The Calgary market is not one market right now it is three or four, depending on what you are buying or selling. CREB® data for May 2026 makes that clearer than ever, and understanding the split is the difference between a well-timed decision and a costly one.
The Headline Numbers
Calgary sales in May were 2,162 units 16 per cent lower than last year's levels and similar to sales reported in April. That year-over-year drop looks significant on the surface, but context matters: trade policy uncertainty and US tariff risks continue to weigh on economic confidence, though energy market activity provides some support for Alberta's economy.
The unadjusted total residential benchmark price in May was $570,500 up over April's levels and the $554,400 reported in January, but still three per cent lower than last May. Month-over-month, that is progress. Year-over-year, it reflects a market still working through the correction that began in late 2024.
The sales-to-new-listings ratio eased to 51 per cent, shifting the overall market to balanced territory at 3.12 months of supply. In practical terms: less urgency, more choice, and more room to negotiate for most buyers. But "most" is doing a lot of work in that sentence.
The Split That Matters: Detached vs. Apartments
The city-wide balance number masks a sharp divide by property type and this is where buyers and sellers need to pay close attention.
- Detached homes: The benchmark price for detached homes was $747,800 in May down 2.4 per cent year-over-year but up 0.3 per cent month-over-month. With 1,192 sales, inventory sits at just 2.45 months of supply, meaning seller's market conditions persist in this segment. Most of the overall monthly benchmark gain was driven by detached homes, which rose from $724,000 in January to $747,800 in May.
- Semi-detached: Semi-detached benchmark prices declined 1.0 per cent year-over-year to $691,100, up 0.1 per cent month-over-month. Conditions remain broadly balanced a reasonable entry point for buyers priced out of the detached market.
- Row homes: Townhouse benchmark prices declined 6.4 per cent year-over-year to $422,300 in May, with 350 units sold down 23 per cent annually. Inventory stands at 3.35 months, placing this segment in balanced territory.
- Apartments: Apartment benchmark prices are down 9.1 per cent year-over-year to $300,400, with 403 units sold a 30 per cent annual decline. Inventory sits at 5.14 months of supply, with conditions continuing to favour the buyer.
As CREB®'s economist noted, the supply pressure is having a more prevalent impact for apartment-style units, where conditions favour the buyer and this is impacting price movements, with apartment prices continuing to trend down while other property types report a seasonal lift.
Where Location Still Overrides the Trend
Even within property types, the neighbourhood you are in changes everything. Within the detached market, conditions varied by district Calgary's North West, West, and South districts experienced seller's market conditions, with less than two months of supply, driving stronger monthly price gains. Communities like Tuscany, Rocky Ridge, Springbank Hill, and Aspen Woods are still moving with urgency.
On the other end, conditions in the North East favoured the buyer, causing prices to trend down from the previous month with benchmark price changes ranging from a year-over-year decline of eight per cent in the North East to a two per cent increase in the West district. In neighbourhoods like Cornerstone and Cityscape, buyers have real negotiating room.
What This Means Heading Into Summer
For buyers particularly those considering apartments or row homes this is one of the more favourable entry environments Calgary has seen in several years. Prices are off their peaks, supply is available, and the competition that defined 2022�??2024 has meaningfully softened. Supply pressure will continue to place downward pressure on prices for apartment- and row-style homes, while conditions are more balanced for detached and semi-detached homes, supporting relative price stability in those segments.
For sellers of detached homes in the NW, SW, and West districts, the fundamentals remain in your favour but sales were expected to ease this year as the market transitions away from strong demand driven by previously rapid migration growth, and improved supply choice has reduced urgency among purchasers. Pricing accurately from day one matters more than it did twelve months ago.
The May numbers are not a warning signal they are a recalibration. Calgary's market is normalizing after years of extraordinary pressure, and in that normalization there is genuine opportunity. The key is knowing which part of the market you are actually in.
If you have questions about the Calgary market, reach out to Jad directly at jad@itaniestates.ca or 403-835-1472.