Calgary’s housing market is shifting gears. After years of strong seller-driven conditions, August brought a noticeable change: more homes on the market, softer price growth, and buyers beginning to regain leverage. Here’s a closer look at what happened in August:

Sales Ease, but Remain Steady

A total of 1,989 homes sold in August, representing an 8.9% decline from the same time last year. While that marks a slowdown, sales activity is still slightly above long-term averages for Calgary. This shows that demand hasn’t disappeared  but the frantic pace of the past few years has cooled. Buyers are now taking more time to make decisions, and sellers are adjusting to a more balanced environment.

Inventory at Its Highest Since 2019

The standout story for August was inventory. Active listings rose to 6,661 homes, nearly 50% higher than last year and the most supply seen in August since 2019. Months of Supply increased to 3.35, a clear sign that conditions are balancing out.

For several years, Calgary struggled with record-low inventory, which fueled bidding wars and rapid price gains. Now, with more options on the market, buyers can compare properties, negotiate terms, and act more strategically.

Prices Pull Back Across Housing Types

The overall benchmark price fell to $577,200, a 4% decline year-over-year. But not all housing types were impacted equally:

• Detached homes held steady at $755,600, down only 1%.

• Semi-detached homes inched up to $687,200, a 1% increase.

• Row homes dropped to $439,600, down 5%.

• Apartments saw the largest decline, down 6% to $326,500.

This uneven adjustment highlights how different parts of the market are responding to rising supply. Higher-density housing  row homes and condos  are feeling the greatest pressure as buyers have more options to choose from.

A Shift Toward a Buyer’s Market

For years, Calgary has been one of the strongest seller’s markets in Canada. But conditions are changing. The surge in listings, softer sales, and moderating prices are all signals of a market shifting toward balance  and, in some segments, toward a buyer’s market.

Detached homes are still relatively resilient, but buyers in the row and condo markets now have more negotiating power than they’ve had in years. This shift isn’t a collapse  it’s a normalization, giving both buyers and sellers a chance to operate in a fairer, more predictable environment.