The average home price in Calgary was $646,198 in September 2026, representing a 5.1% increase from the same month a year earlier. This figure, however, tells only part of the story as market conditions vary significantly by property type and different price metrics show divergent trends. Understanding Calgary's housing market involves examining benchmark prices, median values, and sales activity across detached homes, semi-detached homes, townhouses, and apartments. For Canadian home buyers, sellers, and investors, these metrics provide crucial insight into affordability, market stability, and the economic forces shaping one of the country's major urban centres.
Key Price Metrics for Calgary Homes
Calgary's real estate market is typically described using three primary price metrics: the average sale price, the median sale price, and the benchmark price. In September 2026, the average sale price reached $646,198, which was a 5.1% increase compared to September 2025. The median sale price, which identifies the midpoint where half of homes sold for more and half for less, was $574,444, up 2.6% year-over-year. The MLS Home Price Index (HPI) benchmark price, which is designed to track the value of a typical home by adjusting for the type and size of property sold, was $566,700, reflecting a 0.8% decline from the previous year. The divergence between the rising average and median and the slightly declining benchmark is largely due to a shift in the mix of homes being sold, with a greater proportion of higher-priced detached homes in the sales pool. This mix effect means the average and median can be influenced by changes in buyer preferences and the types of properties listed, not just pure price appreciation or depreciation for a consistent home.
The benchmark price is considered a more stable measure of underlying market trends because it accounts for changes in the composition of sales. In August 2026, the composite benchmark price was reported at $571,500, showing minimal movement with a 0.26% decrease year-over-year. This stability made Calgary one of the most steady housing markets in the country at that time. The sales-to-new-listings ratio (SNLR) is another critical indicator, and a ratio between 40% and 60% generally signifies a balanced market. Calgary's SNLR was 49% in September 2026, down from 53% in August but up from 45% a year prior, confirming balanced conditions. Months of supply, which calculates how long it would take to sell all current inventory at the present sales rate, held steady at 3.9 months in September, also within the balanced range.
Price Trends by Property Type
Calgary's housing market is not uniform, with significant differences in price performance and activity across various property types. The data from September 2026 illustrates a clear segmentation. Detached homes, which are typically the most expensive housing type, showed relative resilience. The average price for a detached home was $823,483, up 5.3% year-over-year, while the benchmark price eased by a more modest 1.0% to $739,400. Sales of detached homes actually increased by 4.3% year-over-year to 896 units, and this segment maintained one of the tightest supply conditions with months of supply at 3.3. Semi-detached homes presented a mixed picture, with an average price of $686,328, virtually unchanged with a 0.1% decrease, and a benchmark price of $685,200, up a slight 0.1% year-over-year.
In contrast, more affordable, higher-density property types experienced more pronounced price softening. The average price for a townhouse was $432,178, down 5.4% from September 2025, and the benchmark price for row/townhouse units declined 5.5% year-over-year. Apartment units saw the most significant declines, with an average price of $318,759, reflecting an 8.7% year-over-year drop. The median sale price for apartment units in the third quarter of 2026 was down 7.1% to $290,000. This segmentation indicates that demand pressures and affordability constraints are affecting different buyer segments in distinct ways, with the market for smaller, lower-priced units showing more weakness. Despite recent declines, all property types remain substantially more expensive than in 2019, with prices for apartments up 30.2%, row/townhouses up 54.2%, semi-detached homes up 57.8%, and detached homes up 52.3% compared to that pre-pandemic baseline.
Monthly Sales Activity and Inventory
The volume of sales and available inventory are fundamental drivers of price direction and market balance. In September 2026, a total of 1,650 homes were sold in Calgary, representing a 4.1% decrease from the 1,650 sales recorded in September 2025. This followed a trend from August 2026, where sales of 1,660 homes marked a more substantial 16% decrease from August 2025. Concurrently, the number of new properties listed for sale has also been declining. New listings in September 2026 totalled 3,354, an 11.3% drop from the same month a year earlier. In August, new listings were 3,141, down 10% year-over-year. This parallel decline in both sales and new listings has helped prevent a large buildup of inventory that could shift the market toward favouring buyers.
Inventory levels finished September 2026 at 6,486 units, which was 6.3% below the level from September 2025 and 0.4% lower than in August 2026. The combination of lower sales and lower inventory kept the months of supply metric stable at 3.9, indicating a balanced market where neither buyers nor sellers have a strong upper hand. Other indicators of market pace and negotiation showed modest changes. The average days on market for a home increased to 44 days, up from 42 days a year earlier. The sales-to-list-price ratio, which measures how close the final sale price is to the original asking price, was 97.4% in September, slightly softer than the 97.8% recorded a year prior, suggesting most homes still sell just under their listed price. This activity data points to a market that is cooling gradually from the high activity of previous years but not experiencing a sharp correction.
Historical Price Context and Long-Term Appreciation
While recent quarterly and annual comparisons show softening or modest declines in some segments, it is important to view Calgary's housing prices within a longer-term context. The period from 2024 onward has seen a shift from rapid price appreciation to a phase of flattening or modest declines. Year-over-year price comparisons in the second quarter of 2026 indicated broad-based softening, with detached homes showing the smallest decrease at 1.0%, while semi-detached homes fell 4.9%, row/townhouses declined 2.7%, and apartments dropped 5.4%. This recent moderation follows several years of significant price growth that fundamentally reshaped Calgary's affordability landscape.
Comparing 2025 price levels to those in 2019 reveals the substantial long-term appreciation that has occurred across all housing types. The data shows that apartment prices increased by 30.2% over that six-year period. Row and townhouse prices saw even greater growth, rising by 54.2%. Semi-detached home prices increased by 57.8%, and detached home prices grew by 52.3%. This historical perspective underscores that despite recent quarterly declines, the overall value of housing in Calgary remains much higher than it was half a decade ago. The current market phase represents a correction or stabilization within a longer upward trend, influenced by factors such as higher mortgage rates, changing migration patterns, and evolving buyer preferences.
The Rental Market and Demographic Influences
Calgary's rental market often moves in tandem with the ownership market and provides additional context for housing demand. In August 2026, the average rent in Calgary was $1,885, which represented a 3.78% decrease from the previous year. Breaking this down by unit size, the average rent for a one-bedroom apartment was $1,508, down 5.93% year-over-year, while the average for a two-bedroom apartment was $1,845, down 4.95%. This decline in rents, particularly for smaller units, mirrors the softening seen in the for-sale apartment segment and suggests an increase in supply or a moderation in demand for rental accommodations.
The rental vacancy rate offers further insight. The market vacancy rate for Calgary increased from 4.6% in 2024 to 5.1% in 2025. This increase was not uniform, as the highest rent quartile had a vacancy rate of 6.7% in 2025, while the most affordable quartile had a tighter rate of 4.4%. The Canada Mortgage and Housing Corporation (CMHC) projects a continued rise and then stabilization of vacancy rates for the Calgary Census Metropolitan Area, forecasting 5.7% in 2026, 6.2% in 2027, and 5.9% in 2028. Underlying these market conditions are demographic trends. Calgary's population is estimated to have grown by 34,000 new residents in 2026. While this represents continued growth, it is a slowdown from the increase of 53,000 from 2024 to 2025 and the surge of 88,000 from 2023 to 2024. This deceleration in population growth may be contributing to the easing of pressure on both the rental and ownership markets.
Understanding Market Segmentation and the Mix Effect
The significant difference between the year-over-year change in the average price (+5.1%) and the benchmark price (-0.8%) in September 2026 is a textbook example of the mix effect at work. The average sale price is a simple arithmetic mean of all final sale prices in a given period. It does not adjust for the type, size, or quality of homes sold. Consequently, when the composition of sales shifts toward more expensive property types, the average price can rise even if the underlying value of each individual property type is stable or falling. In September 2026, this is precisely what happened: sales of detached homes rose by 4.3% year-over-year, while sales in the lower-priced apartment and row home segments declined. This shift in the sales mix toward costlier detached homes pulled the overall average and median prices upward.
The benchmark price, calculated using the MLS Home Price Index methodology, is designed to neutralize this mix effect. It tracks the estimated value of a constant-quality home over time, accounting for attributes like property type, lot size, and living area. Therefore, a decline in the benchmark price suggests that the intrinsic value of a typical home in Calgary has eased slightly. This segmentation is also evident in rental trends, where demand appears stronger for larger, family-oriented rental units. In recent data, rental rates for townhouse/duplex units increased by 1.0% and for detached homes rose sharply by 16.5%, while rates for smaller multi-residential properties and other units like basement suites decreased by 9.6% and 8.0%, respectively. For anyone analyzing the Calgary market, it is essential to look beyond headline average prices and examine data segmented by property type to gain an accurate understanding of price movements and market dynamics.
Comparative Price Data by Property Type and Quarter
The following table presents a consolidated view of key price metrics for different property types in Calgary, drawing from data for the third quarter of 2026 and September 2026. It highlights the variations in performance between median prices, average prices, and benchmark prices across the market's main segments. The table clearly shows the price hierarchy in the Calgary market, with detached homes commanding the highest values and apartments the lowest. It also reveals the disparity between median and average prices, particularly for detached homes, where the average is significantly higher, likely influenced by high-end sales. The year-over-year changes confirm the segment-specific trends, with detached homes showing the smallest decline in benchmark value and apartments showing the largest drop in average price.
| Property Type | Average Price (Sept 2026) | Year-over-Year Change (Benchmark) |
|---|---|---|
| Single Detached | $823,483 | -1.0% |
| Semi-Detached | $686,328 | +0.1% |
| Townhouse/Row | $432,178 | -5.5% (Benchmark Row) |
| Apartment/Condo | $318,759 | -8.7% (Average) |
The median sale price for townhouse and row units was $405,000 in the third quarter of 2026, which was down 4.7 percent on a year over year basis. For apartment units, the median sale price was $290,000 in the third quarter, down 7.1 percent year over year. The benchmark price for semi detached homes edged up only 0.1 percent year over year to $685,200 in September 2026. The average price for townhouses in Calgary was $432,178 in September 2026, representing a decrease of 5.4 percent compared to the previous September. This detailed data is more informative for potential buyers or sellers than the city wide average price alone. It allows for targeted analysis based on the specific type of home they are interested in.
Common Factors Influencing Calgary's Housing Market
Several interconnected factors contribute to the current state of Calgary's housing market. Mortgage rates, set by the Bank of Canada, directly impact purchasing power. In the referenced period, the policy rate was maintained at 2.25%, providing a degree of stability for borrowing costs after a period of increases. Economic conditions, including employment levels in Alberta's energy and other sectors, influence household income and confidence, which in turn affect the decision to buy a home. Migration patterns are another powerful driver. Although population growth has slowed from its peak, the continued influx of tens of thousands of new residents annually sustains underlying demand for both ownership and rental housing.
The supply of new housing also plays a critical role. Construction activity, development approvals, and the pace of new community development affect how quickly the housing stock can grow to meet demand. Market psychology and buyer sentiment can shift quickly based on news headlines, interest rate expectations, and perceived market direction, influencing the timing of decisions to buy or sell. Finally, broader affordability pressures, which are reflected in the shift of sales toward more affordable property types when purchasing power is constrained, create the mix effects that distort headline average prices. All these elements combine to create the balanced, segmented, and relatively stable market conditions observed in Calgary in 2026.
Frequently asked questions
What was the average house price in Calgary in 2026?
In September 2026, the average home sale price in Calgary was $646,198. This figure represents a 5.1% increase compared to September 2025. It is important to note that the average price can be influenced by the mix of homes sold. A higher proportion of detached home sales will lift the average. For a more consistent measure of price trends, analysts often refer to the benchmark price, which was $566,700 in September 2026, down 0.8% year-over-year.
How much does a detached home cost in Calgary?
The cost of a detached home in Calgary varies by the metric used. In September 2026, the average sale price for a detached home was $823,483. The benchmark price, which tracks a typical detached home, was $739,400, showing a 1.0% decrease from a year earlier. The median sale price for single detached homes in the third quarter of 2026 was $680,000, unchanged year-over-year. Sales of detached homes increased by 4.3% in September, and this segment had a months of supply of 3.3, indicating balanced conditions.
Is Calgary a buyer's or seller's market?
In September 2026, Calgary's housing market was balanced. This is determined by the sales-to-new-listings ratio (SNLR), which was 49%. An SNLR between 40% and 60% indicates a balanced market where neither buyers nor sellers have a distinct advantage. The months of supply, another key indicator, was 3.9, also within the balanced range. However, conditions vary by property type. For example, the detached segment was tighter with 3.3 months of supply, while other segments had more inventory relative to sales.
What is the difference between average price and benchmark price?
The average price is the sum of all final sale prices divided by the number of sales. It is easily influenced by the mix of properties sold. A month with many luxury home sales will raise the average. The MLS Home Price Index (HPI) benchmark price estimates the value of a typical home, adjusting for attributes like property type and size to provide a more consistent view of pure price change over time. In September 2026, Calgary's average price rose 5.1% while the benchmark price fell 0.8%, highlighting the impact of a sales mix shift toward more expensive homes.
Have condo prices in Calgary gone down?
Yes, condo (apartment) prices in Calgary have declined on a year-over-year basis. In September 2026, the average price for an apartment was $318,759, an 8.7% decrease from September 2025. The median sale price for apartment units in the third quarter of 2026 was $290,000, down 7.1% year-over-year. This segment of the market has shown more pronounced softening compared to detached homes, influenced by factors such as increased supply and shifting buyer demand toward larger property types.
What is the forecast for Calgary's housing market?
Recent data points to a market in a phase of stabilization and moderation after a period of rapid growth. Prices have flattened or seen modest declines, particularly for higher-density homes, while detached homes have shown more resilience. The rental market vacancy rate is projected to rise slightly, with CMHC forecasting 5.7% for the Calgary CMA in 2026. Population growth, while continuing, has slowed from its peak. Overall, the market appears to be moving toward a more balanced and sustainable pace, though conditions continue to differ significantly between property types and price segments.
Sources and further reading
- Calgary Housing Market Report: Oct. 2nd, 2026 Update wowa.ca
- Housing trends calgary.ca
- Calgary Median Price | CREA Statistics creastats.crea.ca
- Calgary Homes for Sale justinhavre.com
- Calgary Housing Market | 2026 Home Prices nesto.ca
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