Condo Oversupply Keeps Pulling Prices Down

What’s happening in the Calgary real estate market in July 2026?

Calgary’s housing market cooled further in July 2026, with both sales and new listings pulling back from a year ago. Sales fell 9 per cent to 1,904 while new listings dropped 15 per cent to 3,323, pushing months of supply up to 3.48 — still balanced, but rising. The total residential benchmark price landed at $569,200, down 2 per cent year over year, with the decline concentrated almost entirely in apartment condos, where the benchmark fell more than 8 per cent to $297,600. Detached, semi-detached, and row homes eased far less, and the West district was the only area of the city where prices actually grew across nearly every property type.

By Steve Kabachia | August 4, 2026

CREB® put it plainly in this month’s release: price declines in Calgary are being driven mostly by apartment condominiums. That’s not a new trend — it’s been building for months — but July is the clearest example yet of just how lopsided the pressure has become.

New listings fell faster than sales this month, which is a subtle but important shift. It’s not that buyers disappeared; it’s that fewer sellers showed up, too. That kept the slowdown from turning into a supply glut everywhere — except in the one segment where the glut was already well underway.

The Big Picture: A Quieter Market, But Not a Stalled One

City-wide, 1,904 homes sold in July, down 9.2 per cent from last year, on 3,323 new listings, down 15 per cent. That pullback in new listings actually outpaced the pullback in sales, which is why the sales-to-new-listings ratio improved slightly to 57.3 per cent even as activity slowed. Total inventory sat at 6,626 units, down 4.2 per cent year over year.

Months of supply climbed to 3.48, up from 3.30 a year ago — still balanced overall, but the highest July reading since the market tightened up in 2021. Homes averaged 40 days on market, up from 37 last year, and sold at 97.7 per cent of list price, down slightly from 98 per cent. The benchmark price came in at $569,200, down 2 per cent year over year and about half a per cent below June.

Year-to-date, Calgary has now logged 12,993 sales through July, down just over 10 per cent from the same point in 2025, on new listings down 9.4 per cent. The year-to-date benchmark price sits at $565,157, down 3.55 per cent — a steeper year-to-date decline than the single-month number, largely because condo softness has been dragging on the average all year.

None of this reads as a market in trouble. It reads as a market where migration-driven demand has eased and buyers have more time and choice than they’ve had in a few years — except that “more choice” is wildly uneven depending on what you’re shopping for.

Apartment Condos: Where the Pressure Keeps Building

If one number explains Calgary’s price story this month, it’s this: apartment condos are sitting at 4.90 months of supply, up nearly 19 per cent from a year ago and by far the highest of any property type in the city.

Condo sales fell almost 20 per cent year over year to 408 units, even as new listings dropped faster — down almost 22 per cent to 793. That should have tightened things up, but inventory is still 4.7 per cent below last year while sales fell twice as fast, which is exactly how months of supply keeps rising even with fewer new listings hitting the market.

The benchmark price fell to $297,600, down 8.4 per cent year over year and the steepest decline of any property type by a wide margin. Days on market stretched to 54, up from 45 a year ago, and homes are selling at 96.3 per cent of list — both consistent with a market firmly in buyers’ territory.

CREB® Chief Economist Ann-Marie Lurie pointed to the underlying cause: several consecutive years of high construction activity, combined with a sharp drop in international migration, have hit higher-density housing hardest. There are currently roughly 17,000 apartment-style units under construction in Calgary. New supply keeps landing on a resale market that’s already carrying an oversupply, and that combination is what’s weighing on rents and resale prices at the same time.

District-level condo softness is broad, but not identical everywhere. The East ($213,100, down 13.8 per cent) and North East ($253,400, down 13.6 per cent) districts have seen the steepest year-over-year declines, while the West ($326,700, down 7.7 per cent) and City Centre ($304,400, down 8.0 per cent) held up comparatively better — still down, just less dramatically. For a condo buyer, this is the most negotiating room this segment has offered in years. For a condo seller, pricing to today’s market — not last year’s, and not last month’s — isn’t optional.

Detached Homes: Steadier, But Starting to Feel It Too

Detached sales eased to 1,012 units in July, down just 1.7 per cent from last year — a far gentler pullback than condos. New listings fell harder, down 9.5 per cent to 1,707, which kept the segment’s sales-to-new-listings ratio at a healthy 59.3 per cent and months of supply at a still-tight 2.90, actually down slightly from 2.99 a year ago.

The benchmark price landed at $743,900, down 1.9 per cent year over year. Homes sold at 98.2 per cent of list price in 33 days on average — both figures that point to a segment still leaning toward sellers, even with the slower headline numbers across the city.

CREB®’s own commentary attributes most of the year-over-year detached price softness to adjustments in the North East and North districts, and the district table backs that up: North East fell 6.0 per cent to $563,900, and North fell 4.9 per cent to $647,700 — the two weakest performers in the city for detached homes. On the other end, the West district posted detached benchmark growth of 2.3 per cent to $1,003,800, the only detached district in the city to gain value year over year, alongside City Centre, which was essentially flat at $992,000 (up 0.9 per cent).

Semi-Detached and Row: A Story of Two Middle Segments

Semi-detached was one of the few genuine bright spots this month. Sales rose 5.9 per cent year over year to 198 units, even as new listings pulled back 3.7 per cent — pushing the sales-to-new-listings ratio up to 62.5 per cent, among the highest of any property type. Months of supply held nearly flat at 2.89. The benchmark price came in at $691,000, essentially unchanged from a year ago (down just 0.3 per cent).

Row and townhouse homes told a softer story, and it’s the segment where oversupply concerns are starting to show up outside of condos. Sales dropped 22.9 per cent year over year to 286 units, with new listings falling even faster, down 25.5 per cent to 506. Months of supply still climbed nearly 21 per cent to 3.90 — CREB® flagged row as now showing “some signs of oversupply” for the third straight month. The benchmark price fell 6.1 per cent to $418,500, with the steepest declines in the East (down 14.2 per cent) and North East (down 13.2 per cent) districts.

District Watch: The West Keeps Setting Itself Apart

One pattern is becoming hard to miss the longer this stretch goes on: the West district is the only part of Calgary posting price growth across nearly every property type this month. Detached is up 2.3 per cent, semi-detached is up 1.75 per cent, and the district’s total residential benchmark price is up 0.9 per cent year over year — the only district in the city in positive territory on that broader measure.

On the other end, the North East and East districts are showing the most consistent softness across property types — both landing among the steepest year-over-year declines in detached, apartment, and row homes this month. If you’re pricing a home to sell, or deciding where to look as a buyer, which district you’re in matters more right now than it has in some time.

Frequently Asked Questions

Is Calgary a buyer’s or seller’s market in July 2026?

It depends heavily on property type and district. City-wide, Calgary sits at 3.48 months of supply — balanced, but rising. Detached homes, at 2.90 months of supply, remain closer to balanced-to-seller conditions. Apartment condos, at 4.90 months of supply and prices down 8.4 per cent year over year, are clearly in buyers’ territory, and row homes are showing early signs of the same.

Are Calgary home prices going up or down in 2026?

Mostly down, but unevenly. The total residential benchmark is down 2 per cent year over year to $569,200. Apartment condos have fallen the most, down 8.4 per cent to $297,600. Row homes are down 6.1 per cent to $418,500. Detached is down a more modest 1.9 per cent to $743,900, and semi-detached is essentially flat, down 0.3 per cent to $691,000. The West district is the one clear exception, posting gains in both detached and semi-detached prices this month.

Why are Calgary condo prices falling so much?

Several consecutive years of high construction activity have concentrated in apartment-style units — there are currently about 17,000 such units under construction in Calgary — just as international migration has slowed sharply. That combination has softened both rental and ownership demand for higher-density homes at the same time new supply keeps arriving, pushing condo months of supply to 4.90, the highest of any property type, and benchmark prices down 8.4 per cent year over year.

Which Calgary district is holding up best right now?

The West district. It’s the only district in the city where the total residential benchmark price rose year over year (up 0.9 per cent), and it posted gains in both the detached (up 2.3 per cent to $1,003,800) and semi-detached (up 1.75 per cent to $839,400) segments. The North East and East districts, by contrast, are seeing some of the steepest declines across nearly every property type.

How long does it take to sell a home in Calgary right now?

City-wide, homes averaged 40 days on market in July 2026, up from 37 a year ago. Detached homes moved fastest at 33 days. Apartment condos took the longest at 54 days, reflecting the extra supply and softer demand in that segment. Your specific timeline will depend on your property, price point, and district.

July’s numbers reinforce a trend that’s been building for months: this isn’t one Calgary market, it’s several, and the gap between them is still widening. Condos are carrying the weight of the city’s price softness. Detached is easing, but gently. And the West district keeps quietly outperforming almost everything else.

If you want to know what your home is worth in today’s market — not the city average, your actual address — the team offers a free, no-obligation home evaluation. If you’d also like the full breakdown of selling costs and timeline before you decide, that’s a good place to start too.

Book your free home evaluation here.

If you’re a buyer trying to figure out where the real opportunities are — condos especially, or the West district specifically — the team would be glad to walk through it with you.

Book a free buyer consultation here.

About Steve Kabachia

Steve Kabachia is a Managing Partner at Len T. Wong & Associates — RE/MAX Complete Realty, serving Calgary and the surrounding communities of Airdrie, Cochrane, Okotoks, and Chestermere. With 10 years of experience specializing in move-up buyers, downsizers, luxury properties, and investment real estate, Steve brings the kind of straight talk his clients count on — whether they’re pricing a home to sell or navigating a complex purchase. He starts where you are and takes the journey alongside you. Connect with Steve at stevekabachia.com or reach him directly at 587-437-9017.