Calgary real estate market analysis: July 2026 market insights.

Executive summary.

July delivered the seasonal slowdown Calgary usually gets in the back half of summer, and then added a twist. Sales eased to 1,904 units, nine percent below last July, while new listings fell harder at 15%. Because both sides of the ledger pulled back together, the sales-to-new-listings ratio actually improved to 57.30%, a sign that sellers, not buyers, blinked first. Inventory finished the month at 6,626 units, down 4.23% from a year ago and the second straight month of year-over-year inventory declines.

The price story is where July gets interesting. The total residential benchmark (based on actual sales) settled at $569,200, down 2.05% year over year and down $3,300 from June. That month-over-month dip is the first of 2026, ending a six-month run of gains that carried the benchmark from $553,400 in January to $572,500 in June. Ann-Marie Lurie, Chief Economist at CREB®, tied the ongoing adjustment to several years of heavy construction combined with a sharp drop in migration – a shift that has landed hardest on higher-density housing. With more than 17,000 apartment-style units still under construction, that pressure has further to run.

The divergence that has defined 2026 held firm. Detached and semi-detached homes remain in balanced territory with months of supply near or below three. Apartment condominiums sit at 4.90 months and are squarely a buyer's market, with a benchmark of $297,600 (based on actual sales), down 8.37% year over year and the single largest drag on the citywide number. Row homes have joined the softening group at 3.90 months. At the top of the market the picture is different again: detached sales above $1 million rose to 165 units in July from 148 a year ago, and citywide sales above $2 million are up nearly 29% year to date against a total market down 10%.

One arithmetic point is worth holding onto. Calgary's benchmark fell steadily through the second half of 2025, from $581,100 in July to $554,700 in December (based on actual sales) . If the 2026 benchmark simply holds at July's $569,200, the year-over-year comparison narrows to roughly −1.2% in August and −0.4% in September, and turns positive in October. The annual number can improve without prices rising at all – it only needs them to stop falling.

Calgary's total residential benchmark price was $569,200 (based on actual sales) in July 2026, down 2.05% year over year and down $3,300 from June – the first month-over-month decline of 2026 after six consecutive monthly gains. Sales fell 9.16% to 1,904 units while new listings dropped 15.03%, lifting months of supply to 3.48. Apartment condominiums remain the primary source of the citywide price decline, while the West District was the only district in Calgary to post a year-over-year price gain.

Property type performance.

Detached: the streak ends, but the top end keeps moving.

Detached sales came in at 1,012 units, down 1.65%, by far the mildest decline of any property type. New listings fell 9.54% to 1,707 and inventory tightened 4.55% to 2,939. Months of supply eased to 2.90 from 2.99, keeping detached in balanced territory, and days on market improved to 33 from 34. Detached is the only segment in Calgary selling faster than it did a year ago.

The benchmark was $743,900, down 1.87% year over year and down 0.88% from June. That monthly dip breaks a six-month run of gains that had lifted the detached benchmark from $724,000 in January. It is a pause rather than a reversal – the benchmark is still $19,900 above where it started the year – but it does interrupt the recovery narrative that carried the spring.

Above $1 million, activity moved the other way. July recorded 165 detached sales over $1 million versus 148 last July, including 20 sales above $2 million against 15 a year ago. Year to date, detached sales above $1 million are essentially flat at 1,121 units while total detached sales are down 2.83%, and the $2-million-plus tier is up 27% to 177 sales.

Apartment: the source of the citywide decline.

Apartment condominiums are doing most of the work in Calgary's negative headline number. The benchmark fell to $297,600, down 8.37% year over year and a second consecutive month below $300,000. Sales dropped 19.84% to 408 units, days on market stretched to 54, and months of supply climbed to 4.90, firmly a buyer's market and the highest of any property type.

There is one constructive signal in the numbers. Apartment new listings fell 21.95% and inventory is down 4.67% year over year, so the resale side is finally shrinking. The problem is that demand fell faster than supply, which is why months of supply still rose. With rentals absorbing buyers who would otherwise be purchasing, and a large construction pipeline still delivering, this segment needs time rather than a catalyst.

Semi-detached: the only segment with more sales than last year.

Semi-detached posted 198 sales, up 5.88%, the only property type in Calgary with a year-over-year sales gain in July. New listings eased 3.65%, months of supply held at 2.89, and the sales-to-new-listings ratio was the strongest in the city at 62.46%.

The benchmark was $691,000, down 0.30% from last July. That is a small step back from June, when semi-detached briefly turned positive on an annual basis, the first segment to do so this year. It remains the tightest-priced segment relative to 2025, with a year-to-date benchmark down just 0.51%.

Row: the segment to watch.

Row homes had the weakest July. Sales fell 22.91% to 286 – a third consecutive month of declines – and new listings dropped 25.48%. Months of supply rose to 3.90 from 3.22, up 20.93% year over year, and the benchmark fell 6.10% to $418,500. Days on market lengthened to 44. Row has drifted from balanced into the upper half of that range in three months, with new construction in the same price band a meaningful part of the story.

Geographic analysis.

West District: the only district in the green.

The West District was the only district in Calgary to record a year-over-year total residential price gain in July, at 0.9%, with a benchmark of $723,200. Detached homes in the West carry a benchmark of $1,003,800, up 2.31% year over year, and the district's detached market ran at just 1.96 months of supply – the tightest reading of any district and property type combination in the report. Only 210 detached listings were available against 107 sales, and 70.86% of new listings sold.

For Springbank Hill, Aspen Woods and the surrounding west-side communities, that is the number that matters. Detached inventory in the West is functionally scarce, and semi-detached in the district is also positive year over year at $839,400, up 1.75%. The West did give back 2.07% month over month on the detached benchmark, which is a normal summer move off a spring peak in a market this thin – a handful of transactions can swing the index in a district with 210 active listings.

City Centre: holding just above the line.

City Centre detached posted a benchmark of $992,000, up 0.91% year over year, with 3.59 months of supply. Semi-detached in the core sat at $968,100, essentially unchanged at −0.04%. The district's total residential benchmark of $576,200 is down 0.7%, but that figure is weighed down by the apartment segment, where City Centre holds 872 of the city's 1,999 apartment listings and 5.42 months of supply. Upper Mount Royal, Elbow Park, Britannia and Bel-Aire sit within the detached side of that split, which is the part still holding its value.

North East: the other pole.

The North East remains Calgary's weakest district on every measure. Its total residential benchmark of $466,400 is down 6.6% year over year, the steepest decline in the city. Detached fell 6.03% to $563,900 with 5.11 months of supply, apartments dropped 13.63% to $253,400 with 6.55 months of supply, and row homes fell 13.21% to $334,400. The East District tells a similar story with row homes at $261,200, down 14.16%. West detached at $1,003,800 is now 78% above North East detached, and the two districts are moving in opposite directions.

Market outlook.

The most useful way to read July is as a pause in a recovery rather than a resumption of decline. The citywide year-over-year benchmark gap has narrowed from −4.2% in March to −3.5% in April to roughly −2.1% in June and −2.05% in July. That improvement clearly flattened out this month, but the direction has not reversed, and the second-half comparison base from 2025 gets progressively easier every month from here.

Two forces will decide the fall. The first is supply: new listings have fallen 15.03% year over year and inventory is down 4.23%, which is the mechanism that eventually stops price declines. The second is the high-density overhang, where a large construction pipeline and softer rental demand keep apartment and increasingly row prices under pressure. These two forces are pulling in opposite directions, which is precisely why Calgary's citywide average is a poor guide to what is happening in any specific community.

Expect August and September to look similar – seasonally quiet, with detached and semi-detached holding near balance and the high-density segments continuing to adjust. The number to watch is not the citywide benchmark; it is whether detached months of supply stays under three as fall listings arrive.

The signal for luxury sellers.

The West District detached market ran at 1.96 months of supply in July with a benchmark of $1,003,800, up 2.31% year over year – the tightest supply in Calgary while every other district posted declines. In Springbank Hill and Aspen Woods, that means correctly priced inventory is competing against very little. And with citywide sales above $2 million up nearly 29% year to date in a market down 10% overall, buyer demand at the top has not followed the broader slowdown.

Strategic recommendations.

For sellers.

Detached, west side and City Centre (over $1 million): This is the strongest position in the market. With 1.96 months of supply in the West and prices up year over year, sellers here have genuine leverage, but leverage is not a licence to overprice. Detached homes citywide are selling in 33 days at 98.23% of list, which tells you buyers are still disciplined. Price to the current benchmark, not to the spring peak.

Detached, suburban districts: With benchmarks down three to six percent in the North, North East and South East, the pricing conversation has to start from today's comparables. Homes priced against 2025 numbers will sit, and sitting is expensive – days on market lengthens, and the first offer that eventually arrives reflects the staleness rather than the value. No one pays full price for a stale donut.

Row and apartment: At 3.90 and 4.90 months of supply, these segments require the sharpest pricing in the market. Sellers who need to move in 2026 should price ahead of the trend rather than chasing it downward in increments. Sellers who can wait probably should – the resale supply picture is improving even as prices lag.

For buyers.

Luxury detached buyers: Inventory in the West is thin and moving. If a home in Springbank Hill or Aspen Woods matches the requirements, waiting for a better price in that specific submarket is a weak bet – the district is up year over year while the city is down. Negotiating room exists on individual properties that have been listed a while, not across the district as a whole.

Move-up buyers: The spread is the opportunity. For a buyer selling a condominium or row home and buying detached, the sell side is soft but the buy side has also come down 1.87% year over year, and the detached market is balanced rather than competitive. That trade is more favourable now than it was during the spring run-up.

Condominium buyers: At 4.90 months of supply, 54 days on market and 96.27% of list price, this is the clearest buyer's market in Calgary. Buyers with time and no property to sell have real negotiating power, particularly in the City Centre and North East where inventory is deepest.