Good morning, Calgary.

The market is not asleep. It is just making everyone show their work.

In today’s edition:

Let’s get into it.

- Nathaniel and Graham

What This Means: Calgary is not frozen. It is getting picky. Sales eased 11.9%, but 613 homes went under contract, up 4.4%, which tells us motivated buyers are still writing offers when the value is obvious.

The tougher signal is underneath: active listings, unoccupied homes, price reductions, collapsed deals and days on market all moved the wrong way for sellers. With 686 price cuts and 92 deals coming apart, the market is doing its own quality control. Buyers have room to negotiate. Sellers need a price that works before the inspection, not after it.

Calgary has spent years talking about growth in broad strokes: more people, more construction, more pressure on everything from Deerfoot to daycare. This week, the map got more specific.

On August 11, Calgary, Rocky View County and the Canada Infrastructure Bank signed a project-acceleration MOU for the Prairie Economic Gateway, a proposed 1,300-acre rail-linked trade, logistics and manufacturing hub along 114 Avenue S.E. The agreement moves the project from early exploration into detailed work on the roads, water, wastewater, stormwater and financing needed before construction decisions can be made. Rocky View County’s release is careful with the wording, as it should be. This is progress, not a ribbon cutting.

Still, the scale matters. Project officials estimate the Gateway could generate more than $7 billion in economic activity and support more than 30,000 jobs across the Calgary region over the next 10 to 12 years. Global News reports enabling infrastructure could begin next year, with an initial phase targeted for operations in 2031.

The real-estate takeaway is not “buy every house with a southeast postal code before lunch.” Please do not make life decisions based on one headline and a strong iced coffee. The useful question is whether housing, transportation and services are being planned in the same places and on the same timeline as the jobs.

For buyers, that means watching access, not just distance. A community that is technically close to a future employment hub may still be a long commute if the road and transit pieces lag. For renters, more jobs can eventually mean more demand, especially for practical, well-connected homes. For owners and investors, the opportunity is less about chasing a future logo on a map and more about understanding where the supporting infrastructure actually lands.

Calgary’s next growth story is not just about how much we build. It is about whether we build the right connections before the demand shows up.

Currie does polished inner-city living well. This 2021 Empire Custom Homes build leans fully into it: 2,606 square feet above grade, three bedrooms, 3.5 baths, 10-foot main-floor ceilings, marble mosaic flooring, a vintage French-marble fireplace surround, and a kitchen built around a Cornufe range with Sub-Zero refrigeration. The park-facing primary suite adds heated floors, a standalone tub and an unusually civilized walk-in closet with its own sink and laundry.

Downstairs, there is a media room, wet bar and third bedroom. Outside, the living space has its own fireplace and infrared heaters, because Calgary patios should not be limited to July. Triple-pane windows, a high-efficiency three-zone furnace and formaldehyde-free insulation are the quietly practical counterweight to the showpiece finishes. It suits the buyer who wants a finished, design-forward house in a walkable inner-city setting, not another renovation calendar.

🗺️ The zoning reset is live. The exception list is not finished. Calgary’s blanket-rezoning repeal took effect on August 4, but the practical story has a few more chapters. CBC reported that 247 additional properties were under consideration for retained higher-density zoning, with further exemption discussions expected in the fall. If a property’s future potential is part of the buying or selling pitch, check the parcel and application history instead of relying on a 2024 memory.

🏢 Calgary’s rental vacancy rate could hit 5.9% this year. CMHC’s city-level outlook, summarized by Canadian Mortgage Professional, forecasts vacancy rising to 5.9% in 2026 and 6.2% in 2027. That is welcome breathing room for renters. For condo owners and investors, it is a reminder that lease-up and rent-growth assumptions deserve a second look.

🏘️ More than $34M is earmarked for 485 Calgary and Alberta homes and repairs. CMHC says the Affordable Housing Fund investment will support new construction and repairs. It will not solve Calgary’s affordability gap on its own, but it is the right lens for the issue: supply is not one giant switch. It is a long list of specific projects, financing decisions and construction timelines.

If you know someone trying to make sense of the market without turning every Tuesday into a PhD thesis, forward them this email.

Talk soon,

Nathaniel and Graham

Terryberry Real Estate Group