Good morning, Calgary!

Lots happening in the Calgary market this week.

Here’s what you need to know.

- Nathaniel and Graham

What This Means: Sales jumped 24.2% this week, but the rest of the dashboard is keeping the champagne corked. Active listings, days on market, price reductions, and collapsed deals all rose, while under-contract activity barely moved. With 47.4% of active listings unoccupied, buyers still have room to ask harder questions. Sellers need a price and condition story that survives more than the first showing.

Calgary has earned some credit on housing supply. That is not a sentence we have been able to write very often in Canada.

CMHC’s new housing supply report says Calgary’s projected housing gap has narrowed, helped by a record construction push. The city started 27,684 homes in 2025, up 13.6% from the year before. That was a serious run of building, much of it purpose-built rental, and it helped add the kind of choice renters had been missing.

Local reporting on Calgary’s construction slowdown says housing starts are down about 20% from last year and are projected to reach roughly 23,000 homes in 2026. That would still sit above the city’s 10-year average, so this is not a “put the hard hats in storage” story. It is a reminder that a healthier supply scorecard depends on the next projects getting financed, permitted, and built, not just on last year’s cranes.

Why does that matter? Because housing supply has a lag. Today’s stalled condo presale, cautious developer, or delayed permit does not change this weekend’s open houses. It changes the choices buyers and renters may have two or three years from now.

Calgary is dealing with a slightly awkward mix. Renters are getting more breathing room. Buyers have more resale options in several property types. But project economics are not getting easier. CMHC notes that construction costs remain high, presale financing is tougher, and softer condo conditions make developers less eager to launch the next tower just because a spreadsheet says the city needs it.

The takeaway is not to panic-buy before lunch. Please do not let one construction chart make your housing decisions for you. It is to separate today’s negotiation window from tomorrow’s supply pipeline.

For buyers, use the current choice to negotiate carefully and buy the right property, not simply the first discounted one. For sellers, price against the competition in front of you, not a shortage that may arrive later. And for Calgary, the harder assignment is keeping enough projects moving so this year’s supply progress does not become next decade’s “remember when we were building?” story.

Some listings ask you to imagine the possibilities. This Pump Hill estate comes with a fairly complete syllabus.

The landmark “Gargoyle House” was taken back to the studs and rebuilt from 2023 to 2026 through a documented $2.39-million renovation. It delivers 8,703 finished square feet, including 7,011 above grade, eight flexible bedrooms, 7.5 baths, and a legal main-floor suite with its own entrance and kitchen.

The entertaining list is not exactly subtle: Wolf and Sub-Zero kitchen, ten-seat bar, glass wine room, theatre-level lower floor, glass gym, and a heated four-car garage with a golf simulator. Then comes the 2,991-square-foot permitted rooftop terrace with skyline views, an outdoor kitchen, spa, and putting green.

It is a true Calgary landmark, not merely more square footage.

🏠 Calgary asking rents ease, with furnished one-bedrooms softening faster. Calgary’s average unfurnished one-bedroom asking rent fell 5.3% year over year to $1,442 in September, while the furnished average fell 13.5% to $1,539. That gives renters a little more flexibility, especially for move-in-ready homes. For landlords, it is another reminder that a listing merely being available is not the same thing as it being competitive.

🏗️ Calgary’s surplus puts long-term infrastructure choices in focus.
Calgary recorded a $110-million surplus in the first half of 2026 and forecasts a $130-million full-year surplus, while identifying nearly $50 billion in infrastructure needs over the next decade. Roads, bridges, rail, and water systems are not glamorous, but they determine how well existing and growing communities function. The real budget question is how Calgary funds those needs without turning every homeowner into a part-time infrastructure accountant.

🚧 Southland Drive reconstruction starts in southwest Calgary.
The first phase of a two-year Southland Drive S.W. reconstruction is beginning in mid-September, covering roughly two kilometres from Oakmoor Way to 14 Street, plus 800 metres of repaving to Elbow Drive. Residents, buyers, and businesses in Southwood, Palliser, Oakmoor, and Braeside should expect lane shifts, nighttime work, and temporary access changes. The road will be better. The trip to get there may require a little patience.

🛝 Arbour Lake playground replacement moves into construction.
A new inclusive playground is under construction at the Arbour Lake Residents’ Association building, with an October opening targeted. It replaces equipment that had been unavailable to daycare children for about 13 years. A playground does not move a benchmark price by itself, obviously, but neighbourhood value is built from the everyday details that make family life work.

The read: Legacy’s August numbers point to a market that has cooled into a more balanced gear, not one that has stopped moving. Sales fell to 22 and new listings to 30, while active inventory sat at 75 homes. That put months of supply, which measures how long current inventory would last at the present sales pace, at 3.41.

The $529,400 benchmark was down 4.7% from August last year, and homes took an average of 35 days to sell. But this is still quicker than Calgary’s current 48-day weekly average. For buyers, there is more time to compare homes than in the frenzy years. For sellers, 97.6% of list price says pricing still needs to be grounded in the market, not in nostalgia.

Want the actual sold numbers for your neighbourhood?

A better supply scorecard is good news. Keeping the pipeline alive is the harder part. If someone in your life is watching the market and treating every construction crane as a permanent fixture, forward this their way.

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Talk soon,

Nathaniel and Graham

Terryberry Real Estate Group

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