Detached sales strengthen as Calgary’s housing market becomes more divided

Calgary’s housing market held relatively steady in September, but the citywide numbers continue to mask an important divide between property types.

Sales totalled 1,650 units, nearly four per cent below September 2025 but similar to August. That month-over-month stability was notable because sales typically ease from August into September. Stronger activity in the detached sector helped offset weakness elsewhere in the market.

At the same time, increased supply continues to give buyers more options, particularly in row and apartment properties. The result is a market where detached homes remain relatively balanced, while higher-density properties face more competition and greater downward price pressure.

Supply remains elevated relative to sales

New listings increased from August, bringing Calgary’s sales-to-new-listings ratio down to 49%. Inventory remained relatively stable from August, and months of supply stayed just under four.

Those figures point to more choice than Calgary experienced during tighter market conditions, but the balance between buyers and sellers depends heavily on property type.

The unadjusted residential benchmark price was $566,700 in September, nearly 1% below last year. CREB® noted that some monthly price movement at this time of year is seasonal, with seasonally adjusted prices relatively stable compared with August.

The larger year-over-year price adjustments have been concentrated in higher-density housing.

Detached homes are moving differently

Detached sales reached 896 units in September, up from August and more than 4% higher than a year earlier. A rise in new listings provided buyers with more options and supported additional sales.

With a 52% sales-to-new-listings ratio and just over three months of supply, detached conditions remained relatively balanced overall.

Even within detached housing, however, conditions differed considerably by location. The North West, West and South districts had less than three months of supply, while the North East was approaching six months.

The detached benchmark price was one per cent below last September, with the decline primarily driven by the oversupplied North East district. City Centre and West detached prices remained above last year.

Semi-detached homes also showed signs of more supply in September. A monthly increase in listings pushed the sales-to-new-listings ratio to 45 percent and months of supply to nearly four months. The benchmark price of $685,200 was comparable to September 2025.

More competition for row and apartment sellers

The clearest buyer-market conditions remain in higher-density housing.

Row home sales eased from August as new listings increased, pushing the months of supply above four for the first time since the beginning of the year. The benchmark price fell to $412,400, nearly six per cent below last September.

Apartment conditions remain even more supply-heavy. September saw 343 sales and 717 new listings, with a months of supply just above 5. The apartment benchmark price fell to $291,400, more than eight per cent below the September 2025 level.

CREB® attributes much of this divergence to where new housing supply has been added. Construction growth over the past three years has been concentrated in higher-density housing, increasing competition for apartment and row properties more significantly than for detached homes.

What September means for Calgary buyers and sellers

September reinforces why Calgary-wide averages only tell part of the story.

Detached buyers are seeing more choice, but relatively balanced conditions mean competition can still vary significantly by district. Row and apartment buyers generally have more alternatives, while sellers in those segments are competing in markets with higher supply and greater price pressure.

For homeowners considering a move, property type and location have become increasingly important when interpreting market conditions. A detached home in one district may be operating in a very different environment from an apartment or row property elsewhere in Calgary.

The broader market remained relatively stable since August, but beneath that stability lies a growing divide in supply, competition, and pricing across Calgary’s housing segments.

Calgary’s housing market continued to trend down in August compared with 2025 levels, with one notable exception: sales activity above $1 million increased from last year.

Overall, Calgary recorded 1,660 sales in August, down 16% year over year. New listings also declined, falling nearly 10% to 3,141 units. While inventory eased to 6,509 units, the sharper pullback in sales pushed the months of supply to nearly 4.

That combination points to a market with greater overall balance, but the citywide numbers don’t tell the whole story.

A tale of different markets

Sales gains above $1 million were primarily driven by detached and semi-detached homes, which is also where much of the supply growth has occurred.

CREB® noted that improved supply choice has supported activity at the upper end of the market. Meanwhile, lower price ranges have not seen the same sales pickup, with favourable rental conditions slowing the transition to ownership.

These differences are also showing up across property types.

Detached and semi-detached homes remain relatively balanced, while higher-density segments are experiencing greater supply than demand.

Detached homes moved to just over three months of supply in August. The benchmark price was $744,300, similar to July and 1% below last year.

Semi-detached homes also moved above three months of supply for the first time since January, although conditions remain relatively balanced. The benchmark price was $690,500, similar to July and nearly 1% higher than last year.

Row homes remained near a four-month supply for the second consecutive month. Their benchmark price declined to $415,200, down 5% year over year.

Apartment-style homes continue to face the most oversupply, with nearly six months of resale supply. The benchmark price was $295,400, nearly 1% below July and 8% below August 2025.

Prices reflect the differences between segments

Calgary’s total residential benchmark price was $569,800 in August, similar to the previous month and 1% below last year.

That relatively modest city-wide decline masks considerably different conditions depending on the type of property.

CREB® reports that relatively balanced conditions in the detached and semi-detached sectors have prevented significant price shifts, while oversupply has contributed to steadier price declines in higher-density segments.

Location matters as well. Within the detached market, for example, months of supply remained below three months in the North West, West, South, and South East districts, while exceeding four months in the North and North East districts.

What August means for Calgary buyers and sellers

For buyers, an increase in months of supply can mean more choice and less competition, but the experience will depend heavily on the segment.

Someone shopping for an apartment-style home is entering a market with substantially more supply than demand, whereas someone looking for a detached or semi-detached property is entering a market with substantially more demand than supply.

For sellers, the same differences matter when evaluating competition and pricing. Calgary-wide statistics provide useful context, but they don’t necessarily describe the conditions surrounding an individual property.

August’s numbers reinforce that Calgary is becoming increasingly difficult to describe with a single market narrative.

Sales and new listings are both lower than last year, and overall months of supply have increased. But activity above $1 million has strengthened, lower-density properties remain relatively balanced, and higher-density properties continue to face more supply and greater downward price pressure.

Understanding where a particular home fits within those differences is increasingly important when interpreting the broader Calgary market.