Calgary Real Estate Market Update: January 2026
Calgary Real Estate Market Update: January 2026 โ What the Numbers Mean for You
Calgary's housing market has entered 2026 in a notably different position than where it started 2025. The data tells a clear story: more inventory, fewer sales, and prices recalibrating after two years of exceptional tightness. But the headline numbers don't capture the full picture โ what's happening varies significantly by property type and neighbourhood.
Let's walk through the January 2026 CREBยฎ data and break down what it means if you're buying, selling, or building equity in the Calgary region.
Key Takeaways โ January 2026
- Sales activity dropped 15% year-over-year to 1,234 transactions โ less buyer urgency as more options became available
- Inventory rose 21% to 4,391 units โ giving buyers meaningfully more choice across every property type
- Months of supply climbed to 3.56 (up 42% Y/Y) โ the market is shifting toward balance, though not uniformly
- Benchmark . . price declined 4.7% to $554,400 โ with apartments seeing the largest correction at -7.7%
- Detached homes remain the tightest segment at 2.67 months of supply โ still favouring sellers, but with less intensity
Calgary Market at a Glance
Why This Shift Matters โ The Mechanism Behind the Numbers
To understand what's happening, you need to understand months of supply โ the single most predictive indicator of where prices are headed.
Months of supply measures how long it would take to sell all current inventory at the current pace of sales. In Calgary's January data, we went from 2.51 months in January 2025 to 3.56 months in January 2026. That's a meaningful change in market dynamics.
The why behind this shift is straightforward: inventory grew 21% while sales fell 15%. When there are more homes competing for fewer buyers, sellers must be more strategic with pricing, condition, and marketing. This signals a return to normalcy after an unusually tight market in 2023โ2024, when months of supply dropped below 2.0 across most categories.
January 2026 by Property Type
The shift isn't hitting every property type equally. Detached homes are still relatively tight, while the apartment segment has clearly turned in favour of buyers.
| Property Type | Sales | Sales Y/Y | Inventory | Inv. Y/Y | S/NL Ratio | Months of Supply | MoS Y/Y | Benchmark Price | Price Y/Y |
|---|---|---|---|---|---|---|---|---|---|
| Detached | 657 | -2% | 1,753 | +21% | 53% | 2.67 | +23% | $724,000 | -3% |
| Semi-Detached | 118 | -26% | 418 | +38% | 47% | 3.54 | +88% | $667,000 | -1% |
| Row/Townhouse | 186 | -25% | 785 | +33% | 37% | 4.22 | +76% | $420,800 | -5% |
| Apartment | 273 | -26% | 1,435 | +11% | 35% | 5.26 | +50% | $301,200 | -8% |
| Total Residential | 1,234 | -15% | 4,391 | +21% | 44% | 3.56 | +42% | $554,400 | -5% |
Source: CREBยฎ Monthly Summary Statistics, January 2026 | Pillar 9
What Stands Out by Segment
Detached homes remain the most competitive segment. At 2.67 months of supply, sellers still hold an advantage โ though not the commanding position they held a year ago. The benchmark at $724,000 is down just 3% year-over-year, a modest adjustment compared to other segments. If you're looking for a detached home in established communities like Tuscany, Evanston, or Auburn Bay, you'll find slightly more options than last year, but you still need to be prepared to move decisively on well-priced listings.
Semi-detached homes saw the most dramatic supply shift โ months of supply nearly doubled year-over-year to 3.54. Yet benchmark prices only softened 1%, suggesting this segment hasn't fully recalibrated yet. Watch this space in the coming months.
Row homes and townhouses now sit at 4.22 months of supply with a 5% price decline. This creates a genuine opportunity for buyers, particularly in family-friendly communities like Nolan Hill, Redstone, and Walden, where townhome inventory has grown.
Apartments face the most pronounced buyer's market at 5.26 months of supply and an 8% price decline. For investors and first-time buyers looking in areas like Beltline, Mission, or Sunnyside (Kensington), this is the most favourable buying environment since 2020.
Beyond City Limits: Regional Comparison
Calgary's surrounding communities paint a varied picture. Here's how the wider region performed in January 2026:
| Area | Benchmark Price | Price Y/Y | Sales | Sales Y/Y | Months of Supply | MoS Y/Y |
|---|---|---|---|---|---|---|
| City of Calgary | $554,400 | -4.7% | 1,234 | -15% | 3.56 | +42% |
| Cochrane | $550,800 | -2.1% | 54 | -24% | 4.98 | +127% |
| Rural Rocky View | $1,121,200 | +6.0% | 18 | -28% | 7.11 | +59% |
| Bighorn Region | $1,028,300 | -1.0% | 26 | -4% | 5.42 | +7% |
| Rural Mountain View | $777,400 | +1.5% | 1 | -83% | 33.0 | +500% |
Source: CREBยฎ Monthly Summary Statistics, January 2026 | Note: Mountain View's single-sale month makes data less statistically meaningful
Putting It in Perspective: 3-Year Trend
January is traditionally one of Calgary's quieter months, so comparing against full-year trends provides better context. Here's how Calgary's total residential market has tracked:
| Year | Annual Sales | Avg. Inventory | Avg. MoS | Year-End Benchmark | Price Change |
|---|---|---|---|---|---|
| 2023 | 27,406 | ~3,200 | 1.34 | $562,700 | +9.9% |
| 2024 | 26,975 | ~3,800 | 1.59 | $582,100 | +3.4% |
| 2025 | 22,747 | ~5,000 | 3.03 | $554,700 | -4.7% |
| Jan 2026 | 1,234 (month) | 4,391 | 3.56 | $554,400 | -4.7% Y/Y |
Source: CREBยฎ Historical Data via Pillar 9
The key takeaway from this trend: Calgary's market spent 2022โ2024 in historically tight conditions with sub-2.0 months of supply driving rapid price appreciation. The current normalization to 3+ months of supply is not an anomaly โ it's closer to Calgary's long-term average. Q4 2025 data showed the 10-year Q4 average months of supply was 3.45, and days on market was 48. We're essentially returning to historical norms.
Where the Activity Is: Sales by Price Range
Not every price bracket is experiencing the shift equally. Based on the January data:
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Conditions have improved meaningfully for buyers compared to 2024. More inventory means more choice, less competition on individual listings, and room to conduct thorough due diligence without the fear of losing out to competing offers within hours.
Practically speaking, here's what this looks like:
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What This Means If You're Selling
Selling in a shifting market requires a different approach than selling in a tight one. The days of listing high and expecting multiple offers are, for most property types, behind us for now.
The most critical factor is pricing accuracy. In January 2026, the gap between what sellers initially list at and what buyers are willing to pay has widened. Overpricing by even 5% can result in extended days on market, which then creates a negative feedback loop โ buyers wonder what's wrong with a home that's been sitting.
What This Means If You're an Investor
The apartment segment's 8% benchmark price decline and 5.26 months of supply creates what could become an attractive entry point for cash-flow investors. Rental demand in Calgary remains strong โ driven by continued interprovincial migration and population growth โ even as purchase demand has softened.
For investors interested in areas like Beltline, Bridgeland, or Inglewood, the combination of lower purchase prices and stable rents means improving cash-flow metrics. However, investors should conduct rigorous due diligence on condo fees, special assessments, and building condition โ especially in older buildings where deferred maintenance may have contributed to lower pricing.
โ ๏ธ When This Analysis May Not Apply
- Luxury properties ($1M+): The upper end of the market operates on different dynamics โ with fewer comparable sales, pricing requires individualized analysis rather than broad benchmarks
- New construction: Builder pricing has its own structure. Incentives, upgrades, and warranty considerations make new builds a different equation than resale
- Unique properties: Acreages, heritage homes, and properties with exceptional views or land may not follow city-wide trends โ Rocky View County acreages are still appreciating at 6%
- Micro-market variations: Some neighbourhoods โ particularly inner-city and established communities โ may diverge significantly from city averages
Economic Context: The Bigger Picture
Calgary's housing market doesn't operate in a vacuum. Several macroeconomic factors are shaping conditions heading into 2026:
Interest rates: The Bank of Canada reduced rates through late 2024 and 2025, improving affordability and helping some sidelined buyers re-enter the market. However, the rate relief hasn't yet offset the supply-demand rebalancing we're seeing.
Population growth: Alberta continues to attract interprovincial migrants, particularly from British Columbia and Ontario, drawn by relative affordability and employment opportunities. This underpins housing demand even as sales activity has cooled.
Energy sector stability: Calgary's economy benefits from a more diversified base than in previous cycles, with growing technology, logistics, and professional services sectors complementing the traditional energy industry. This diversification provides a more resilient demand floor for housing.
Rental market tightness: With vacancy rates still relatively low in Calgary, the purchase market softening hasn't been mirrored in rentals. This disconnect creates opportunity for investors and suggests the price correction may be limited in duration.
Frequently Asked Questions
All market statistics referenced in this article are sourced from CREBยฎ (Calgary Real Estate Board) Monthly Summary Statistics for January 2026, published via Pillar 9. Regional data from CREBยฎ Monthly reports for Cochrane, Rural Rocky View, Bighorn Region, and Rural Mountain View. Historical data derived from CREBยฎ Quarterly Summary Statistics, Q4 2025.
Data last verified: February 3, 2026
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