Morning, Calgary.

Here’s what you need to know this week:

Let's dive in. 🌊

What This Means: This week’s surge in sales is the result of deals struck weeks ago, but the real story is the slowdown in new contracts. It looks like the eager buyers of early January have made their move, while spring buyers are now waiting on the sidelines for more inventory to arrive. With more price reductions hitting the market, their patience might just pay off.

Calgary just had its warmest January in years. Too bad the housing market didn't get the memo.

The January numbers from CREB are in, and the cooldown continues. Sales dropped 15%, inventory jumped 21%, and prices fell across nearly every segment. The overall benchmark sits at $554,400, down 4.7% from last year and 5% from December.

Inventory hit 4,391 units, the highest January level since 2020. You don’t need a PhD in economics to know what that means: more choice for buyers and less urgency all around. For sellers, that means more competition and longer waits. The days of pricing high and watching offers roll in are over (at least for now).

But the market isn't moving as one big block. Detached homes are holding steady with just 2.67 months of supply, which is still balanced territory. Apartments, though? Completely different story. Over five months of supply, prices down 7.7%, and units sitting for 65 days on average. Townhomes aren't far behind at 4.22 months of supply.

Geography matters too. The West district continues to outperform, down just 1.4% year-over-year. Meanwhile, the North East and East are seeing steeper declines, with benchmark prices falling 7.9% and 5.7% respectively.

So what does this mean? If you're buying an apartment or townhome, you've got the upper hand. Take your time, negotiate, and make conditional offers. If you're selling? Price competitively from day one, or prepare to sit and watch while inventory piles up around you.

Looking ahead, the spring market will be the real test. Will buyers jump on the increased inventory, or will sellers have to adjust their prices even further? For now, the great rebalancing has begun.

Want the full picture? View the full January 2026 CREB Housing Stats Package

In a market that’s starting to pump the brakes, this $13.5 million Rosedale estate is flooring it. Situated on 100 feet of prime Crescent Road frontage, this 11,400-square-foot mansion is less a house and more a private resort with unparalleled skyline views.

Completed in 2022, no expense was spared. The exterior is clad in Turkish limestone, and the inside is a masterclass by Paul Lavoie Interior Design. But the showstopper? A two-storey library inspired by Dumbledore’s office, complete with a spiral staircase and thousands of books. It’s a book lover’s dream that makes you question if you ever need to leave the house again.

If that’s not enough, the top floor features an elegant lounge and wine tasting room with a covered patio, perfect for watching the Stampede fireworks.

💼 Corporate relocations are fueling Calgary’s ultra-luxury market. The influx of new head offices is creating a steady stream of executive buyers, pushing the definition of “ultra-luxury” to $4 million and up. While the rest of the market cools, sales for homes over $2 million actually grew last year.

🗺️ Anthem just bought a huge slice of North Central Calgary. Developer Anthem Properties has secured a 146-acre parcel of land near Livingston and Carrington. They plan to build a new stand-alone community with a mix of home types, adding significant future supply to the area.

🏘️ High-density inventory hits record levels. Apartments reached 1,435 units in January, the highest ever recorded for the month. Townhomes aren't far behind with 785 units. Buyers in these segments have options.

📉 North East takes the biggest hit. The district's benchmark price fell 7.9% year-over-year to $472,100. Apartments in the NE are particularly weak, with nearly 13 months of supply and a sales-to-new-listings ratio of just 13%.

🏗️ New-home competition weighing on resale. CREB specifically called out competition from new developments as a factor pressuring townhome prices. Builders offering incentives are making resale listings work harder for buyers' attention.

Curious about what's next for Calgary's housing market? We did the heavy lifting and distilled 17 economic and housing reports into our 2026 YYC Housing Pulse Forecast.

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Before you go, just a few public service announcements:

Talk soon,

Nathaniel and Graham | YYC Housing Pulse Team