July 2026 Calgary Market Trends

by Raj & Sukh Dhaliwal

The Market is Taking a Summer Pause — But the Condo Overhang Isn't Going Anywhere

Sales and listings both slowed in July, keeping the overall market balanced — but over 17,000 apartment units still under construction means the pressure on condo prices isn't letting up anytime soon.

BY BIJOU REAL ESTATE · AUGUST 2026 · CALGARY, ALBERTA

$569,200 −9% 57%

City-wide benchmark price Sales vs. last July Sales-to-listings ratio

July is always a quieter month for real estate — people are on vacation, not open houses. So it's no surprise that both sales and new listings pulled back from June. What matters more is what's happening beneath the seasonal slowdown: the overall market is holding in balanced territory, detached homes are staying relatively steady, and the condo market is grinding through a prolonged adjustment that won't resolve quickly.

The city-wide benchmark came in at $569,200 — down slightly from June and about 2% below July 2025. That headline masks a wide range underneath: detached prices are off less than 2% year-over-year, while apartment condos have dropped over 8% — and are now sitting 13% below their 2024 peak.

"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... 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."

— Ann-Marie Lurie, Chief Economist, CREB®

What's driving the slowdown

With 1,904 sales and 3,323 new listings in July, the sales-to-new-listings ratio stayed at 57% — barely changed from June because both sides of the market pulled back in tandem. That's actually a stabilizing signal for the overall market. Total resale inventory remained relatively flat compared to both June and last July, though slower sales pushed the months of supply up to 3.5 months.

The bigger story remains the supply pipeline. Even as new construction starts are slowing, over 17,000 apartment-style units are currently being built in Calgary. Until those units are absorbed — by renters, buyers, or both — the higher-density market will continue to feel pressure. It's worth noting, though, that demand hasn't collapsed: sales levels are still stronger than what Calgary experienced during the difficult 2015–2019 stretch.

The condo pipeline in perspective

17,000+ apartment units under construction is a significant number. Even as migration has slowed, Calgary's long-term fundamentals remain solid. The condo market will rebalance — but it will take time to absorb this supply, likely extending into 2027 before price stabilization takes hold in higher-density segments.

How prices look by property type

Detached - Down slightly from June, -2% vs last July. West and City Centre still showing year-over-year gains. North East down ~6%.

$743,900

Balanced overall

Semi-Detached - Down from June but similar to last July overall. West district the only one showing year-over-year gains.

$691,000

Stable year-over-year

Row / Townhouse - Down from June. 3rd straight month of declining sales. ~4 months of supply — signs of oversupply emerging. North East and East down 12%.

$418,500

−6% vs last July

Apartment Condo - Buyer's market continues. ~5 months of supply. Down in every district. 26% fewer condo sales so far this year vs. 2025.

$297,600

−8% vs last July · −13% from peak

A tale of two ends of the market

One pattern worth watching: within the detached segment, sales have been growing at both the top and bottom of the price spectrum. Homes under $600K and over $1M are actually moving — it's the middle range that has softened. That suggests affordability-driven buyers and move-up/luxury buyers are both active, while the middle is caught in a wait-and-see mood.

For detached sellers, district matters enormously. The West district is still in seller's market conditions — under 2 months of supply and prices up year-over-year. The North East district is the flip side, with over 5 months of supply and prices down nearly 6%. Same city, completely different market.

Surrounding communities

Airdrie

$603,100

Detached price

Down 4% yr/yr

Under 4 months supply

Improving

Cochrane

$659,400

Detached price

Down ~4% yr/yr

4+ months supply

Cochrane is one to watch. Earlier this year it was the standout performer — tight supply and rising prices. In July, the sales-to-listings ratio dropped to 46% and months of supply pushed above 4. That's a meaningful shift, and if it continues, it could lead to price softening there too.

Okotoks

$695,700

Detached price ·

Down 2% yr/yr

~2 months supply

Okotoks remains the tightest market — a 90% sales-to-listings ratio in July means almost every new listing is finding a buyer. Supply remains below long-term trends.

Chestermere

$771,900

Detached price

Down ~5% yr/yr

~7 months supply

Chestermere is feeling the most pressure of the surrounding markets — nearly 7 months of supply and prices down about 5% from last year. Both the Calgary resale market and new home competition in the area are pulling buyers away.

What this means for you right now

If you're buying a condo, you're in the strongest position you've been in years — prices are still falling and supply is plentiful. Do your homework on the specific district, because the drops range from 7.5% in the North West to steeper in the North East and East.

If you're selling a detached home, your position depends heavily on where you are. West and City Centre are still working in your favour. Other areas require a sharp pricing strategy to avoid sitting on the market.

If you've been watching Cochrane, this is the market's first real sign of softening there — worth paying attention to as the fall market arrives.

As always, the best decisions come from understanding your specific situation — not just the headlines. That's what we're here for.