Calgary’s real estate market in 2026 is all about supply and favouring buyers, says a forecast report from the Calgary Real Estate Board (CREB).
Rapid population growth has kept the Calgary market hot for the last three years, especially in the new homes segment, with Calgary builders recording back-to-back records for home construction starts in 2024 and 2025. Supply also increased in the rental and resale markets.
Increased supply took the pressure off prices, and supply levels are expected to be maintained, says Ann-Marie Lurie, CREB’s chief economist.
“As we move through 2026, supply levels are expected to remain elevated for higher density homes, as 2025’s record high starts will continue to add supply to the rental and new home market,” says Lurie.
“The elevated inventory levels should cool new home starts this year, taking the pressure off supply growth by the end of 2026 and into 2027. Previous population gains and job growth are expected to keep sales in line with long-term trends. But no further uptick in demand is expected given the shift in migration and employment in the city.”
Lurie says buyers’ market conditions will last most of 2026, varying in terms of property type.
“The additional supply in the apartment and row segments of the market is expected to weigh on resale prices in those segments. Meanwhile, annual prices should stabilize in the more balanced single-family and semi-detached segments,” she says.
“Nonetheless, further annual price declines for apartment and row-style homes will continue to weigh on total residential prices, which are expected to ease slightly over last year.”
Expect a reduction of international and interprovincial migration.
"In 2026, migration levels are expected to ease further as more temporary migrants leave and fewer international migrants are allowed into Canada,” says Lurie.
“Interprovincial figures are also expected to slow, given weak employment gains in Calgary and elevated unemployment rates. Lower levels of migration are coming at a time when supply is rising, which ultimately will weigh on the local housing market in 2026.”
New homes construction will fall below numbers recorded in 2024 and 2025, but the segment will still influence the market, with more than 26,000 homes still under construction.
“Although 45% of the units under construction are rental, new home supply levels should continue to rise as units are completed,” says Lurie. “Much of the additional supply is expected to occur in the apartment-style segment. This will have a significant impact on rental vacancies."
“This additional rental supply will still impact the ownership market due to slower transition from rental to ownership and a reduction in investor demand. This will likely keep vacancy rates elevated in 2026, further weighing on rental rates.”
CREB forecast by housing type
Apartments
Resale apartment sales reached 5,426 in 2025, down 29% from 2024 and the number of listings increased in 2025.
“With rental vacancies expected to remain elevated in 2026 and further supply growth expected due to new constructon completions, we anticipate that excess supply of apartment-style units will persist in 2026, driving further price reductions,” says Lurie.
Row/townhomes
“This segment of the market also reported record-high new listings and newly built homes in 2025, causing inventories to rise to levels not seen since 2019,” says Lurie. “As we move through 2026, supply pressure in this segment is expected to continue, placing further downward pressure on resale prices. The higher prices of newer properties should keep the resale product competitive, slowing the pace of supply growth in 2026.”
Semi-detached
Rising new listings and slightly slower sales resulted in a supply more consistent with long-term trends, says Lurie.
“On an annual basis prices rose by nearly 3% in line with expectations,” she says. “Nearly 30% of the supply of semi’s are located in the city centre, where units priced over $1,000,000 are experiencing higher supply/demand ratios and conditions favour the seller for lower priced units.”
"Additional supply choice will slow semi-detached home sales. At the same time, improved supply for competing properties will prevent any significant shift in semi-detached prices.”
Single-family
Sales of single-family homes were below expectations in 2025, contributing to increased supply and creating more balanced conditions and slowing the pace of price growth.
“Prices did trend down over the later part of the year, but not enough to offset earlier gains, as annual prices rose slightly over 2024 levels,” says Lurie, adding prices varied by areas of the city.
“On an annual basis, price adjustments ranged from an annual gain of 3% in the city centre to a decline of nearly 2% in the northeast. Sales are expected to remain at similar levels in 2026 compared to last year as the economy continues to adjust to slower migration and job growth.”
“At the same time, supply choice in all aspects of the market will keep conditions on the higher end of the balanced scale. This is expected to prevent any significant change in detached prices this year.”
