Good morning, Calgary!

Here's what's going on in the market this week:

Let's get into it. 👇

What This Means: While sales took a surprising dip, the jump in listings under contract suggests buyer activity is bouncing back as we head into the spring season. A rise in both active listings and price reductions also shows that sellers are getting a head start on the market and adjusting their expectations to meet it.

Sellers in Calgary's condo market are facing a tough reality. The city’s apartment sector is currently saturated with an oversupply of listings, a situation that shows no signs of easing as the spring market approaches.

A look at the current numbers paints a clear picture. With nearly 1,400 active apartment listings on the market and only 111 sales recorded so far this month, the imbalance is stark. This has pushed the months of supply to over five months, creating market conditions that heavily favour buyers. As a result, prospective buyers are demonstrating a clear lack of urgency, well aware that they have an abundance of options to choose from.

The pressure on sellers is compounded by a significant number of vacant units. Of the nearly 1,400 active listings, almost half are sitting empty. This high vacancy rate, representing over 600 units, suggests that many owners are facing the financial strain of covering mortgages, condo fees, and taxes on properties that are not generating income, increasing their motivation to negotiate.

Looking ahead, the challenges for sellers are expected to intensify. The upcoming spring market is anticipated to bring a fresh wave of both resale and newly constructed apartment units to the market. This influx of additional inventory will likely put further downward pressure on prices, continuing the softening trend that has defined the segment for the past several months.

This oversupply in the sales market is also spilling over into the rental sector. It’s a simple case of supply and demand. Sellers who are unable to get their desired price are increasingly opting to rent out their properties instead. This pivot adds a significant number of new rental units to the market, competing directly with the already substantial inventory from new, purpose-built rental buildings coming online. With a glut of options available, the increased competition for tenants is expected to put downward pressure on rental prices across the city in the coming months.

It’s not every day you get a chance to own a piece of Calgary history, but a rare unit has just come on the market in the iconic Anderson Estates. Built in 1912, this provincially designated heritage building in Lower Mount Royal offers a living experience that’s anything but ordinary.

This one-bedroom studio suite blends timeless character with modern updates. Think soaring 10-foot ceilings, original hardwood floors, and exquisite architectural details like a built-in antique armoire and a classic claw-foot soaking tub. While the vintage charm is front and center, the building was meticulously restored with updated plumbing, electrical, and other major infrastructure, so you get the best of both worlds.

BMO Centre, Stampede Park

Thinking about a spring project? The Calgary Home & Garden Show is back from February 26th to March 1st at the BMO Centre, bringing together hundreds of experts for all your home and garden needs. Get inspired by the pros, shop local from YYC artisans, and find everything you need to get your projects started.

As a thank you for being a loyal reader, we have a limited number of free tickets to give away. If you’re interested in going, just click the button below to claim yours!

🏢 More empty offices are turning into homes. The city announced two more office-to-residential conversion projects downtown, which will create 128 new below-market apartments. It’s part of the city’s broader strategy to tackle both office vacancy and housing affordability at the same time.

🏡 Chestermere is getting a new neighbourhood. A partnership between Mattamy Homes and Truman is bringing a massive new community with nearly 2,000 new homes to the growing city just east of Calgary. The project will span 253 acres and include a mix of single-family homes, townhomes, and apartments.

📈 Calgary hit a new housing record last year. A record-breaking 28,000 new homes were completed in 2025, more than double the city’s 10-year average. The massive increase in supply is a direct response to the city’s rapid population growth.

🛍️ The retail market is feeling the squeeze. While the residential market softens, Calgary’s retail real estate is the opposite. Vacancy has dropped to just 3.4%, making it a landlord’s market where demand is significantly outpacing supply, especially for smaller-format stores.

Before you go, just a few public service announcements:

Talk soon,

Nathaniel and Graham | YYC Housing Pulse Team