Calgary Housing Market January 2026 | Inventory Rises, Prices Adjust

Higher Inventory Levels Shape Early-Year Market Conditions

The Calgary housing market recorded 1,234 sales in January, representing a –15% year-over-year decline. Despite the pullback, sales activity remains in line with typical seasonal levels for January, a month that historically reflects a slower pace as both buyers and sellers assess conditions ahead of the spring market.

While sales declined across all property types, the most notable reductions occurred in higher-density housing, including apartment-style condominiums and row homes.

“Following the typical December slowdown, potential buyers for high-density homes were more hesitant to return to the market in January, as increased supply choice across all aspects of the market has reduced the sense of urgency,” said Ann-Marie Lurie, CREB® Chief Economist. “At the same time, sellers were quick to bring their listings onto the market, causing the sales-to-new-listings ratio to drop to 44%, mostly due to shifts in apartment- and row-style homes.”

She added that this pattern is not uncommon for January, as market participants weigh their options and monitor conditions before committing later in the year.

New Listings Drive Inventory to Five-Year January High

The increase in new listings relative to sales pushed inventory levels up to 4,391 units, marking the highest January inventory level since 2020. However, market conditions continue to vary significantly by property type.

Row and apartment-style homes are reporting elevated inventory levels compared to long-term trends, while detached homes remain relatively tighter. As a result, months of supply range from under three months in the detached sector to approximately five months for apartment-style homes, reflecting more buyer-friendly conditions in the higher-density segments of the market.

Calgary Real Estate Prices: Year-Over-Year Declines Persist

Due to price adjustments in the latter part of 2025, benchmark prices in January remain lower than levels reported at the start of last year. However, seasonally adjusted data suggests price stability compared to the end of 2025, indicating that recent declines may be moderating.

On a year-over-year basis, the total residential benchmark price declined by nearly –5%, largely driven by steeper price declines in oversupplied apartment and row-style homes. These adjustments continue to weigh on overall residential pricing, despite more stable conditions in the detached segment.

Looking Ahead: Calgary Housing Market 2026 Forecast

As the market moves deeper into the winter months, improved supply and reduced urgency are shaping early-year conditions. With inventory levels elevated—particularly in higher-density housing—buyers are entering 2026 with more choice, while sellers may need to adjust expectations heading into the spring market.

Key Takeaways

• January sales: 1,234 (–15% year-over-year; in line with seasonal norms)

• Sales-to-new-listings ratio: 44%, reflecting higher supply relative to demand

• Inventory: 4,391 units (highest January level since 2020)

• Months of supply:

  • Detached homes: under 3 months

  • Apartment-style homes: ~5 months

• Total residential benchmark price: –5% year-over-year

• Market trend: Increased supply and reduced urgency, particularly for higher-density homes