Calgary currently has two quite different real-estate markets operating at the same time.
As of August 2026, Calgary sales overall were down about 16% year over year, yet CREB specifically reports that sales above $1 million increased from last year, primarily in detached and semi-detached homes. Meanwhile, apartments, row homes and much of the sub-$1-million market are noticeably softer.
Why the $1M–$3M market is vibrant
The biggest reason is that higher-end buyers are much less interest to rate sensitive. Someone buying a $2-million home may be bringing $800,000, $1 million or more of equity from another property, or may simply have considerably more cash and investment wealth. A difference of half a percentage point on a mortgage doesn’t stop that buyer the way it can stop someone trying to qualify for a $600,000 or $700,000 home.
There is also finally enough luxury inventory for people to make decisions. CREB actually points to increased supply as one reason upper-end sales have risen: buyers who previously couldn’t find the right property now have choices. CREB also says the strength at the upper end reflects longer-term buyer confidence in Calgary.
Location matters enormously. Calgary’s West and City Centre districts are outperforming many other areas, with detached prices in both areas showing year-over-year gains recently while some other districts have declined. That benefits communities such as the west side of Calgary and, indirectly, the estate market surrounding Springbank and Elbow Valley.
And I think there is an important psychological component. Affluent purchasers aren’t necessarily asking, “Can I qualify?” They’re asking, “Is this the right house, on the right lot, in the right location?” Excellent acreage, estate and luxury properties are relatively unique. Buyers know that waiting six months doesn’t guarantee that another comparable property will appear.
Why the rest of the Calgary market feels sluggish
The middle and lower markets have the opposite problem: buyers have choices and no great urgency.
Calgary had several years of extraordinary construction. That supply is now arriving. CMHC says Calgary has shifted from a construction boom into a major delivery phase, with completions in the first half of 2026 up 9%, including about a 32% increase in apartment completions.
At the same time, migration has slowed substantially from the extraordinary levels Calgary experienced earlier in the decade. CREB identifies slower migration as a major reason demand has normalized.
Renting has also become considerably more competitive. Calgary’s rental vacancy rate was around 5% in 2025, and CMHC forecasts roughly 5.9% for 2026. More vacancies, incentives and rental supply mean somebody paying $1,800–$2,200 rent doesn’t feel the same pressure to rush out and buy a condo.
That shows dramatically in condos. Calgary apartment sales are down approximately 26% year-to-date, there is close to six months of supply, and the August benchmark price was about $295,400 — down 8% year over year and nearly 13% below the August 2024 peak.
So we’re experiencing an unusual situation: