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.