Calgary Real Estate Market Report: September 2026 Stats and Analysis

Overview: Detached Sales Strengthen in September as Market Holds Near Four Months of Supply

Calgary's September 2026 housing market recorded 1,650 sales, similar to August and nearly four percent below September 2025's 1,716. While September sales typically pull back compared with August, stronger detached home sales helped prevent the usual seasonal decline. New listings also rose from August, with 3,354 new listings coming to market. The sales-to-new-listings ratio fell to 49 percent, leaving inventory at 6,486 units, down 6.3 percent year over year and essentially unchanged from the prior month. The combination of stable sales and stable inventory kept the months of supply at just under four months, at 3.93, which is comparable to the August figure.

The headline stability again masks a wide divergence by property type. Detached properties remain in balanced territory at 3.31 months of supply, and the monthly boost in new listings supported a year-over-year gain in detached sales for the first time in several months. Meanwhile, row homes crossed above four months of supply for the first time since the start of the year, and the apartment segment continues to operate in buyer's market conditions at 5.29 months. The supply-side pressure in higher-density segments is directly connected to a three-year construction cycle that added significant apartment and row inventory to the city's resale pool.

"The variation in market conditions between property types is related to where the supply was added. The construction boom over the past three years was mostly driven by gains in higher-density sectors, significantly increasing the supply of apartment and row-style homes," said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB). "Meanwhile, detached homes did not see the same boost in construction, preventing broad-based supply growth. Thanks to a stronger job market and slower but positive net migration, housing demand has remained strong enough to absorb some of the supply, but not enough to offset the high-density supply added to the market, resulting in a more significant impact on prices for higher-density homes."

September 2026 Sales and Listings Activity

The 1,650 sales recorded in September are nearly identical to August's 1,656 and reflect a seasonally typical late-summer plateau before the fall slowdown typically accelerates in October and November. The year-over-year decline of 3.8 percent is considerably softer than the double-digit declines posted in most months of 2026, driven primarily by the recovery in detached sales. Detached recorded 896 sales in September, up 4.4 percent from September 2025 and up from 873 in August, bucking the usual seasonal retreat. Semi-detached also gained year over year, with 163 sales up 5.2 percent from last September. Those gains were offset by continued weakness in row homes and apartments, which posted year-over-year declines of 18.2 percent and 14.3 percent respectively.

The sales-to-new-listings ratio of 49 percent in September is down from 52.6 percent in August, as new listings rose by more than sales in the transition from August to September. Days on market averaged 44 days, up from 41 in August 2026 and compared with 42 days in September 2025, confirming that buyers are taking modestly longer to commit across all segments. The sale-to-list price ratio of 97.39 percent is essentially unchanged from August and from the prior September's 97.76 percent, reflecting that well-priced listings across property types are still transacting close to their asking price on a city-wide blended basis.

On a year-to-date basis through September, total residential sales are 16,291, down 10.5 percent from 18,194 in the same period of 2025. New listings of 30,729 are down 9.7 percent year over year. The parallel decline on both sides of the ledger has kept inventory from accumulating rapidly, which explains why months of supply at 3.93 remains contained despite the sales pullback. The YTD months of supply of 3.30 is 13.4 percent above the same figure in 2025, a modest but steady shift toward buyer-favourable conditions that is concentrated almost entirely in the higher-density segments.

Calgary Home Prices by Property Type

The total residential benchmark price in September was $566,700, down 0.8 percent from September 2025's $571,400, and slightly lower than August's $569,800. Much of the year-over-year price softness is concentrated in the higher-density segments: detached homes posted only a one percent annual decline while semi-detached prices are essentially unchanged from a year ago. Row homes and apartments continue to face the most pronounced corrections, reflecting the additional competition from new construction product that has compressed resale demand in those segments.

Detached

September detached sales reached 896 units, up 4.4 percent from September 2025 and slightly higher than August. The improvement was partly supported by a monthly rise in new listings, giving buyers more choice and encouraging committed detached purchasers off the sidelines. With a sales-to-new-listings ratio of 52 percent and 3.31 months of supply, the detached segment remains in balanced territory city-wide. That average, however, obscures notable differences across districts: the North West, West, and South are each below three months of supply, while the North East carries 5.61 months of detached supply, the highest of any district. The unadjusted detached benchmark price of $739,400 is one percent below September 2025 and down slightly from August's $744,300, with most of the annual decline driven by steep corrections in oversupplied districts in the North and East quadrants. Prices in the City Centre and West districts posted year-over-year gains of 0.72 and 2.69 percent respectively.

Semi-Detached

Semi-detached recorded 163 sales in September, up 5.2 percent year over year and continuing the steady demand pattern seen for most of 2026. While year-to-date semi-detached sales are down two percent, the September gain reflects buyers returning to this property type as price growth moderated through mid-year. A monthly boost in September new listings caused the sales-to-new-listings ratio to dip to 45 percent, contributing to a modest inventory rise and pushing months of supply to 3.67. While this represents a shift from the tighter conditions posted earlier in 2026, it remains well within balanced territory. The unadjusted September benchmark price of $685,200 is essentially flat with September 2025's $684,600, a near-zero annual change that makes semi-detached the strongest performing property type in Calgary's September market. Year-to-date, however, the semi-detached benchmark sits at $684,733, down 0.3 percent from the same period in 2025.

Row Homes and Townhouses

Row home sales fell sharply in September, declining 18.2 percent year over year to 248 units. New listings rose over August even as sales declined, pushing the sales-to-new-listings ratio down to 45 percent and lifting inventory above 1,100 units. The months of supply for row homes rose to 4.45, crossing above four months for the first time since the start of 2026 and placing the row segment in buyer's market conditions. The additional supply competition from newly constructed row and townhouse units has contributed to sustained price pressure throughout the year. The September benchmark price of $412,400 is down 5.5 percent from last year. While declines have occurred across all districts, the steepest corrections have been in the North East and East, where row prices fell more than 11 and 12 percent year over year respectively. The smallest annual decline occurred in the North West at approximately two percent.

Apartment Condominiums

Apartment sales improved slightly from August, with 343 transactions slowing the year-over-year pace of decline to 14.3 percent. New listings also rose from August, with 717 new listings against 343 sales leaving the sales-to-new-listings ratio at 48 percent. The monthly improvement in sales supported a modest reduction in inventory, preventing any further rise in the months of supply, which held at 5.29, just above five months. Despite that relative stability month over month, the broader trend is clear: apartment prices have now fallen more than eight percent year over year. The September benchmark of $291,400 is down more than one percent from August and more than eight percent below September 2025's $317,700. While some of the monthly decline reflects seasonal adjustment, CREB's seasonally adjusted figures also show continued softening. The City Centre apartment market at $297,900 carries 5.77 months of supply, while the North East apartment market, with only eight sales against 43 new listings and 15.38 months of supply, is the most challenged sub-market in Calgary.

Calgary Real Estate Prices by District

District-level results for September show the same story as the property-type data: the West and City Centre are the only two districts with positive annual price growth, while the North and East quadrants are bearing the brunt of supply-driven corrections. The range between the strongest and weakest performing districts has widened across 2026, reflecting how concentrated both supply additions and demand weakness have been in specific parts of the city.

West District

The West district remains Calgary's strongest performer in September, with the total residential benchmark rising 1.7 percent year over year to $721,200. Detached homes in the West reached $993,700, up 2.69 percent annually, the largest year-over-year detached price gain of any district in the city. With 2.73 months of detached supply and a sales-to-new-listings ratio of 52.15 percent, the West detached market continues to operate in conditions that favour sellers. Communities including Aspen Woods, Springbank Hill, Cougar Ridge, and Christie Park draw buyers who prioritize larger lots, strong schools, and mountain access. For buyers targeting detached product in the West, well-priced homes continue to attract competition, and negotiating room remains limited relative to the rest of the city. Sellers in the West who list in early fall remain well positioned heading into a market that typically thins on the supply side by November.

North West District

The North West posted a total residential benchmark of $627,000, down just 0.2 percent year over year, the smallest decline among the six districts with negative annual changes. Detached homes in the North West sit at $781,400, essentially flat on a year-over-year basis, and months of detached supply of 2.86 reflect a near-balanced sub-market. Semi-detached in the North West has been a relative strength, with a benchmark of $680,000 and annual appreciation of 1.33 percent. The apartment segment tells a contrasting story: North West apartments fell 7.97 percent year over year to $274,900, with 5.00 months of supply putting that product squarely in buyer's market territory. Communities like Edgemont, Hamptons, Rocky Ridge, and Tuscany attract buyers seeking established neighbourhoods with strong access to Crowchild and Stoney Trails. Buyers focused on North West detached and semi-detached will find conditions closer to balanced than in the eastern districts.

City Centre and South

The City Centre is the second positive district in September, with a total residential benchmark of $573,100, up 0.2 percent year over year. Detached homes in the City Centre reached $981,300, up 0.72 percent annually, continuing a pattern of inner-city infill demand for communities including Hillhurst, Inglewood, Ramsay, and Renfrew. Semi-detached in the City Centre stands at $957,500, up 0.20 percent year over year, remaining a steady and competitive sub-market. City Centre apartments at $297,900 are down 8.08 percent year over year, with 5.77 months of supply creating the most buyer-favourable apartment conditions outside the North East. The South district recorded a benchmark of $569,500, down 0.3 percent year over year, with detached at $709,400 and 2.75 months of supply. Tight detached conditions in communities like Mahogany, Legacy, and Silverado continue to support prices close to flat on an annual basis, while row and apartment segments face similar supply pressure to the rest of the city.

South East District

The South East recorded a total residential benchmark of $553,700, down 1.6 percent year over year. Detached homes in the South East are at $698,900, down 1.55 percent annually, with 3.34 months of supply placing the sub-market near the upper end of balanced territory. Semi-detached in the South East sits at $506,100, down 1.58 percent. Row homes in the South East are down 5.45 percent year over year to $421,300, while apartments fell 7.95 percent to $309,100. The district spans a broad range of communities from McKenzie Towne and Copperfield to newer phases in Auburn Bay and Mahogany's perimeter developments. The South East's overall one-and-a-half percent annual decline reflects a relatively contained correction compared with the North and East quadrants, supported by ongoing buyer demand for detached product in the southern suburbs.

North East and East Districts

The North East is the weakest performing district in September 2026, with a total residential benchmark of $461,200, down 6.1 percent year over year, the largest annual decline of any district. Detached homes in the North East are at $556,600, down 6.01 percent, and the district carries 5.61 months of detached supply, again the highest detached supply figure across all districts. Apartment conditions in the North East are severe: only 8 apartment sales against 43 new listings produced a 15.38-month supply figure, meaning at the current sales pace it would take over a year to clear existing apartment inventory. Row homes in the North East fell 11.86 percent year over year to $326,100. The North district recorded a total residential benchmark of $523,000, down 3.3 percent year over year, with detached at $640,200 and 3.19 months of supply, a more manageable position than the North East. The East district posted a benchmark of $390,600, down 4.7 percent annually. For buyers with budget constraints and a five-plus year holding horizon, the North, North East, and East districts offer the most accessible entry prices in Calgary, and each would benefit disproportionately from any future tightening of the overall supply picture.

What September 2026 Data Means for Calgary Buyers

September's data presents a bifurcated set of opportunities for buyers. The most important signal is the detached market's year-over-year sales gain of 4.4 percent: it suggests that buyers who have been waiting for conditions to deteriorate materially before committing to detached product may be finding those conditions are not arriving. In the West and City Centre, detached prices are rising year over year, inventory is thin, and the days on market for well-priced properties are comparable to a balanced market, not a soft one. Buyers targeting those districts should be prepared to act with confidence when the right property is priced correctly. Pre-approval is a prerequisite, and extended negotiation timelines common in the apartment segment are not available here.

For buyers open to higher-density product, September offers the most buyer-favourable conditions in Calgary's current cycle. Row homes at 4.45 months of supply and prices down 5.5 percent annually provide a genuine window to acquire townhouse product below where it was a year ago in most districts. The apartment segment at 5.29 months of supply and prices down 8.3 percent year over year gives buyers with a three-plus year horizon the opportunity to enter near what may be a cyclical low. Buyers targeting North East apartments, where 15.38 months of supply is the highest figure in any district and property type combination, have significant price-discovery leverage. Those who can tolerate a longer hold period and are buying for occupancy rather than short-term appreciation will find the entry prices in the apartment segment compelling relative to the rental alternative.

The 44-day average days on market in September, up from 38 in September 2025, confirms that the overall market is not in a rush. Buyers across segments can take appropriate time to evaluate options, complete due diligence, and negotiate on inspection findings without losing properties to competing offers in most situations outside the West and City Centre detached sub-markets. The 97.39 percent sale-to-list ratio confirms that while there is some room to negotiate, sellers in most segments are pricing closer to market than in a severe buyer's market, and low-ball offers below 93 to 95 percent of list will rarely succeed in well-priced listings.

What September 2026 Data Means for Calgary Sellers

Detached and semi-detached sellers continue to operate in the most supportive conditions within Calgary's market. The detached months of supply of 3.31 and the semi-detached position at 3.67 months both remain comfortably in balanced territory, and the annual price changes of negative one percent for detached and positive 0.1 percent for semi-detached confirm that these segments have not entered the demand-driven correction affecting row and apartment product. Sellers in the West and City Centre, where annual price growth is positive, can price to value and expect reasonable buyer activity through October and into November. Sellers in other districts should calibrate expectations to their specific sub-market rather than the city-wide average, and should review comparable sales from the previous 60 to 90 days rather than anything older, given the rate of adjustment in some districts.

Row and apartment sellers face a more demanding environment. With row homes crossing into buyer's market territory at 4.45 months and apartments at 5.29 months, sellers in these segments must accept that buyers have meaningful choice and are using it. The 50-day average days on market for row homes and 55-day average for apartments in September, each up substantially from September 2025, illustrate that overpriced listings are sitting and accumulating market time that erodes the final negotiated price. The correct strategy for row and apartment sellers is aggressive, data-driven pricing at or slightly below recent comparable sales, with a presentation that justifies the asking price relative to competing listings. Sellers in the North East and East districts face the most difficult sub-market conditions, where the volume of competing inventory in all property types gives buyers exceptional leverage to negotiate on price, conditions, and closing terms.

The seasonal slowdown ahead reinforces the importance of pricing correctly at listing. October and November historically bring fewer active buyers to the market as families settle into the school year and discretionary purchasers defer to spring. Sellers who miss their fall window with overpriced listings will face the choice of accepting a price reduction during the slower winter months or delaying their sale to the spring 2027 market. For sellers with flexibility, a well-priced fall listing that transacts in October or November avoids carrying costs through winter and may achieve a stronger outcome than a spring re-list competing against a larger inventory of competing properties.

Calgary Market Outlook: Fall and Winter 2026

September's most constructive data point is the detached sales gain of 4.4 percent year over year, the first year-over-year improvement in several months for any major property type. Combined with the fact that detached inventory is actually below year-ago levels at 2,968 units compared with 3,201 in September 2025, the detached segment shows the early structural conditions for price stabilization. If detached new listing volumes moderate through fall, as they typically do seasonally, months of supply could actually decline in October and November before the spring listing season adds supply again. That trajectory would reinforce the positive price trend in the West and City Centre and could gradually extend to the South and North West.

The higher-density picture will take longer to rebalance. Row homes are entering buyer's market conditions for the first time this year, and the apartment segment has been there for most of 2026. The key variable for both is new construction completions: as long as new units continue to compete directly with resale product, the price recovery in row and apartment categories will be limited and uneven. CREB's commentary highlights that the construction boom was largely concentrated in these higher-density forms, and the supply from that cycle has not yet fully absorbed. A sustained improvement in demand, whether from population growth, first-time buyer conversion from rental, or investor re-entry, would be required to move the needle materially for apartment and row prices before mid-2027.

The broader Calgary market remains fundamentally supported by one of Canada's stronger employment bases and ongoing, if moderating, net migration. The September data confirms that the total market is not in a structural collapse: months of supply at 3.93 is below the four-month balanced-market threshold, the sale-to-list ratio of 97.39 percent remains healthy, and the benchmark is down less than one percent year over year in total. The divergence between property types and districts that has characterized 2026 is likely to persist through the remainder of the year, but the conditions required for a broader recovery including steady detached demand, declining new listing volumes in fall, and continued employment strength are present. Buyers and sellers entering the fall market with accurate, data-driven expectations and the guidance of an agent who tracks sub-market conditions closely will be best positioned to achieve their real estate objectives as 2026 draws to a close.

Data sourced from CREB Monthly Statistics Package, City of Calgary, September 2026. Released October 1, 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.