Calgary Apartment Monthly Market Report

Executive Summary

Calgary’s Apartment market remained a Buyer’s Market in July 2026, with official CREB months of supply at 4.90. Sales totalled 408, down 19.84% from July 2025, while 793 new listings were down 21.95%. Inventory was 1,999, only 4.67% below a year earlier, leaving substantially more supply relative to monthly sales than was present last July. The Apartment benchmark price was $297,600, down 8.37% year over year.

The 13-month trajectory shows that activity contracted sharply through late 2025, then rebuilt during the first half of 2026. By July, sales had eased from 423 in June to 408, new listings from 931 to 793, and inventory from 2,076 to 1,999. Even after that monthly decline, inventory remained close to its July 2025 level while sales were materially lower.

Price-range activity was not uniform. Official CREB sales increased year over year below $250,000, but declined in every governed band above that threshold. Listing-level new-listing activity showed a similar split, rising below $250,000 and falling across higher ranges. Geographic conditions also varied: district months of supply ranged from 3.58 in West to 6.55 in North East, while benchmark prices were lower year over year in all eight districts.

For buyers and sellers, the citywide Apartment classification is useful context, but the most relevant conditions remain the price range and district in which a property competes.

Apartment Market at a Glance

At 4.90 months of supply, the citywide Apartment segment is classified as a Buyer’s Market under the governed citywide status thresholds.

How the Apartment Market Is Changing

The Apartment market’s 13-month path shows a clear shift from the conditions present in July 2025. Official CREB sales moved from 509 in July 2025 down through the second half of the year, reaching 273 in December. New listings followed a similar late-year contraction, declining from 1,016 in July to 353 in December. Inventory also fell over that period, from 2,097 to 1,238.

Activity rebuilt in early 2026. Sales rose from 273 in January to 432 in April before settling at 403 in May, 423 in June and 408 in July. New listings increased from 786 in January to 961 in May, then eased to 931 in June and 793 in July. Inventory increased more steadily, climbing from 1,436 in January to 2,071 in May and 2,076 in June before edging down to 1,999 in July.

That combination matters for market balance. July inventory was only 4.67% below its level a year earlier, but sales were 19.84% lower. With available supply holding up better than monthly demand, official months of supply rose from 4.12 in July 2025 to 4.90 in July 2026. Under the citywide Apartment threshold framework, that level is a Buyer’s Market.

Price movement has been consistent with that looser balance. The Apartment benchmark price declined from $324,800 in July 2025 to $297,600 in July 2026, an 8.37% year-over-year decrease. The monthly benchmark path was generally lower through the period, moving below $304,000 by December 2025. It began 2026 at $301,200, briefly reached $301,400 in April, and then eased to $300,400 in May, $299,000 in June and $297,600 in July.

The central trend is therefore not simply lower sales or lower prices in isolation. Supply rebuilt materially during the first half of 2026 while sales recovered only partially from the late-2025 slowdown. July’s modest month-over-month reduction in inventory did not erase that broader relationship, leaving the Apartment segment with more supply relative to current sales than one year earlier.

Where the Apartment Market Is Diverging

The citywide Apartment totals conceal a pronounced split by price range. Official CREB sales were stronger year over year in the two lowest governed ranges and weaker in every range above $250,000. Under $200,000, July sales increased to 49 from 33 a year earlier, a 48.5% gain. From $200,000 to $249,999, sales rose to 88 from 55, a 60.0% increase.

Above $250,000, the direction reversed. Sales from $250,000 to $299,999 fell to 85 from 133, down 36.1%. The $300,000 to $349,999 range declined to 74 from 134, down 44.8%, while $350,000 to $399,999 fell to 41 from 63, down 34.9%. Sales at $400,000 and above declined to 71 from 91, a 22.0% decrease. The result is a market in which the strongest year-over-year sales movement is concentrated at the lower end rather than spread evenly across Apartment price points.

Listing-level new-listing activity reinforces that contrast without replacing the official CREB sales evidence. July new listings increased 92.7% year over year under $200,000 and 16.2% from $200,000 to $249,999. They declined in each higher band: 31.2% from $250,000 to $299,999, 25.3% from $300,000 to $349,999, 44.7% from $350,000 to $399,999, and 37.2% at $400,000 and above.

Current Active Listings add another dimension. The largest Active counts were 426 from $250,000 to $299,999, 397 at $400,000 and above, and 390 from $300,000 to $349,999. By comparison, the two ranges with positive sales growth had 197 Active Listings under $200,000 and 316 from $200,000 to $249,999.

These measures should not be treated as interchangeable. Official CREB sales describe completed transaction activity; listing-level new listings describe properties entering the market; and Active Listings describe the current Active-only population rather than CREB Inventory. Read together, they show why the overall Buyer’s Market classification does not imply the same competitive conditions at every price point.

Sales and Sales YoY: CREB® City of Calgary Monthly Statistics. New Listings, New Listings YoY and Active Listings: Pillar 9™ MLS® System listing-level analytical dataset. Active Listings are Active-only and are not the same measure as official CREB Inventory.

Geographic Differences

Geographic conditions were also uneven in July. Official CREB district months of supply ranged from 3.58 in West to 6.55 in North East, with North at 5.39, City Centre at 5.42 and East at 5.00. South East was 4.69, while North West and South were both 4.20. These differences show that the amount of supply available relative to monthly sales varied meaningfully across Calgary’s Apartment districts.

Benchmark-price movement was negative year over year in all eight districts, but the size of the decline differed. North West had the smallest decrease at 7.22%, followed by West at 7.72% and South East at 7.83%. The largest declines were in East at 13.83% and North East at 13.63%. North was down 9.53%, South 9.21%, and City Centre 7.95%.

City Centre remained the largest district by Apartment activity, with 161 sales and 872 units of official CREB inventory. South recorded 55 sales and 231 inventory, while the other districts had smaller transaction and inventory counts. The key geographic pattern is therefore a broad year-over-year price decline occurring alongside materially different supply positions, rather than one uniform district-level condition across the city.

Source: CREB® City of Calgary Monthly Statistics, July 2026.

What Is Driving the Apartment Market

The main internal pressure on Calgary’s Apartment market is the relationship between current sales and available supply. July sales were almost 20% below a year earlier, while official inventory was less than 5% lower. Because supply did not contract as quickly as sales, months of supply increased to 4.90 and the subtype remained in Buyer’s Market territory. The benchmark-price decline is consistent with a market in which sellers are competing for fewer completed transactions relative to available inventory.

The price-range evidence shows that this pressure is not distributed evenly. Sales expanded below $250,000, where listing-level new-listing counts also increased year over year. In contrast, sales declined across every range above $250,000 while new-listing activity also fell. At the same time, the largest current Active Listing counts were concentrated in the $250,000 to $349,999 ranges and at $400,000 and above. That creates different competitive dynamics within the same subtype-wide market.

District evidence adds a second layer. All eight districts recorded lower benchmark prices year over year, but months of supply ranged widely. The combination suggests that the broad price adjustment is citywide within the Apartment segment, while the intensity of supply relative to sales remains local. These internal relationships explain the current market more directly than any single headline statistic.

What This Means for Buyers and Sellers

For Apartment buyers, the 4.90 months-of-supply reading indicates more choice relative to current sales than would exist in a tighter citywide market. That can create greater opportunity to compare listings, evaluate condition and condominium-specific attributes, and distinguish between properties that are well positioned and those that have been exposed to the market longer. The citywide classification, however, should not be treated as a promise of equal negotiating leverage everywhere.

The price-range data is the clearest reason for that caution. Sales increased year over year below $250,000, and listing-level new listings also increased in those two ranges. A buyer shopping in the lower price bands may therefore encounter activity patterns that feel firmer than the overall Apartment market suggests. Above $250,000, sales were lower across every governed range, but the size of the Active Listing population also differs from band to band. The relevant comparison is the buyer’s actual price range and district, not the citywide average alone.

For sellers, the combination of lower sales, elevated months of supply and an 8.37% year-over-year benchmark-price decline places more emphasis on competitive positioning. Recent comparable sales, current competing listings, property condition, condominium fees and building-specific characteristics can all affect how an individual unit is received. The district table also shows that supply relative to sales varies materially across Calgary, so a citywide Buyer’s Market does not remove the need for local context.

Neither side should interpret the report as a forecast for an individual property. It is a framework for understanding where current Apartment supply and transaction activity are concentrated and where the balance differs from the citywide headline.

What to Watch Next

Three relationships are especially important to watch next. First, compare monthly Apartment sales with new listings and inventory. If sales strengthen while inventory fails to rebuild, months of supply would fall and the citywide balance would tighten; if inventory remains high relative to sales, buyer-favouring conditions would remain more persistent.

Second, watch whether the current price-range split continues. July sales and new-listing growth were positive below $250,000 but negative across higher ranges. A narrowing of that gap would indicate a more uniform market, while continued divergence would make price-range context even more important.

Third, track district months of supply together with benchmark-price change. The July spread from 3.58 to 6.55 months of supply was substantial, and every district recorded a year-over-year benchmark decline. Convergence in supply positions or a change in the direction of district price movement would be meaningful evidence that the geographic pattern is shifting.

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