Good morning, Calgary,

Here's what's moving the market this week:

Let's get into it. 🚀

What This Means: Sales jumped 7.2% and homes are selling four days faster this week. The 8.8% drop in average price reflects more activity in the entry-level and lower-priced segments, which are moving faster than higher-end inventory. This is typical as we head into the back half of February, especially with Family Day behind us. If you're shopping below $550K, expect increased competition. If you're selling above $700K, you're working with a smaller buyer pool. With 4,106 active listings and sales slowly picking up, the market remains balanced overall.

It’s not every day that a city has to decide whether to accept nearly a billion dollars, but that’s the choice facing Calgary City Council right now. The Canada Mortgage and Housing Corporation (CMHC) just drew a line in the sand: keep the city-wide rezoning policy, or forfeit up to $861 million in federal housing funds. This isn’t just another policy debate; it’s a high-stakes decision that will define Calgary’s growth for the next decade.

For those just catching up, the federal government’s Housing Accelerator Fund is designed to reward cities that cut red tape and make it easier to build more homes. Calgary was a star pupil, securing the funding by legalizing duplexes, triplexes, and row homes on any residential lot. But now, a push from some councillors to repeal that very policy has put the entire deal in jeopardy. The CMHC has made it clear: reintroducing exclusionary zoning is a dealbreaker.

So, what does this mean for you?

For buyers, that $861 million represents thousands of future homes. Losing it means less supply gets built, keeping competition fierce and prices high. For homeowners, it’s about more than just what gets built next door; it’s about the city’s ability to fund the infrastructure that supports our communities. Walking away from this money could lead to service cuts or tax hikes down the road.

And for investors, this signals a major risk. A city that turns its back on this level of federal investment sends a message of instability, making long-term development projects less attractive.

Calgary is at a crossroads. Do we stick with the plan, or do we scrap it? The decision the council makes next will tell us what kind of city we want to be.

Built in 2021, this 2-bed, 2-bath corner unit at The Rise in Harvest Hills hit the market this morning at $344,900, making it the best-priced unit in the complex by $5K to $15K. The original owners upgraded everything: quartz counters, a massive kitchen island, luxury vinyl plank throughout, and central AC (a rare find at this price point).

The primary bedroom is tucked away for privacy with a 4-piece ensuite, and the oversized balcony has a BBQ gas line ready to go. In-suite laundry, titled underground parking, and a storage locker seal the deal. At 833 square feet and only five years old, this is move-in ready for first-time buyers, downsizers, or investors looking for a turnkey rental. Minutes from Deerfoot, the airport, and everything you need

🏗️ Calgary awarded $29.3M to build 566 affordable homes. The city just announced the second round of its Housing Capital Initiative, awarding funding to six non-profits to build non-market homes across Calgary. Combined with round one, the city has now invested $60 million in affordable housing.

📈 Mortgage rates are stuck near 4.5% through 2027. The Bank of Canada held its policy rate at 2.25% in January, and experts now predict 5-year fixed mortgage rates will hover near 4.5% through the end of 2026 and into 2027. If you've been waiting for rates to drop before buying, this is your wake-up call.

🏘️ Springbank Hill development gets green light. After heated debate, Calgary council approved the scaled-down Augusta Villas development in Springbank Hill. The project will bring 35 semi-detached units to 1.16 hectares of undeveloped land in Ward 6, though it faced pushback from residents concerned about density.

📊 New condo and townhome sales slow as builder inventory rises. Q4 2025 data shows Calgary's new multi-family market is cooling. Sales absorption has slowed while inventory climbs, giving buyers more leverage with builders. Expect to see more incentives and negotiating room in new construction.

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