This is a longer market update, because there’s a lot to unpack — and more importantly, I want you walking into 2026 actually understanding what’s happening in Calgary’s real estate market, not just reacting to scary headlines.
2025 felt like the year of the snake. A year of shedding, releasing, and clearing out what no longer worked. Financial pressure, interest rates, layoffs, political uncertainty, strikes, and market adjustments forced many buyers, sellers, and investors to reset expectations. It was uncomfortable, but necessary.
Now we’re stepping into 2026 — the year of the dragon. A year that symbolizes rebuilding, forward momentum, and renewal. And everything I’m seeing on the ground in Calgary aligns with that shift.
The question I’m asked most is simple: Are we at the bottom?
My honest answer is that we’re getting close, but not across every segment.
Apartment condos are still adjusting. Supply is at record highs, with thousands of new purpose-built rentals and CMHC-backed projects entering the pipeline. Renters have options, rents are softening, and that pressure flows directly into investor demand. As a result, apartment prices may continue to slide until absorption improves.
Detached homes and duplexes, however, feel like they’ve largely found their floor. Townhouses sit somewhere in the middle. The oversupply of small, stair-heavy townhomes has cooled demand, while larger, ground-oriented townhomes that function like detached homes remain highly desirable.
What the stats don’t fully capture — but every experienced realtor feels — is consumer confidence. Buyers aren’t gone. They’re cautious, slower, and far more intentional. They’re watching closely, waiting for pricing and product to make sense again, not pandemic sense, but rational sense.
Deals are taking longer. Inspections are tougher. Negotiations are tighter. That friction isn’t collapse — it’s transition.
November numbers showed about 6,400 active listings and roughly 3.6 months of supply. Detached prices hovered in the mid-$740,000s, duplexes in the high-$680,000s, townhomes in the low-$430,000s, and apartments near the low-$320,000s. Established communities closer to the core remain resilient, while newer edge-of-city developments face heavy competition from builders offering incentives that homeowners simply can’t match.
Layered into all of this is Calgary’s missing middle problem. When first-time buyers can’t buy, move-up buyers can’t move, and downsizers can’t downsize, the entire market slows. We’re building rentals and apartments, but not enough duplexes and functional townhomes that support real movement.
Zooming out, Calgary’s long-term fundamentals remain incredibly strong. We added nearly 100,000 new residents this year alone. Alberta continues to lead the country in interprovincial migration. Tech employment is up over 60% since 2021. Venture capital investment has surpassed Vancouver. Energy is stabilizing, aviation and logistics are growing, and diversification is real.
Interest rates have also shifted the conversation. With the Bank of Canada holding at 2.25 and bond markets signaling stability, buyers are no longer waiting on dramatic cuts. Fixed rates in the low 3s are normal, healthy, and sustainable, and stability brings confidence.
So what does this mean heading into 2026?
We’re not crashing. We’re not collapsing. We’re transitioning. Buyers have a leverage window right now, especially through early January. Sellers need to be strategic, not reactive. And once the calendar flips, momentum tends to return quickly.
2026 isn’t about chaos. It’s about clarity. And those who understand the cycle — rather than fear it — will be the ones who win.
If you want guidance rooted in data, experience, and what’s actually happening on the ground in Calgary, I’m here to help you navigate what comes next.
