Calgary Real Estate Market Update: March 2026
Supply gluts, slowing migration, and diverging property types are reshaping the investment landscape in Calgary, but price stabilization and seasonal spring momentum offer a measured cause for optimism.
Market Segments are Performing Differently
At first glance, Calgary's residential market looks balanced heading into spring. Sales, new listings, inventories and prices all ticked upward month-over-month in March - a seasonal pattern that we see every year. But beneath that headline, two very different markets are operating simultaneously - the detached segment is running tight, and the condo sector is running loose. Townhomes sit somewhere in between, with balanced conditions in most districts:
The forces behind the softening
1) Record completions flooding the condo market
The biggest headwind for condo investors is the surge in new supply. Condo starts reached record highs last year, and those units are now completing and entering the market all at once. With 1,774 units of condo inventory in March, which is approaching the record high set during the 2008 financial crisis, there is simply more choice than demand can absorb at current prices. The sales-to-new-listings ratio in the condo sector sits around 40%, and months of supply have climbed to nearly five months, firmly in buyer's-market territory.
The result: condo benchmark prices have fallen more than 10% year-over-year but are virtually flat in 2026 overall so far.
2) Population slowdown spreading demand thin
Much of Calgary's recent price growth was fuelled by strong interprovincial and international migration. That tailwind has moderated significantly with Alberta’s population growing only 7,280 in Q1 2026 (but this is good compared to the rest of Canada that saw a population decline). But slower migration is reducing the pool of new entrants to the rental and ownership market, and the effect is most pronounced in the condo sector, where investors had anticipated sustained tenant demand. With demand dispersed across a wider inventory base, absorption rates have slowed and the pricing pressure we saw through 2021 to 2023 has reversed.
3) A different story for detached
In contrast to condos, detached housing starts pulled back sharply last year (meaning the supply pipeline for single-family homes remains constrained). The result is a sales-to-new-listings ratio of 61% in March and less than two months of supply in five of the city's eight districts. The tightest conditions are in the Northwest, West, South, Southeast and East, where competition among buyers is supporting price stability and modest quarterly gains. The West district posted the largest quarterly price gain in Q1, followed by the City Centre and South.
Signs of Stability Emerging for the Spring Market
Despite the headwinds, there are reasons for cautious optimism as we move into the historically strongest quarter for real estate activity. The city-wide benchmark price rose nearly 1% month-over-month in March, and all housing types (including condos), posted stable to modestly positive price trends month-over-month! That stabilization matters: it suggests the market is finding a floor in those segments even as volume normalizes from 2024's elevated levels.
Spring typically brings higher buyer activity, more listings, and faster absorption, and if that seasonal pattern holds, pressure on detached inventory will only increase. For those watching the condo sector, the question is whether spring demand is strong enough to meaningfully reduce the five-month supply overhang and counterbalance the high number of new condo deliveries we will see through 2026 - a significant threshold to clear.
My prediction?
Calgary's real estate market in early 2026 is not a market in crisis. The condo sector is working through a supply correction that was years in the making, and with migration moderating, that adjustment will take time. We are not heading back to 2020 prices but I don’t think we will see double digit price gains again any time soon but the worst of the pain is over. The fundamentals underpinning demand in Calgary (strong economy, good jobs, affordable lifesetyle) are still solid and have not changed, so “set it and forget it” - I think you will look back 5 years from now and be very happy you kept your investment.
For investors interested in buying properties with significant upside potential, the current period of price softness may look, in hindsight, like one of the better entry points Calgary has offered in recent memory.
Stay informed, stay patient, and get in touch if you need help selling a property or if want to explore the opportunities - there are NO BRAINER deals out there right now if you know where to look.
Considering An Investment?
The opportunity in in Calgary today is found in the units that buyer’s have failed to close on, and the developer is 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!
DETAIL BY PROPERTY TYPE
(Statistics from the Calgary Real Estate Board)
Condos
Sales: 384 (-28.9% from March 2025)
New Listings: 885 (-19.0%)
Inventory: 1,774 (+3.7%)
Months of Supply: 4.6 (balanced market)
Days on Market: 45 (up from 36 days)
Benchmark Price: $300,300 (-10.7%)
Townhomes/Row Houses
Sales: 322 (-19.5% from March 2025)
New Listings: 584 (-16.2%)
Inventory: 960 (+16.2%)
Months of Supply: 3.0 (balanced market)
Days on Market: 37 (up from 27 days)
Benchmark Price: $423,900 (-6.6%)
Detached Houses
Sales: 982 (-5.1% from March 2025)
New Listings: 1,614 (-14.8%)
Inventory: 2,181 (-1.1%)
Months of Supply: 2.2 (seller’s market)
Days on Market: 31 (up from 27 days)
Benchmark Price: $741,300 (-3.7% but +0.9% MoM!)
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!)