Calgary Real Estate Board: January 2026 Sees Sales Decline 15% Amidst Rising Inventory and Price Adjustments

Calgary Real Estate Board — January 2026

Calgary's real estate market reported 1,234 sales in January 2026, marking a 15 percent year-over-year decline, as new listings surged to 4,391 units. The Composite Benchmark Price settled at $554,800, representing a 3.4 percent decrease from January 2025, while months of inventory increased to 3.6, according to figures published by the Calgary Real Estate Board.

Market Analysis

The Calgary real estate market experienced 1,234 sales in January, a 15 percent year-over-year decline, aligning with typical activity levels for the month. This decline was observed across all property types, with higher-density homes seeing the steepest reductions. Ann-Marie Lurie, CREB®’s Chief Economist, notes that potential buyers for high-density homes were more hesitant to return to the market, as increased supply choice across all segments reduced the sense of urgency.

Sellers were quick to bring new listings onto the market, with 4,391 new listings reported, causing the sales-to-new-listings ratio (SNLR) to drop to 44.0 percent. This shift is primarily attributed to changes in the apartment and row-style home sectors. The rise in new listings relative to sales led to an increase in inventory levels to 4,391 units, marking the highest January level since 2020. Despite a market condition described as 'sellers,' the increased inventory, particularly in row and apartment homes, suggests a more nuanced environment. The Composite Benchmark Price of $554,800 reflects a 3.4 percent year-over-year decline, influenced by price adjustments in the latter part of 2025 and steep declines in oversupplied higher-density homes. Seasonally adjusted figures, however, indicate stable price levels in January compared to the end of 2025.

Property Type Analysis

Market conditions vary significantly across property types. The detached sector, with a benchmark price of $667,000, saw 657 sales and 1,243 new listings, leading to 1,753 units of inventory. With less than three months of supply and a sales-to-new-listings ratio of 53 percent, conditions in the detached market remained relatively balanced. The unadjusted benchmark price for detached homes was $724,000, slightly lower than the previous month and over three percent lower than last January.

In contrast, higher-density homes faced higher levels of inventory compared to long-term trends. The Attached/Townhouse segment recorded a benchmark price of $442,200, while the Apartment segment's benchmark price was $309,700. The steepest sales declines occurred in these higher-density homes, contributing to months of supply ranging up to five months for apartment-style homes. Semi-detached homes recorded 118 sales and 251 new listings, with a sales-to-new-listings ratio of 47 percent and approximately three and a half months of supply.

Regional Highlights

Price movements for detached homes varied across the city in January. Year-over-year declines ranged from less than one percent in the West district to over six percent lower in the North East district. While unadjusted prices eased over December, this was primarily due to pullbacks observed in the City Centre and North West districts.

For Buyers

With increased inventory levels, particularly in the apartment and row-style home sectors, buyers have more choice and reduced urgency. It is an opportune time to explore various property types and districts. Buyers should leverage the current market conditions to negotiate, focusing on properties that align with their long-term goals and understanding the specific supply dynamics of their desired home type.

For Sellers

Sellers entering the market in January faced increased competition due to a surge in new listings and higher overall inventory, especially for row and apartment-style homes. To attract buyers, competitive pricing is crucial, reflecting the current market's supply and demand dynamics. Sellers should work closely with their real estate professionals to accurately price their homes and prepare for the anticipated activity of the spring market, considering the specific conditions of their property type and location.