Good morning, Calgary.

Here is the housing read that matters this week.

Let’s unpick it.

- Nathaniel and Graham

What This Means: Sales climbed from roughly 304 to 378 and the average sale price rose, but that does not put sellers back in the driver’s seat. The forward-looking side softened: homes under contract fell from about 616 to 519, collapsed deals rose from 58 to 77, and average days on market stretched from 42 to 44. For sellers, an accepted offer is not the finish line, so price to the competition and protect the deal with clean disclosures, solid condition prep, and a realistic response to inspection findings.

Calgary’s blanket-rezoning fight was already in sequel territory after Council repealed the citywide change in April and lower-density rules returned in August. Alberta’s October 8 directive has made the next chapter more consequential: the province is now setting guardrails for Calgary’s low-density framework and its later land-use review.

The direction does not stop every apartment, rowhome, or infill application, and it does not rewind projects already moving through the system. But it does add another decision-maker to a process that buyers, owners, builders, and neighbours were already trying to decode. The City is expected to maintain its pre-2024 low-density zoning framework and identify restored parcels through an overlay, while a future Land Use Bylaw review will have to work within the provincial framework.

For anyone buying or selling a property with “redevelopment potential,” the useful question is no longer just what a lot could support in theory. It is what zoning applies today, whether a specific project has an active application, how long a change may take, and who needs to approve it. That is not exciting cocktail-party material, but it is very real value math.

The funding clock adds another layer. Calgary is due to report to CMHC on October 27, and City officials have raised the possibility that a further $63.7 million Housing Accelerator Fund payment could be at risk depending on how the revised approach is assessed.

The honest read is that policy uncertainty does not create one neat price prediction. It changes timelines, risk, and willingness to invest, and those effects will vary block by block. If you are relying on future development rights as part of a purchase or sale decision, check the current land-use map and get the right professional advice before treating an old rulebook as current.

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Plenty of listings lead with quartz. This Pacesetter showhome leads with the work that saves Saturday afternoons. In the last three years, its owners put more than $80,000 into Class 4 impact-resistant shingles, new siding and eavestroughs, six triple-pane windows, exterior doors, a furnace, and central air.

The fun part: 2,079 square feet, three bedrooms, 2.5 baths, a bonus room, heated double garage, and a fenced yard facing a ball diamond and open fields. It offers a reminder: in a comparison-heavy market, practical upkeep can be a stronger tie-breaker than a fresh throw pillow.

🏙️ Marda Loop gets 343 more homes, and a Co-op downstairs. Calgary’s planning commission approved the Marc and Mada Block at 33 Avenue and 20 Street S.W., a three-building project with 343 homes, 17 below-market units, a 26,000-square-foot Calgary Co-op, and street-level retail. The upside is more homes and more convenience in one of the city’s most walkable commercial areas. The less romantic part is that a long construction period is coming for nearby residents and businesses.

🏫 The school-bus test is catching up with Calgary’s housing growth. The CBE has requested 26 modular classrooms for 2027-28 and identified 10 schools that are already especially over capacity. The board says 69% of housing development over the last five years has been in new communities. For families weighing a newer community, school capacity deserves the same attention as the kitchen island and commute time.

🏢 Calgary rent keeps easing, but not by the same amount for everyone. September’s average apartment and condo rent was $1,823, down 0.1% from August and 3.9% from a year earlier. One-bedroom asking rents averaged $1,611 and two-bedrooms $1,971. This is the next monthly reading in the rental reset, not a victory lap: landlords and investors still need to price against comparable units, not last year’s rent roll.

The read: Evanston’s 2026 is softer than the citywide headline: year-to-date sales are down 13%, inventory is up 15%, and its benchmark is down 5% from the same point last year. September’s 16 sales are a modest sample, but homes that did sell moved in 29 days, 15 days faster than the city average. Months of supply, or the time current inventory would take to sell at September’s pace, was 4.44, giving buyers more room to compare.

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Know someone who is treating a property’s future potential like a fact instead of a question mark? Forward them this issue before they make the expensive kind of assumption.

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Talk soon,

Nathaniel and Graham

Terryberry Real Estate Group

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