High-density supply impacts apartment condominium prices
Calgary, Alberta, July 2, 2026– June sales in Calgary improved over May, reaching 2,197 units. Despite the monthly gains, sales were nearly four per cent lower than last year and just below the long-term average for June, largely due to pullbacks in apartment-style units. While sales are down across most price ranges so far this year, there have been gains in both the highest price ranges and the most affordable ranges across most property types. “The easing of demand for resale homes does not come as a surprise given the recent decline in migration, which is impacting both rental and ownership demand for higher-density homes. The bigger change in our market relates to inventory, which has been on the rise in the rental, resale and new-home markets following several consecutive years of record-high housing starts,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Inventory growth has mostly occurred in high-density homes, resulting in buyer’s market conditions and steep price adjustments for condominium apartments. While it will take time to absorb the high-density supply, detached supply growth has been limited and some districts are reporting record-high prices.”
New listings are starting to pull back compared with 2025 and the sales-to-new-listings ratio rose to 56 per cent. This has slowed the pace of inventory growth in the market and kept the months of supply at just over three months. This is considered a balanced range in the city, but conditions vary across property types. The apartment condominium sector is experiencing buyer’s market conditions, with the months of supply at nearly five months and a sales-to-new-listings ratio of 45 per cent.
The range of conditions is also impacting prices. In June, the unadjusted benchmark price was $572,500, up over the previous month and two per cent below levels reported last June. However, apartment-style properties have reported an annual decline nearing nine per cent, leaving condominium prices in June at $299,000. Meanwhile, the benchmark price for a detached home rose over the previous month, reaching $750,500, one per cent below last year’s level, with most of the adjustments driven by specific pockets of the market.
Detached
Sales activity in June reached 1,202 units, in line with last year’s levels, as gains for homes priced over $1,000,000 and under $600,000 offset pullbacks in the other price ranges. Sales growth in these segments was partly supported by increases in new listings and inventory growth in those same ranges. While overall inventories have remained in line with last year’s levels and conditions remain relatively balanced, the pullback in new listings this month caused the sales-to-new-listings ratio to rise to 60 per cent. Despite balanced conditions citywide, the North East and East districts are experiencing excess supply relative to demand. In these districts, the months of supply is elevated and the sales-to-new-listings ratio is below 50 per cent.
Relatively balanced conditions have supported monthly price gains since the start of the year. It is only the City Centre and West districts that have recorded enough of these gains to reach record-high prices in June. The West district, which has also been experiencing seller’s market conditions, has reported the strongest year-over-year growth at nearly four per cent. Meanwhile, buyer’s market conditions in the North East are contributing to price declines nearing seven per cent. As of June, the citywide benchmark price was $750,500, up over the previous month and over one per cent lower than last year.
Semi-detached
Improving sales in June were nearly enough to offset earlier pullbacks, leaving year-to-date sales down by only one per cent compared with last year. The 234 sales in June were met with 363 new listings, pushing the sales-to-new-listings ratio back above 60 per cent and slowing the pace of inventory growth compared with earlier in the year. With two and a half months of supply, conditions remained relatively balanced and continued to support stable prices.
In June, the unadjusted benchmark was $694,600, up over the previous month and similar to levels reported last June. Similar to the detached sector, price movements vary significantly across the city. Compared with last year, prices have improved in the North West, West and City Centre districts, reaching a new record high in June while the steepest declines occurred in the North East at nearly six per cent.
Row
June saw a pullback in both sales and new listings activity, causing the sales-to-new-listings ratio to rise to 55 per cent. This prevented any further gains in inventory levels, which remain above long-term trends. With 1,152 units in inventory and 338 sales this month, the months of supply sat at nearly three and a half months. While this is higher than both the detached and semi-detached sectors, it remains within the upper end of a balanced range.
Additional supply choice has led to price adjustments. Year-over-year declines have occurred across all districts, ranging from two per cent in the South to 10 per cent in both the North East and East districts. Unadjusted prices improved in June over the previous month, as gains in the City Centre, North West and South districts offset pullbacks in the East, North East, West and South East districts.
Apartment condominium
Sales in June continued to fall compared with last year, causing year-to-date sales to decline by 26 per cent to a total of 2,260 units. While new listings eased this month, the 931 new listings and 423 sales kept the sales-to-new-listings ratio at 45 per cent. In June, inventory levels reached 2,076 units – slightly lower than last June’s level but more than 24 per cent above typical inventory levels. This kept the months of supply at around five months, contributing to further price adjustments.
In June, the unadjusted benchmark price was $299,000, down over the previous month and nearly nine per cent lower than last year. Prices have declined across all districts, with decreases exceeding 14 per cent in the North East and East districts. The smallest decline occurred in the North West district at seven and a half per cent.
REGIONAL MARKET FACTS
Airdrie
Sales in June continued to ease compared with last year, contributing to a year-to-date decline of 14 per cent. New listings also eased this month, but with a steeper pullback in sales, the sales-to-new-listings ratio fell to 47 per cent. June inventory levels rose to 538 units. Higher inventory and slower sales pushed the months of supply above four months. Elevated levels of supply in Airdrie, along with increased competition from neighbouring and new home markets, have weighed on resale prices. In June, the unadjusted benchmark price was $516,900, up slightly over the previous month but nearly four per cent lower than last year. Prices declined across all property types, with larger decreases observed in higher-density homes.
Cochrane
Easing sales in June did not offset earlier gains, as year-to-date sales of 569 units were slightly higher than last year’s levels. Meanwhile, new listings also eased, keeping the sales-to-new-listings ratio above 60 per cent. Inventory levels eased slightly from the previous month, reaching 323 units in June. The monthly pullback in inventory did not outpace the pullback in sales, causing the months of supply to push above three months. Despite the increase, relatively tight conditions have supported monthly price gains over the past five months. As of June, the unadjusted benchmark price was $580,200, less than two per cent lower than prices reported at this time last year.
Okotoks
With 89 new listings and 70 sales in June, the sales-to-new-listings ratio rose to 79 per cent, preventing any further monthly gains in inventory levels. Inventory has improved compared with last year but remains below long-term trends, especially for detached homes. While conditions are more balanced compared to last year, lower supply levels have helped keep prices stable. In June, the unadjusted benchmark price was $618,600, similar to the previous month and less than two per cent lower than last June.
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