The Calgary housing market in September 2026 maintained balanced overall conditions. The average home price was $646,198 which was a 5.1 percent increase year over year. The unadjusted residential benchmark price was $566,700 which was nearly one percent lower than last year. The market showed significant divergence between property types with higher density segments seeing price declines.
Key Market Metrics and Current Conditions
The Calgary housing market in September 2026 displayed a mix of stability and shifting dynamics. Sales for the month totalled 1,650 homes, a 4.1% decrease compared to September 2025 and a slight 0.6% dip from August. New listings saw a more pronounced annual decline of 11.3%, landing at 3,354 units. This resulted in a sales-to-new-listings ratio of 49%, down from 53% in August but up from 45% a year ago. The overall inventory of homes for sale stood at 6,486 units, which was 6.3% lower than the previous September and 0.4% below the August level. The months of supply, a key indicator of market balance, held steady at 3.9 months, unchanged from August. A market is considered balanced when months of supply is between four and six months, so Calgary's figure of 3.9 indicates it is on the tighter side of balanced territory. The average home spent 44 days on the market before selling, which is two days longer than a year earlier, and the average sales-to-list-price ratio was 97.4%, indicating most homes sold just under the asking price. The sales-to-new-listings ratio measures home sales relative to new listings, where a figure below 40% indicates a buyer's market, between 40% and 60% indicates a balanced market, and over 60% indicates a seller's market.
Understanding Price Measures: Average, Median and Benchmark
Calgary's housing data reveals different stories depending on which price metric is examined. The average price in September 2026 was $646,198, representing a 5.1% year-over-year increase. The median price, which is the middle point of all sales, rose 2.6% to $574,444. In contrast, the MLS Home Price Index benchmark price, which is adjusted for the type and size of home sold to track a 'typical' property, declined 0.8% year over year to $566,700. This divergence is primarily due to a shift in the sales mix toward more expensive detached homes and away from lower-priced apartments and townhouses. When the composition of sales tilts toward costlier properties, the unadjusted average and median prices can rise even if the underlying value of each property type is softening. The benchmark price is designed to filter out this mix effect, providing a clearer view of pure price movement. Over the medium term, comparing 2025 to 2019, annual sale prices have increased substantially across all categories: 30.2% for apartments, 54.2% for row or townhouses, 57.8% for semi-detached homes, and 52.3% for detached homes. The MLS Home Price Index was developed jointly by the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association, launching in January 2012.
Market Performance by Property Type
Market conditions and price trends vary dramatically across different housing segments in Calgary. The detached home segment remains the most resilient. In September 2026, the benchmark price for a detached home was $739,400, down 1.0% from a year ago. Sales of 896 detached homes were up 4.3% year over year, and months of supply sat at 3.3, indicating this segment is in balanced but relatively tight territory. Semi-detached homes saw their benchmark price edge up 0.1% year over year to $685,200, with sales rising 4.5% to 163 units and months of supply at 3.7. The townhouse segment experienced more pressure, with the benchmark price declining 5.5% year over year. Sales eased and new listings rose, pushing the months of supply above four months for the first time since the beginning of the year, and additional competition from new units has weighed on resale activity as the price spread between new and resale homes remains relatively narrow. The apartment condo sector faced the softest conditions, with the benchmark price down significantly year over year. High supply levels from recent construction have contributed to buyer's market conditions in this segment, with prices under notable pressure. The variation in conditions is linked directly to supply dynamics, as a construction boom over the past three years was mostly driven by gains in higher-density apartment and row-style homes, significantly increasing supply in those sectors. Detached homes did not see the same level of new construction, preventing broad-based supply growth and supporting more stable conditions.
The average price for a detached home in September 2026 was $823,483 which was up 5.3 percent year over year. The average price for a semi detached home was $686,328 which was down 0.1 percent year over year. The average price for a townhouse was $432,178 which was down 5.4 percent year over year. The average price for an apartment was $318,759 which was down 8.7 percent year over year.
| Property Type | Average Price (Sept 2026) | Year-Over-Year Change |
|---|---|---|
| Detached Home | $823,483 | +5.3% |
| Semi-Detached Home | $686,328 | -0.1% |
| Townhouse | $432,178 | -5.4% |
| Apartment Condo | $318,759 | -8.7% |
Market conditions vary widely across different districts within Calgary. For detached homes in September 2026 the North West West and South districts had less than three months of supply. The North East district had nearly six months of supply for detached homes. Price declines for detached homes were primarily driven by steep pullbacks in the oversupplied North East district. Prices for detached homes were higher than last year in both the City Centre and West districts.
Rental Market and Vacancy Rate Trends
The Calgary rental market mirrors the segmentation seen in the ownership market, with trends diverging by unit type. According to data from RentFaster, year-over-year rental rate changes in 2026 showed an increasingly segmented picture. Rental rates for smaller homes, including multi-residential properties and other units like basement suites, declined by 9.6% and 8.0% respectively. In contrast, larger family-oriented rental units saw upward pressure, with townhouse and duplex unit rents increasing by 1.0% and detached home rents rising sharply by 16.5%. This suggests strong demand for larger rental units persists, while increased supply in smaller units may be contributing to reduced costs. The overall average rent in Calgary was $1,885 in August 2026, a decrease of 3.78% year over year. The average rent for a one-bedroom apartment was $1,508, down 5.93% year over year, and for a two-bedroom apartment it was $1,845, down 4.95%. The vacancy rate has been rising, moving from 4.6% in 2024 to 5.1% in 2025. This increase is likely driven by higher vacancy rates within more expensive housing options. For example, the highest rent quartile had a vacancy rate of 6.7% in 2025, while the lowest rent quartile had a rate of 4.4%. The Canada Mortgage and Housing Corporation anticipates a small increase followed by stabilization, projecting vacancy rates of 5.7% in 2026, 6.2% in 2027, and 5.9% in 2028 for the Calgary Census Metropolitan Area.
Demographic and Economic Context
Population growth is a fundamental driver of housing demand in Calgary. The city's population is estimated to increase by 34,000 new residents in 2026. This represents a slowdown from the increases of 53,000 from 2024 to 2025 and 88,000 from 2023 to 2024. While migration has slowed, it remains positive, contributing to sustained housing demand. The job market in Calgary has remained relatively strong, which supports household formation and purchasing power. The Bank of Canada's policy rate, which influences mortgage rates, was maintained at 2.25% as of the latest data, providing some interest rate stability for the market. These demographic and economic factors help explain why housing demand has remained robust enough to absorb a significant portion of new supply, particularly in the detached home segment, despite broader market softening. The Canadian Real Estate Association compiles monthly statistics of existing homes sold through the Multiple Listing Service and revises its forecast for provincial and national sales activity and average home prices after each quarter, taking into account new housing market data and changes in the outlook for interest rates and the macroeconomy.
Historical Price Trends and Recent Softening
Calgary's housing market has undergone distinct phases over the past decade. Sale prices shifted from a period of rapid appreciation to flattening or modest declines beginning in 2024. The median home price in Calgary saw a peak in 2024 at roughly $740,000, but a study suggests it could fall by more than $100,000 in the next period. Year-over-year price comparisons indicate broad-based softening across the housing market as of the second quarter of 2026. By housing type, price changes in Q2 2026 were as follows: detached homes decreased by only 1.0%, apartment and multi-residential properties decreased by 5.4%, semi-detached properties decreased by 4.9%, and row and townhouse homes decreased by 2.7%. This demonstrates that detached homes have been the most resilient segment during the recent softening. Despite these recent modest decreases, housing prices still remain substantially higher than in 2019. The long-term appreciation from 2019 to 2025 underscores the significant growth the market experienced before the recent cooling phase. The market's current stability, with Calgary being noted as one of the most stable markets for home prices in the country as of August 2026, offers a contrast to the volatility seen in some other major Canadian cities. Data from the Calgary Real Estate Association indicates that the composite benchmark price of $571,500 in August 2026 was 0.3% below where it stood a year ago.
Common Mistakes in Interpreting Market Data
When reviewing Calgary housing reports, several common errors can lead to misinterpretation of the market's true state. One major mistake is focusing solely on the average price without considering the benchmark price. The average price is heavily influenced by the mix of homes sold. A surge in luxury home sales or a shift toward detached properties can inflate the average even if underlying values for each home type are flat or declining. Another error is applying city-wide generalizations to specific property types or neighbourhoods. As the 2026 data shows, detached homes are in balanced conditions while apartments are in a buyer's market, and conditions vary significantly between city districts. Overlooking the sales-to-new-listings ratio and months of supply can also be misleading, as these are leading indicators of market balance and future price pressure. Finally, comparing short-term monthly price changes without accounting for seasonal patterns can create a distorted view, as prices typically adjust downward in the fall and winter months. For example, unadjusted monthly declines in prices are not unusual as the market moves through the fall, and seasonally adjusted figures for September 2026 show that prices were relatively stable compared with August. Luxury homes also carry a disproportionate weight in the average price, so swings in the number of high-end sales feed straight through to it.
- Relying only on the average price and ignoring the mix-adjusted benchmark price.
- Applying overall city trends to all property types (detached, semi, townhouse, apartment).
- Ignoring leading indicators like the sales-to-new-listings ratio and months of supply.
- Not accounting for strong seasonal patterns in monthly price and sales data.
- Overlooking significant differences in market conditions between city districts.
- Comparing short-term data without the context of longer-term trends from 2019 onward.
- Confusing the average selling price with the MLS Home Price Index benchmark.
Outlook and Forecast for the Calgary Market
The near-term outlook for Calgary's housing market points toward continued segmentation and overall stability. Price adjustments have been most pronounced in higher-density row and apartment-style units, which have reported year-over-year benchmark price declines of eight per cent and six per cent respectively as of September 2026. Detached home prices are only one per cent lower than last year, showing much greater resilience. Market forecasts anticipate that vacancy rates will rise slightly before stabilizing, which may continue to apply downward pressure on rental rates for smaller units and, by extension, on condo resale values. The supply of new higher-density homes is expected to continue entering the market, maintaining a favourable environment for buyers in those segments. For detached homes, limited new supply and sustained demand from migration and a strong job market should support relatively balanced conditions. The Calgary Real Estate Board provides monthly data and the Chief Economist has noted that the variation in market conditions is directly related to where new supply was added during the recent construction boom. Calgary offers a market where buyers have gained negotiating room without prices eroding underneath them, as evidenced by the stable benchmark price and balanced sales-to-new-listings ratio.
Frequently asked questions
What is the average house price in Calgary?
In September 2026, the average price of a home sold in Calgary was $646,198. This 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 greater proportion of detached home sales will pull the average higher. The average price in August 2026 was $571,500, showing monthly volatility.
Is Calgary a buyer's or seller's market?
As of September 2026, Calgary's overall housing market is balanced, with months of supply at 3.9 and a sales-to-new-listings ratio of 49%. However, conditions vary significantly by property type. Detached and semi-detached homes are in balanced territory, while the apartment and townhouse segments are leaning toward buyer's market conditions due to higher supply levels. The sales-to-new-listings ratio was 52.8% in August 2026, also indicating balanced conditions.
How have Calgary home prices changed since 2019?
Comparing annual sale prices from 2025 to 2019 reveals substantial long-term appreciation across all housing types. Prices increased by 30.2% for apartments, 54.2% for row or townhouses, 57.8% for semi-detached homes, and 52.3% for detached homes. Despite recent modest softening in 2026, prices remain well above 2019 levels. The market has shifted from rapid appreciation to flattening or modest declines beginning in 2024.
What is the benchmark price in Calgary?
The MLS Home Price Index benchmark price for Calgary in September 2026 was $566,700. This is a mix-adjusted measure that aims to represent the value of a 'typical' home by accounting for differences in the type and size of properties sold. It declined 0.8% from a year earlier, providing a different perspective than the rising average price. The benchmark price for detached homes was $739,400, for semi-detached was $685,200, and for townhouses was $412,400.
Are rental prices going up or down in Calgary?
Rental market trends in Calgary are increasingly segmented. Rental rates for multi residential properties decreased by 9.6 percent year over year. Rental rates for other units like basement suites decreased by 8.0 percent year over year. In contrast rental rates for detached homes increased sharply by 16.5 percent year over year. Townhouse and duplex rental rates increased by 1.0 percent year over year.
What is the vacancy rate in Calgary?
The market vacancy rate for Calgary increased from 4.6 percent in 2024 to 5.1 percent in 2025. The Canada Mortgage and Housing Corporation anticipates a small increase and then a stabilization of vacancy rates. Their projections are 5.7 percent in 2026 6.2 percent in 2027 and 5.9 percent in 2028 for the Calgary Census Metropolitan Area. Higher vacancy rates have been more pronounced in more expensive housing options.
Sources and further reading
- Calgary Housing Market Report: Oct. 2nd, 2026 Update wowa.ca
- Housing trends calgary.ca
- Calgary Real Estate Board, CREB® | CREA Statistics stats.crea.ca
- Calgary Housing Market | 2026 Home Prices nesto.ca
- Canadian Housing Market Stats, CREA crea.ca
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