Canada Housing Market

Calgary’s condo market has changed significantly from the red-hot conditions seen just a couple of years ago, with apartment prices now sitting roughly 13% below their 2024 peak.

According to the latest data from the Calgary Real Estate Board, the benchmark price for an apartment-style condo in Calgary fell to $295,400 in August 2026.

That is 8% lower than a year ago and nearly 1% lower than July.

Perhaps even more notable is how far prices have fallen from their recent high.

Calgary apartment prices peaked at $341,300 in August 2024, according to CREB. That means the benchmark has dropped by approximately $45,900, or roughly 13%, in just two years.

Calgary Condos Have Shifted Into A Buyer’s Market

The price drop comes as Calgary’s apartment condo market continues to deal with significantly more supply than demand.

CREB says apartment-style homes had nearly six months of resale supply in August, the highest level among Calgary’s major housing types.

The elevated supply has kept the condo segment in buyer-market conditions, despite a decline in the number of new listings coming onto the market.

For comparison, detached homes had just over three months of supply in August.

The difference helps explain why condo prices are seeing much larger declines than Calgary’s detached market.

Calgary’s detached benchmark price was $744,300 in August, down only about 1% from the same time last year.

Calgary Condo Sales Are Down 26% This Year

Demand for condos has also slowed considerably.

Apartment condo sales are down 26% year to date compared with 2025, according to CREB.

CREB says an increase in rental supply is weighing on demand from both first-time homebuyers and investors.

With more rental options available, some renters may be in less of a rush to enter the ownership market, while investors are also facing a different environment than they did when Calgary’s rental market was considerably tighter.

This combination of weaker demand and elevated supply has been putting downward pressure on condo prices for roughly two years.

Calgary Has Added A Lot Of Apartment Supply

The shift also comes after several years of elevated housing construction in Calgary.

In its July housing report, CREB said there were more than 17,000 apartment-style units under construction in the city.

CREB Chief Economist Ann-Marie Lurie said several years of high construction levels, combined with a decline in migration, have contributed to changing conditions in Calgary’s higher-density housing market.

That additional supply is affecting both the rental and resale markets.

While new construction has started to slow, thousands of units already under construction are still expected to make their way into the market.

Calgary’s Overall Housing Market Is Cooling Too

Condos are experiencing the largest price correction, but Calgary’s broader housing market has also slowed.

There were 1,660 home sales across Calgary in August, down 16% compared with August 2025.

New listings also declined nearly 10% to 3,141 units.

Calgary’s overall residential benchmark price was $569,800, approximately 1% lower than a year earlier.

However, conditions vary significantly depending on the type of property.

Detached and semi-detached homes remain relatively balanced, while higher-density properties such as apartments continue to face more supply and stronger downward pressure on prices.

What This Could Mean For Calgary Condo Buyers

For buyers, the shift means there may be considerably more choice than there was during Calgary’s recent housing boom.

Nearly six months of condo supply and weaker sales can give buyers more time to compare properties and potentially more negotiating power.

For sellers and investors, however, the increase in competition means pricing a property appropriately could become increasingly important.

The biggest question now is whether Calgary condo supply begins to fall or whether continued additions to both the rental and ownership markets keep prices under pressure heading into the end of 2026.

For now, Calgary’s condo market looks very different from where it was at its August 2024 peak.

References

• Calgary Real Estate Board, September 1, 2026: Sales and new listings slow in August
• Calgary Real Estate Board, August 4, 2026: Price declines driven mostly by apartment condominiums