Calgary real estate market analysis: September 2026 market insights.

Calgary's total residential benchmark price was $566,700 in September 2026, down 0.82% year over year and $3,100 lower than August as the usual fall adjustment arrived. Sales eased 3.85% to 1,650 units, but new listings fell faster, down 11.32%, pulling months of supply down to 3.93 from 4.03 a year ago. Detached sales rose 4.43% against the seasonal trend and sales above $1 million climbed to 176 from 156 – including 31 sales above $2 million, more than double last September's 15. The West was again the strongest district, with the highest detached benchmark and the tightest detached supply in the city.

Executive summary.

September reversed August's pattern. In August, sales fell faster than listings; in September, sellers pulled back harder than buyers. Sales eased 3.85% to 1,650 units – a far smaller decline than August's 16.41% – while new listings fell 11.32% to 3,354. The sales-to-new-listings ratio improved to 49.19% from 45.37% a year ago, inventory finished at 6,486 units, down 6.26% and months of supply settled at 3.93. Sales typically pull back from August to September. This year they held essentially flat, because detached activity improved.

The benchmark moved the other way. At $566,700, it was $3,100 lower than August and 0.82% below September 2025, compared with -1.08% a month earlier. CREB® noted that much of the monthly decline was seasonal and that seasonally adjusted prices were relatively stable. Almost all of the price weakness lies in higher-density product: apartment and row benchmarks are down 8.28% and 5.54% year over year, while detached is down 0.95% and semi-detached is essentially flat.

Price point continues to define the market. Calgary recorded 176 sales above $1 million in September, up 12.82% from 156, while sales below $1 million fell 5.5%. Sales above $2 million rose to 31 from 15. Ann-Marie Lurie, Chief Economist at CREB®, tied the split to where new supply has landed: the construction boom of the past three years was concentrated in apartment and row product, while a stronger job market and positive, if slower, net migration have kept detached demand strong enough to absorb its supply. The upper-end mix is why the average sale price rose 4.93% to $646,198 while the benchmark slipped.

The August report projected roughly -0.3% for September if prices held. They did not hold – the benchmark fell $3,100 – so the annual gap narrowed by less than projected. The 2025 benchmark was $566,200 in October and $559,000 in November. September's $566,700 is just $500 above last October's level, so October turns positive only if the benchmark holds almost exactly where it is. A typical seasonal dip makes November the more likely month for the annual comparison to cross zero.

Property type performance.

Detached: sales up against the season.

The August report expected detached months of supply to hover in the mid-threes this fall. It came in slightly better. Detached sales rose 4.43% to 896 units while new listings fell 9.35% to 1,726 and inventory dropped 7.28% to 2,968. That pushed months of supply down to 3.31 from 3.39 in August and 3.73 a year ago. The sales-to-new-listings ratio reached 51.91%, days on market rose to 38 and homes sold at 97.90% of list.

The gain was weighted to the top. Detached sales above $1 million rose to 148 from 124 a year ago, including 31 sales above $2 million against 14. Below $1 million, detached sales edged up about 2%. Detached supply sat below three months in the West (2.73), South (2.75) and North West (2.86). The North improved sharply to 3.19 from 4.10 in August, leaving the North East (5.61) as the only district above four.

The benchmark was $739,400, down 0.95% year over year – the narrowest detached gap of 2026 – and 0.66% lower than August. It is still $15,400 above where it started the year. Year to date, detached sales above $2 million are up 37%, from 167 to 228.

Apartment: still the heaviest weight, but sales improved.

The apartment benchmark fell to $291,400, down 8.28% year over year and 1.35% from August and now sits about 15% below its August 2024 peak of $341,300. Activity improved on a relative basis: sales fell 14.25% to 343, compared with a 25.84% drop in August and new listings fell 22.65%. Months of supply eased to 5.29 from 5.68 in August, though it remains above last September's 5.01 and the highest of any property type. Days on market reached 55 and units sold at 96.10% of list. CREB® noted that seasonally adjusted apartment prices continued to decline.

Semi-detached: flat on price, up on sales.

Semi-detached is the only property type with a year-over-year price gain, at $685,200, up 0.09% – though that is down from +0.98% in August and the benchmark fell 0.77% month over month. Sales rose 5.16% to 163, but new listings held near last year's level and months of supply rose to 3.67 from 3.30 in August. Gains in the West (+1.46%, $826,000), North West (+1.33%) and City Centre (+0.20%) offset declines elsewhere.

Row: above four months of supply.

Row homes moved the wrong way in September. Sales fell 18.15% to 248, inventory rose 0.73% to 1,103 and months of supply climbed to 4.45 from 3.85 in August and 3.61 a year ago – above four months for the first time this year. The benchmark slipped 0.67% to $412,400, down 5.54% year over year. Declines are steepest in the North East (-11.86%) and East (-12.53%) and smallest in the North West (-2.01%).

Geographic analysis.

West District: back on top.

The West again posted the largest year-over-year total residential gain in Calgary, up 1.7% to $721,200. West detached carries a benchmark of $993,700, up 2.69% – the strongest annual detached gain of any district – at 2.73 months of supply, still the tightest detached reading in the city. There were 232 detached listings against 85 sales and 52.15% of new listings sold.

The August report flagged two straight monthly dips in the West detached benchmark. September ended that run with a 0.12% gain – the only district where the detached benchmark rose month over month – and the West regained the highest detached benchmark in Calgary from City Centre. It remains just below $1 million. West semi-detached is up 1.46% at $826,000.

City Centre: still positive, but cooling.

City Centre's total residential benchmark is up 0.2% to $573,100, down from +1.1% in August. City Centre detached fell 1.45% month over month to $981,300, slipping back behind the West, but remains up 0.72% year over year with 3.50 months of supply. Semi-detached is up 0.20% at $957,500. The district's apartment segment – 819 of the city's 1,816 apartment listings at 5.77 months of supply – continues to weigh on the total, while detached values in Upper Mount Royal and Elbow Park hold up.

North West and North: tightening.

North West detached was flat month over month at $781,400, with the annual decline narrowing to -0.66% from -1.30% and supply at 2.86 months. The North was the month's biggest supply story: detached months of supply fell to 3.19 from 4.10 in August and 58.72% of new detached listings sold – the highest ratio of any district – although the North detached benchmark is still down 3.80% year over year.

North East and East: the other pole.

The North East remains Calgary's weakest district, with the total residential benchmark down 6.1% to $461,200. North East detached fell 6.01% to $556,600 with 5.61 months of supply, apartments fell 13.07% with 15.38 months of supply and row fell 11.86%. The East shows similar high-density pressure, with apartments down 13.13% and row down 12.53%. West detached now sits about 79% above North East detached.

Market outlook.

The year-over-year benchmark gap has narrowed from -4.2% in March to -3.5% in April, -2.1% in June, -2.05% in July, -1.08% in August and -0.82% in September. The pace slowed this month because the seasonal dip arrived, but the direction has not changed. When the annual number does turn positive – most likely in October or November – it will reflect a flat benchmark measured against last fall's decline. That is stability, not a rebound.

The August report named new listings as the number to watch this fall. They stayed well below last year, down 11.32% and that restraint is what pulled detached supply down to 3.31 months. Sellers who waited out the summer have not flooded the market. That supports detached prices into the fourth quarter, even as row and apartment supply keeps building.

The price-point divergence also held. Sales above $1 million grew for a second straight month while total sales declined and year-to-date sales above $2 million are up 38%. Expect that pattern to continue through the fall. The forces slowing the lower end – rental competition and a large construction pipeline – have little bearing on move-up and luxury buyers. The next thing to watch is whether row supply stays above four months. If it does, more move-up sellers will find their current home harder to sell than the detached home they want to buy.

The signal for luxury sellers.

Calgary sales above $1 million rose to 176 in September from 156 a year ago, while sales below $1 million fell 5.5%. Sales above $2 million more than doubled, from 15 to 31 and year to date they are up 38%, from 172 to 237, against a total market down 10.5%. In the West, detached supply sits at 2.73 months with prices up 2.69% and the West detached benchmark was the only one in Calgary to rise in September. Luxury buyers are active and decisive. Well-prepared, correctly priced homes in Springbank Hill, Aspen Woods, Upper Mount Royal and Elbow Park are selling; the rest are being compared.

Strategic recommendations.

For sellers.

Detached, west side and City Centre ($1 million+): Demand at this level grew again, West supply is under three months and prices are up year over year in both districts. The West benchmark recovered in September, but City Centre slipped 1.45% month over month. Price to current comparables, launch before the holiday slowdown and let buyer competition do the lifting.

Detached, suburban districts: Supply tightened in the North and North West, but North East detached supply is still above five months with prices down 6%. Pricing has to start from current data. A home that sits through the fall will be negotiated against its own listing history – no one pays full price for a stale donut.

Row and apartment: At 4.45 and 5.29 months of supply, these segments call for the sharpest pricing in the market. Row has now crossed into buyer's territory. Sellers who need to move before year end should price ahead of the trend.

For buyers.

Luxury detached buyers: Fall selection is better than the spring, but the West is tightening again and its benchmark rose in September. District-wide discounts are unlikely; the negotiating room is in individual listings that have sat through the summer.

Move-up buyers: The condominium or row home being sold has softened, while the detached home being bought is priced 0.95% below last year. That trade will likely look less favourable once the annual comparison turns positive and buyer sentiment follows the headline.

Condominium and row buyers: With apartment supply at 5.29 months, 55 days on market and a 96.10% sale-to-list ratio and row supply now above four months, these are the clearest buyer's markets in Calgary – especially in the City Centre, North East and East.