For several years, apartment-style condos were one of Calgary’s strongest performers. Limited supply, tight rental markets, and rapidly rising rents pushed many buyers into ownership between 2022 and most of 2024. Condos became the pressure valve for a market short on options.
But markets evolve, and by the end of 2024, the tone began to change.
Record-high construction levels over the past several years significantly increased both rental and new condo supply. As more purpose-built rentals came online and rental rates began to ease, fewer renters felt the urgency to transition into ownership. At the same time, new home construction pulled demand away from resale apartments and toward brand-new products.
By 2025, the impact was clear. Resale apartment sales totalled 5,426, down 29 percent from the elevated levels of 2024. While this activity remained stronger than anything seen before 2022, momentum slowed as new listings stayed high and inventory climbed to record levels.
With rising supply across resale, rental, and new construction, prices came under pressure. By the end of 2025, apartment-style condo prices were eight percent below their 2024 peak, and on an annual basis, prices declined by nearly three percent compared to 2024. The largest drops occurred in the North East, North, South East, and East districts. In contrast, the City Centre, home to 43 percent of all apartment inventory, proved more resilient, with prices down just two percent year over year.
Looking ahead to 2026, rental vacancies are expected to remain elevated, and additional new construction completions will continue adding supply. This excess inventory is likely to persist, placing further downward pressure on apartment-style condo prices.
For buyers, this cycle creates opportunity, especially for those focused on long-term value and location. For sellers, pricing and strategy will matter more than timing alone. For investors, the path forward requires precision, not optimism.
Calgary’s apartment market isn’t broken. It’s recalibrating. And in moments like this, informed decisions, not hesitation, are what separate missed chances from smart moves.
