Happy Thursday, Calgary!

We just set a massive national record for housing construction, but the details inside the data are painting a very different picture for the year ahead. If you own a condo, you are going to want to read today's breakdown.

In today's edition:

Let's get into it. 🚀

What This Means: Sales are up nearly 13% and days on market are dropping, which looks like a classic spring surge on paper. But look closer at those price reductions: up 23.7%.

Buyers are out there, but they are aggressively punishing overpriced listings. If you are selling right now, the market is moving, but only for homes priced in reality.

Calgary just set a massive record. According to the latest CMHC data, we built more homes in 2025 than Toronto and Vancouver combined. It is a staggering statistic that sounds like a massive win for housing supply.

But there is a catch. A majority of that new construction is purpose-built rental apartments.

Right now, there are roughly 18,000 apartment units under construction in Calgary. As those buildings finish and hit the market, we are going to see a massive surge in rental supply. At the exact same time, migration into Alberta is slowing down.

When supply goes up, and demand softens, rents go down. That is basic economics. But the real story is what happens downstream to the resale condo market.

Over the last few years, many condo owners who wanted to sell but could not get the price they wanted decided to become "accidental landlords." Rents were high enough to cover their carrying costs, so holding made sense.

But as this new wave of purpose-built rentals drives lease rates down, the math changes. Suddenly, those accidental landlords are going to find themselves cash-flow negative. When holding a property starts costing you money every month, the pressure to sell spikes.

We are already seeing the early signs of this. Apartment-style condos currently have 4.6 months of supply on the market, the highest of any property type in Calgary. Benchmark prices are down 9% year-over-year.

If you are an investor or a condo owner thinking about selling, the window to get ahead of this wave is closing. As more rentals hit the market, more investors will be forced to list their units, adding even more inventory to a segment that is already heavily favouring buyers.

The market is shifting fast. If you are sitting on a condo, you need to decide if you are holding for the long term or getting out before the real inventory hits.

Tucked away in Dalhousie, this 1975 multi-level townhome is hiding a massive secret.

Step outside your private patio and you have access to an indoor pool, sauna, squash courts, and a games room. It is a 3-bedroom, 2-bathroom unit with over 1,600 square feet of living space, soaring ceilings, and a cozy fireplace. Plus, it is just steps from the Dalhousie LRT station.

If you want the space of a townhome but the perks of a luxury condo building, this is the one. Listed at $490,000.

🏢 Alberta Just Overhauled Condo Rules. The Alberta government announced sweeping changes to the Condominium Property Act this week. New builds now require a mandatory independent building analysis within four years (paid by the developer), and a new Condominium Dispute Resolution Tribunal launches this spring. If you are buying a new condo, you are about to have a lot more transparency into what you are getting into.

📉 Homes Are Selling Below Asking. A new report shows nearly all Calgary neighbourhoods sold below asking price in the final months of 2025. Detached homes are holding closer to list, but condos are a different story right now.

🏦 Rate Hike Bets Are Rising. The Bank of Canada held at 2.25%, but bond markets are now pricing in a rate hike by year-end. Tariff-driven inflation is pushing yields higher, which means fixed rates could climb even if the Bank of Canada sits still. If you are renewing soon, this is worth paying attention to.

🗳️ Separation Talk Is Now Business's Biggest Concern. A new Calgary Chamber of Commerce survey found that over half of Alberta businesses rank separation as their top concern, ahead of tariffs and rising costs. Business leaders are warning it is already chilling investment. Calgary's real estate market runs on confidence, so this is worth watching.

Before you go, just a few public service announcements:

Talk soon,

Nathaniel and Graham | YYC Housing Pulse Team