CALGARY — A cold front rolled in over the Calgary real estate market in January, with sales dropping 15% from January last year.
Market-wide sales reached 1,234 homes last month, which is far off typical sales for this time of year, says Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB), adding the multi-family homes segment of the market took the brunt of the decline.
“Following the typical December slowdown, potential buyers for high-density homes were more hesitant to return to the market in January, as increased supply choice across all aspects of the market has reduced the sense of urgency,” says Lurie.
“At the same time, sellers were quick to bring their listings onto the market, causing the sales-to-new-listings ratio to drop to 44%, mostly due to shifts in apartment and row-style homes. Overall, this is not entirely uncommon for January, as both buyers and sellers weigh their options ahead of the spring market.”
There were 4,391 homes listed for sale in Calgary in January, the highest number in six years, with the supply of rowhomes and apartments facing higher levels compared to long term trends.
"The result is months of supply that ranges from under three months in the detached sector to five months for apartment-style homes,” says Lurie, adding prices lowered as supply increased. “Due to declines in the later part of 2025, benchmark prices are lower than levels reported at the start of last year.”
“However, seasonally adjusted figures point to stable levels in January compared to the end of 2025. Nonetheless, year-over-year total residential benchmark prices have declined by nearly five percent, as steep declines reported in the oversupplied row- and apartment-style homes weighed on total residential prices compared to last year.”
Here are Lurie’s overviews of the market by home type:
Single-family
Sales reached 657 homes, while 1,243 new listings came to market.
“New listings did rise over December levels, causing inventories to reach 1,753 units, just shy of long-term averages for the month,” says Lurie. “With less than three months of supply and a sales-to-new listings ratio of 53%, conditions remained relatively balanced in the single-family sector. The January unadjusted benchmark price was $724,000, slightly lower than the previous month and over three percent lower than last January, as prices trended down over the second half of 2025.”
“Price movements varied throughout the city, with year-over-year declines ranging from less than one percent in the West district to over six percent lower in the northeast. While unadjusted prices did ease over December, this was mostly due to pullbacks in the city centre and northwest districts.”
Semi-detached
There were 118 sales in January and 251 new listings, comprising 10% of all market activity in January.
“While both sales and new listings improved over December, the growth in new listings was higher, causing the sales-to-new-listings ratio to ease to 47%. Inventory levels improved, but conditions remained relatively balanced, with three-and-a-half months of supply,” says Lurie. “Rising supply, which started in the latter part of 2025 and continues into 2026, is creating more price stability. As of January, the benchmark price was $667,000, similar to last month and only one percent lower than last January. Year-over-year prices in both the northwest and west districts remain higher than last year but are lower in every other district.”
Row/townhomes
Sales were down 25% from January 2025, reaching only 186 sales last month.
“Meanwhile, supply continued to rise both in terms of new listings and inventory growth, causing the months of supply to push above four months,” says Lurie. “Despite the added supply, the unadjusted benchmark price remained similar to December's levels but was five percent lower than last January. The month-over month stability was due to gains in the city centre and west districts. Year-over year price adjustments have been the highest in the northeast and east districts, followed by the north and southeast districts, which have faced significant competition from the new-home market.”
Apartments
New listings soared to 787 units in January, a significant increase from December and towering over the 273 sales for the month.
“The sales-to-new listings ratio was 35%,” says Lurie. “This drove further gains in inventory, which reached 1,435 units, the highest levels ever reported for January. With over five months of supply in January, it is not surprising that prices trended down further.”
”The unadjusted benchmark price was $301,200, nearly one percent lower than December and eight percent lower than last January. Prices have been falling across every district, with year-over-year declines ranging from 13% in the northeast to six percent in the City Centre.”