Calgary Real Estate Market Update: July 2026
Last month I told you the condo benchmark had been pinned between a narrow range from $299,000 to $301,000 for six straight months, and that the freefall from 2025 had stopped. That held true - for six months.
Unfortunately July broke the streak with the benchmark price dropping to $297,600, the lowest print of 2026 so far. Year-over-year, condos are down over 8%. Sales are down nearly 20% from last July, and months of supply jumped from 4.1 to 4.9 which is solidly in buyer's-market territory, with days on market stretching to 54, up from 45 a year ago.
So was June's floor just a pause on the way down, or one soft summer print in an otherwise sideways market? A little of both, based on the data.
Why Is This Happening? It’s Still a Supply Story
According to CREB chief economist Ann-Marie Lurie, several consecutive years of high construction, combined with a sharp pullback in international migration, triggered this shift in higher-density market conditions starting in the back half of 2025. There are still more than 17,000 apartment-style units currently under construction in Calgary, and that overhang is what continues to weigh on both resale condo prices and the rental market feeding it.
On the rental side, Calgary's vacancy rate moved from an extraordinarily tight 1.4% in 2023 to 4.6% in 2024 - the largest single-year jump of any major Canadian city, and CMHC's outlook still projects it climbing toward 5.7% in 2026 and peaking near 6.2% in 2027. That pressure is concentrated in exactly the product type most investor-owned condos compete against: buildings completed after 2020.
The one piece of good news: CMHC's 2026 outlook continues to project condo construction slowing more than other housing types going forward, with developers focused on finishing what's underway rather than launching new projects. As of this writing, none of the major Calgary developers I work with have launched a new condo project since 2024. The supply wave that is currently hitting the market is already peaking an the pipeline behind it is thinning.
Demand: Cooling, Not Collapsing
The other half of this equation is slower population growth. Calgary's growth rate has decelerated meaningfully from the 2023/24 surge that triggered this construction boom in the first place, and CREB has pointed directly to the pullback in international migration as a driver of the shift toward buyer's-market conditions in higher-density housing. That doesn't mean demand has disappeared; Calgary is still adding tens of thousands of residents a year and remains one of the strongest-performing economies among major Canadian cities - it just isn't growing fast enough right now to instantly absorb a supply wave sized for a faster-growing city.
Alberta population growth rates are well below the 20 year average and immigration will re-open again at some point.
What This Means If You Own a Condo in Calgary
A few things worth thinking through:
If you're planning to sell in the next 6–12 months, you will likely sell at a loss and have to price competitively from day one. In a market with this much supply choice, overpricing just means a longer time on market and a bigger eventual price cut.
If you're not in a rush, holding remains the more defensible position (that’s what I’m doing!). The pipeline behind the supply wave is thinning, and most of the steep, double-digit declines have already happened through 2025 - the condo benchmark is only down about 1% since January, even though it's down over 8% year-over-year.
The National Picture
It's still worth zooming out. Even after this correction, Calgary's condo benchmark near $298,000 remains a fraction of comparable entry points in Toronto or Vancouver, and Calgary continues to offer among the best rent-to-income fundamentals of any major Canadian city thanks to its high household incomes. Unlike Toronto, where the pre-construction condo market has effectively stalled entirely, Calgary's correction is happening against a backdrop of continued population growth, and one of the stronger projected GDP growth rates among major Canadian cities in 2026. The long-term demand thesis isn't broken; the supply picture is just still working itself out.
Considering An Investment?
The opportunity in Calgary today is found in the units that buyers have failed to close on, where developers are now liquidating below resale market values. I have 2 bedroom units from the mid-$200s that cash flow and are irresistible with a long-term outlook!
Get in touch and we can review the most enticing options.
DETAIL BY PROPERTY TYPE
(Statistics from the Calgary Real Estate Board)
Condos
Sales: 408 (-19.7% from June 2025)
New Listings: 793 (-21.8%)
Inventory: 1,999 (-4.7%)
Months of Supply: 4.9 (seller’s market)
Days on Market: 54 (up from 45 days)
Benchmark Price: $297,600 (-9.7%)
Townhomes/Row Houses
Sales: 286 (-23.3% from June 2025)
New Listings: 506 (-25.4%)
Inventory: 1,115 (-6.5%)
Months of Supply: 3.9 (balanced market)
Days on Market: 44 (up from 37 days)
Benchmark Price: $418,500 (-6.2%)
Detached Houses
Sales: 1,012 (-1.8% from June 2025)
New Listings: 1,707(-9.6%)
Inventory: 2,939 (-4.5%)
Months of Supply: 2.9 (seller’s market)
Days on Market: 33 (up from 24 days)
Benchmark Price: $743,900 (-2.3%)
Book A Call to Review Investment Options
I’m here to help you analyze the market and make decisions that fit your investment goals, get in touch today!
Calgary offers some of the most affordable investment opportunities in Canada with some of the highest rents per dollar invested!
(and properties that actually cash flow!)