If you’ve been keeping an eye on Calgary real estate lately, you’ve probably noticed that the story changes depending on what type of home you’re looking at. What we’ve been experiencing since the beginning of the year—and really as a leftover trend from late 2025—is two very distinct markets playing out side by side across Calgary and Alberta.

Here is a look at what is happening in our market as we move into August, why supply is shifting, and what it means whether you’re looking to buy, sell, or invest.

The Condominium & Townhouse Market: Shifting into Buyer Territory

In the apartment-style condominium and row/townhouse sectors, we have seen a real increase in overall inventory alongside a pullback in sales. In fact, over the past month, condo apartment sales dropped by about 20%, and townhouse sales dipped by roughly 23%.

Why is this happening? It comes down to a combination of policy shifts and market reaction:

• Reduced Immigration: Federal pullbacks on international immigration have directly impacted population growth rates here in Alberta and Calgary.
• Post-COVID Construction Lag: A couple of years ago, rental vacancy rates in Calgary were near 0%, and migration was surging. Developers responded by building purpose-built rental apartments and launching new condo developments. Now that those units are completing at a time when population growth has slowed, we are seeing an oversupply.

Understanding Months of Supply

• Apartment Condos: We are currently sitting at just under 5 months of supply. Once a market pushes past 3.5 months of supply, it shifts into a buyer’s market. Buyers have more choices, which means they take longer to make decisions.
• Townhouses & Row Homes: Sitting at just under 4 months of supply, putting this segment into buyer’s market territory as well.

Real estate is always hyper-local. Supply and pricing dynamics vary significantly depending on the specific neighbourhood, complex, and price point.

Single-Family Homes: Stable & Balanced Conditions

In contrast, the single-family housing segment, both detached and semi-detached homes, tells a very different story.

• Detached Homes: Activity has remained mostly flat (down just ~2%), showing remarkable stability.
• Semi-Detached Homes: We actually experienced an increase in sales volume over the past month.

People are still gravitating strongly toward single-family living whenever possible. In lower price ranges, and surprisingly in the luxury bracket over $1.5M, we are still seeing multiple-offer scenarios pop up as we move through July and into early August. Overall, detached and semi-detached homes remain in comfortable, balanced market conditions.

What to Expect for the Rest of Summer & Beyond

Seasonally, sales tend to slow down slightly during August as everyone enjoys the warm weather and vacations. However, heading into the fall September market, and likely carrying through into 2027, expect a similar pattern:

• Single-Family Homes: Continued balanced conditions with steady demand for well-priced properties.
• Condos & Townhouses: A persistent buyer’s market until excess inventory is gradually absorbed.

Unless government immigration policies shift drastically to boost population demand, it will take a year or two for the market to fully absorb this high-density supply. In the meantime, expect builders and developers to pull back on new projects to avoid further oversaturating the market.

Summary: What This Means for You

• If You’re Buying a Condo or Townhouse: You have leverage, choice, and time on your side.
• If You’re Selling a Detached Home: Proper pricing is key, but demand remains healthy across Calgary neighbourhoods.

For more information and detailed stats, view the original reports on Royal LePage Benchmark and the Calgary Real Estate Board (CREB®) August 2026 Housing Stats.