Good morning, Calgary.

We have a rare moment of federal-provincial alignment on housing, a major rule change for secondary suites, and a 5-week countdown to the fall market.

In today's edition:

Let's go!

- Nathaniel and Graham

What This Means: The market is busy, but buyers are pushing back on aggressive pricing. Sales jumped 8.0%, and the average price climbed to $651,332, showing demand is still very real. However, collapsed deals spiked 25% and average days on market ticked up to 42. With over 6,100 active listings, buyers have enough options to walk away if an inspection fails or the numbers do not make sense.

The Bank of Canada is parked at 2.25% until at least September 2. The Canadian Real Estate Association (CREA) is forecasting a busier fall market after Labour Day. And while the national headlines talk about softening prices, Calgary's average price was up 2.6% year-over-year in June.

The summer lull is the strategic window, and most buyers and sellers are sleeping right through it.

The fall market does not announce itself. It just shows up. With six consecutive Bank of Canada holds, we finally have a stretch of predictable weeks. Between now and September 2, the cost of a prime-linked mortgage is a known quantity, fixed pricing is visible, and lender rate holds are available to anyone who asks.

For buyers, this is the time to secure a 90-day rate hold. If fixed rates rise before you close, you keep the lower rate. If they fall, most lenders will let you take the better number. With over 6,100 active listings currently on the market, you have leverage today that might disappear when the post-Labour Day crowd returns.

For sellers, the message is just as urgent. Pricing loosely and hoping the market bails you out is getting riskier, as evidenced by the 85 collapsed deals we saw this week. The listings that will win attention in September are the ones being prepped, painted, and priced correctly in August.

The buyers and sellers who use these next five weeks to prepare will be the ones who look back and say they timed it right. The ones who wait for the September buzz to start will simply be competing in it.

Some luxury homes rely on location. Others rely on design. This one decided to just do both.

Built in 2018, this custom Roxboro residence offers over 5,000 square feet of developed living space. The main floor features a rare primary retreat with a spa-inspired ensuite, a striking glass wine display, and a chef's kitchen anchored by a quartz waterfall island. Upstairs, you will find two spacious bedrooms, while the fully finished lower level hides a projection theatre and a massive recreation room.

Step outside to a private covered patio and hot tub, all just moments from the Elbow River pathway system. It is a masterclass in combining timeless architecture with an unbeatable inner-city location.

🏗️ Carney and Smith announce joint homebuilding plan for Alberta. PM Carney visited Red Deer yesterday for a joint announcement with Premier Smith on a new federal-provincial program to accelerate homebuilding in Alberta.

🏠 Secondary suites just got a lot easier to build in Calgary. City council voted July 28 to make secondary suites a permitted use, removing the development permit requirement. The change saves homeowners up to 6 weeks and $600 in fees, with 2,300 new suites expected annually.

📉 CMHC cuts its 2026 forecast, but the Prairies are still the exception. CMHC now expects 457,200 national home sales in 2026 (down from 470,314 in 2025) and average prices of $675,200. Housing starts are projected at 241,400. The Prairies, including Calgary, continue to outperform the national picture.

🏢 Boardwalk REIT reports Calgary rental softening in Q2. Calgary same-property NOI fell 1.2% in Q2 2026 versus the prior year, driven by higher vacancy and lower rents. This is one of Canada's largest apartment landlords, confirming what renters are already feeling.

Thanks for reading. If you know someone trying to make sense of the Calgary market right now, forward this email to them.

Talk soon,

Nathaniel and Graham

Terryberry Real Estate Group