figure suggests, with months of supply for North West detached staying below 3 throughout the summer. Buyers considering North West apartments have stronger negotiating position, while those targeting detached homes should expect a market that leans toward sellers on well-priced product.
City Centre and South
The City Centre recorded total residential prices down approximately 0.7 percent year over year in July, one of the more resilient readings among Calgary districts. Detached homes in the City Centre sit at $992,000, up 0.91 percent annually, with inner-city infill communities such as Hillhurst, Inglewood, and Ramsay continuing to attract premium buyer interest. The City Centre's modest total residential decline reflects the bifurcation between a detached segment that is holding value and an apartment market facing supply pressure from new downtown and Beltline completions. The South district posted total residential prices down approximately 0.9 percent year over year, with detached at $719,500, down 1.42 percent. The South remains one of the tightest markets for detached product in Calgary, with communities like Legacy, Mahogany (detached), and Silverado continuing to attract buyers who value newer construction and community amenities at accessible price points.
South East District
The South East recorded total residential prices down approximately 3.3 percent year over year in July, with detached homes at $698,900, down 3.05 percent annually. This district spans a wide range of communities from established Copperfield, McKenzie Towne, and Cranston to newer developments further east. Semi-detached in the South East has been among the more resilient sub-segments throughout 2026, while apartment and row home supply has been the primary contributor to the overall district decline. Buyers in the South East will find good selection across all price points, and the district's relatively affordable detached benchmark compared to the West or North West provides strong value for buyers who do not require proximity to those quadrants' specific amenities. South East detached prices in the upper bands have been more protected, with Mahogany detached continuing to attract buyer interest through the summer.
North East, North, and East Districts
These three districts are experiencing the most significant price corrections in Calgary's July market. The North district posted total residential prices down approximately 6.6 percent year over year, the steepest annual decline of any district, with detached homes at $647,700, down 4.93 percent annually. The North's high concentration of higher-density product, combined with the sharpest rental demand softening following the decline in international migration, has produced the most challenging conditions in the city. The North East recorded total residential prices down approximately 4.4 percent year over year, with detached at $563,900, down 6.03 percent, reflecting a district where affordability-driven demand has not been enough to offset the supply buildout. The East district, while posting a relatively modest total residential decline of approximately 0.7 percent, shows more significant detached pressure at $490,200, down 3.47 percent annually. For buyers with a long time horizon and affordability as a primary constraint, these three districts offer Calgary's most accessible entry points and the potential for meaningful recovery once the apartment supply overhang is absorbed.
What July 2026 Data Means for Calgary Buyers
The most important signal for buyers in July's report is the dramatic pullback in new listings, down 15 percent year over year. This is a significant development: supply entering the market is declining across all property types simultaneously, which means active inventory has peaked or is very close to peaking in most segments. Buyers who have been waiting for the optimal window to enter the detached or semi-detached market may find that conditions shift relatively quickly once supply begins to compress. The detached and semi-detached segments are already close to balanced and are unlikely to see meaningful additional correction from current levels.
District selection continues to be the most important variable in buyer strategy. The West, City Centre, and South districts offer fundamentally different supply dynamics than the North, North East, and North West. In the West and City Centre detached markets, buyers should not assume substantial negotiating room, since months of supply remain well below 3 and well-priced properties are moving. In the North, North East, and North West apartment markets, buyers have genuine leverage: 4 to 7 months of supply depending on the sub-district, prices down 8 percent or more annually, and sellers who understand the current market reality.
For buyers financing a purchase, current mortgage rates remain supportive relative to the peaks of 2022 to 2023. A pre-approval locks in today's terms and provides clarity on budget. The sale-to-list ratio of 97.69 percent city-wide tells you that going in dramatically below asking on a detached home is unlikely to succeed. In the apartment segment, particularly in the North and North East, there is real room to negotiate both price and conditions. Buyers who can separate their product-type preference from their district requirement will find the best combination of selection, affordability, and negotiating position in July's market.
What July 2026 Data Means for Calgary Sellers
For detached and semi-detached sellers, July's report provides measured reassurance. The detached benchmark of $743,900 has held within a narrow range through the spring and summer, and months of supply of 2.90 means the segment is not oversupplied. Semi-detached sellers are in the strongest position of any property type: with the benchmark essentially flat year over year and sales up 6 percent, this segment is quietly outperforming the broader market. Sellers in the West, City Centre, and South districts face the most favorable conditions, while North West and North East detached sellers should calibrate expectations against local comparables that reflect recent softening.
The decline in new listings is actually good news for sellers who are already on the market. Fewer competing listings mean more buyer attention for any property that is correctly priced. However, the 40-day average days on market and the 97.69 percent sale-to-list ratio signal that buyers are disciplined and informed. Properties priced above current benchmarks without clear differentiation will sit, accumulating days on market that typically lead to price reductions and weaker final results. Sellers who invest in proper presentation and pricing from day one have the best chance of a strong outcome in the current environment.
Apartment condo sellers face the most difficult environment in this market. With 4.90 months of supply and prices down 8.37 percent year over year, the path to a successful sale requires pricing that reflects where the market actually is, not where it was in 2023 or 2024. Sellers in the North, North East, and East districts face the most competition. Sellers in inner-city or South quadrant apartments, where conditions are somewhat more stable, have a better starting position. Working with an agent who has current, specific data on comparable sales within the building or sub-district is essential for any apartment seller navigating the second half of 2026.
Calgary Market Outlook: Late Summer and Fall 2026
The single most constructive development in July's report is that new listings are declining sharply: 15 percent year over year across all property types. This is the mechanism by which active inventory eventually draws down and price corrections stabilize. The detached segment is closest to that stabilization point, with months of supply already at 2.90 and the annual price decline holding near 2 percent. If new listing restraint persists through August and September, detached conditions could tighten meaningfully by the time the fall market opens, particularly in the West, City Centre, and South districts.
The apartment segment will take longer to rebalance. With over 17,000 units still under construction and completions expected to continue arriving through 2026 and into 2027, the supply pipeline for condominiums remains formidable. Migration trends are the key variable on the demand side: CREB has identified the drop in international migration as a primary driver of softer demand, particularly for rental and higher-density ownership product. If interprovincial and international migration to Alberta accelerates in late 2026 as some economists project, that demand recovery would arrive at a point when new starts are already declining. That combination would be meaningfully positive for apartment pricing, but the timing remains uncertain.
The broader market narrative for the second half of 2026 is one of divergence gradually giving way to stabilization. The West district's persistent annual appreciation, the semi-detached segment's near-flat benchmark, and the declining new-listing trend all point in the same direction: the correction that began in the apartment segment in late 2025 is finding a floor, even if the exact timing of that floor varies by district and property type. For buyers, the optimal entry point in apartments may be closer than it appears. For sellers, the market is rewarding preparation and accurate pricing, not patience.
Data sourced from CREB Monthly Statistics Package, City of Calgary, July 2026. Released August 4, 2026.
