Good morning, Calgary.

In today's edition:

Let's gooo 🚀

What This Means: The real story this week is in the pending listings; they're up 18.4%, which means deals are actually being negotiated and moving toward closing. This is the market shift playing out in real time.

Combined with sales up 9.7% and homes selling 8 days faster than last week, we're seeing genuine buyer momentum, not just a seasonal uptick. The supply side is responding too, with active listings growing steadily. This is exactly what a rebalancing market looks like: buyers are showing up, making offers, and closing deals, while inventory is gradually increasing to meet them.

Remember the frenzy? The bidding wars, the unconditional offers, the feeling that if you didn’t buy a house right now, you’d be priced out forever?

Well, take a deep breath. The 2026 CREB forecast just dropped, and it’s painting a very different picture for the year ahead.

After years of relentless, pedal-to-the-metal growth, Calgary's housing market is finally shifting gears. Think less “rush hour on the Deerfoot” and more “cruising down Memorial Drive on a Sunday.” The key takeaway from CREB’s forecast is simple: the market is rebalancing. For the first time in years, conditions are tilting away from sellers and toward buyers.

So what’s behind the shift? The outlook is grounded in three key assumptions. First, migration will stay low as federal immigration policy changes take effect and Alberta's unemployment rate remains elevated at 7.4%. Second, interest rates are expected to hold steady at 2.25% through 2026. Third, despite positive regulatory shifts for the energy sector, lower oil prices (forecast at $65 USD/bbl) will delay any significant investment boom until 2027 or beyond.

Here’s the twist: all the new homes and condos that builders started during the boom are now being completed. We have a wave of new supply hitting the market just as demand is returning to more normal, long-term levels.

As of November 2025, there were over 26,000 units under construction in the Calgary CMA, with 45% of those being rental properties. Housing starts in 2025 hit near-record levels at 26,439 units. But CREB expects that to drop by 34% in 2026 as builders respond to the shifting conditions.

The bottom line? The frantic, overheated market of the past is giving way to a calmer, more predictable landscape. And after the rollercoaster we’ve all been on, a little predictability sounds pretty good.

Want the full picture? Read the complete CREB 2026 Forecast Report for detailed breakdowns by property type and neighbourhood.

Welcome to the Culver House, a rare piece of Calgary's history that's been reimagined for the next century. Built in 1912 by Annie Culver, one of Calgary's earliest female architectural visionaries, this home was completely renovated in 2022, preserving its heritage character while adding unapologetic modern luxury.

The restoration is obsessive. A custom Denca kitchen with Sub-Zero and Wolf appliances. Fully integrated smart lighting. And then there's the showstopper: a heated underground saltwater pool with its own pool house, finished with epoxy flooring and cabinetry. The primary ensuite reads like a spa retreat, with an oversized walk-in closet with illuminated rods, heated floors, and enough luxury touches to make you forget you're in Calgary.

📬 Property assessments are in the mail. For the first time in a long time, property values have stabilized. The typical detached home is up just 1%, while condos are down 3%. This means a small tax bump for most homeowners, and a slight decrease for condo owners. You have until March 23 to review your assessment.

🏢 Downtown’s glow-up continues. While oilpatch mergers are keeping the downtown office vacancy rate stubbornly high (still over 30%), the city’s office-to-residential conversion program is turning empty towers into something to talk about. The first six completed projects have seen their value skyrocket from $27 million to $195 million, bringing more life (and tax dollars) back to the core.

💡 Get ready to go green. The city’s popular Clean Energy Improvement Program (CEIP) is reopening for applications on February 17. If you’ve been thinking about solar panels or a new energy-efficient furnace, this is your chance to get low-interest financing to make it happen.

📉 Renters, rejoice. After years of tight supply, the rental market is finally getting some breathing room. With over 11,800 new rental units under construction, vacancy rates are climbing (hitting 6% in the NW). This is putting downward pressure on rents and giving tenants more options.

“We just got the latest forecast, and the big theme for 2026 is this: the Calgary market is calmer and more balanced than it’s been in years. There are more homes available, population growth has slowed, and demand has returned to more normal levels. That doesn’t mean the market is bad; it just means it’s more predictable and less chaotic.

Condos and apartments are the most buyer-friendly segment right now, with a lot of new supply coming online from completed construction. That means more choice and less pressure. Well-presented homes are still selling, just without the bidding wars we’ve seen before. Prices overall are expected to stay fairly stable.

Detached homes remain the most stable part of the market, with prices projected to be relatively flat, not skyrocketing, but not falling either. Sellers are still doing well when homes are priced correctly.

The bottom line: the rush is gone, but the opportunity is still here. Whether you’re buying, selling, downsizing, or investing, the right strategy really depends on the type of property.”

Before you go, just a few public service announcements:

Talk soon,

Nathaniel and Graham | YYC Housing Pulse Team