The Numbers
February wasn't a strong month for Calgary real estate. The Calgary Real Estate Board reported 1,526 homes sold an 11.2% drop compared to February 2025. The city's benchmark home price sits at $560,500, down 4.4% from a year ago.
But the number that probably tells the story best isn't the price. It's days on market: 42 days. That's up 27.5% from last year. Homes are sitting. Sellers are waiting. Buyers are taking their time in a way they simply weren't twelve months ago.
Condos Are Taking the Biggest Hit
The split between property types is sharp and getting sharper.
Apartment condos are in the most difficult position of any segment. With 753 new listings and only 345 sales in February, the sales-to-new-listings ratio sat at just 46% well into buyer's market territory. Inventory hit 1,580 units, pushing months of supply above four months citywide. The benchmark condo price dropped to $298,600, nearly 1% below January and more than 9% below where it was a year ago.
It gets more specific than that. In the Northeast, condo supply has climbed above 11 months meaning at the current pace of sales, it would take nearly a year to clear the existing inventory. Prices in the Northeast, East, and Southeast have all dropped more than 10% year over year.
"Slowing migration levels are coming at a time when supply for apartment-style homes is rising," said Ann-Marie Lurie, CREB's chief economist. "Calgary reported record high starts last year, mostly due to gains in apartment starts, where there are nearly 18,000 units currently under construction."
Row homes are in a similar but less severe position, with prices down 5% year over year and months of supply dropping from over four months in January to just over three in February as sales picked up.
Detached and Semi-Detached Are Holding
Detached homes are a different market entirely. With 736 sales and 1,269 new listings, months of supply stayed just under three months considered relatively balanced. The benchmark detached price is $734,300, down 3.2% from last year but up just over 1% from January.
The tightest pocket in the city right now is the West district, where detached supply has dropped below two months. The City Centre is also holding. The Northeast is the weakest detached area, struggling with excess supply and no monthly price improvement.
Semi-detached homes are actually the tightest segment in the city, with just 2.4 months of supply. The benchmark price is $682,200 up 2% from January and roughly flat compared to last year.
Lurie flagged one detail worth noting for buyers: the detached market "continues to struggle with limited supply for homes priced below $700,000." The relief buyers are feeling elsewhere in the market hasn't fully reached the more affordable end of the detached segment.
Outside Calgary
A few surrounding areas worth knowing about:
Okotoks is bucking the broader trend. Inventory remains well below long-term norms, months of supply is under three months, and the benchmark price hit $612,300 in February up 2% from January and roughly flat year over year. It's one of the tighter markets in the region right now.
Airdrie is more in line with Calgary's broader softening, with a benchmark price of $512,200 down 5% from last year and inventory pushing above long-term trends.
Cochrane sits at $553,500, down about 3% from last year, with conditions shifting back toward balance after a softer 2025.
What It All Means
Total citywide months of supply hit 3.16 in February up 30.9% from a year ago. Inventory climbed 16.3% to 4,822 homes despite new listings actually falling 2.3%. Homes are accumulating on the market not because more people are listing, but because fewer buyers are moving quickly.
This is not a market in freefall. Calgary's fundamentals no provincial sales tax, strong wages, and housing that's still meaningfully cheaper than Vancouver or Toronto haven't changed. What's changed is the balance. Buyers have more options, more time, and more leverage than they've had since before the pandemic. Whether that holds through spring, historically the busiest selling season, depends on how much new inventory comes on in March and April.
Source: Calgary Real Estate Board (CREB) February 2026 Monthly Statistics Report creb.com
