Good morning Calgary,

Here's what's happening in the market this week:

Let's jump into it!👇

What This Means: Sales are down almost 7% week-over-week, but don't let that fool you. With active listings barely budging and more properties going under contract, the market is still moving quickly.

The most telling sign? Price reductions are up over 8%, suggesting sellers are having to get more realistic to find a buyer in this shifting landscape.

Last week, we talked about the tale of two markets emerging in Calgary. This week, the official February numbers from CREB are in, and they don’t just confirm that story; they add two more chapters. The market isn’t just split between detached and condos; it’s a four-speed race, with each property type playing by its own set of rules.

While total sales were down 11.2% year-over-year, a single number doesn’t come close to telling the whole story.

Here’s the breakdown of what this actually means for you.

The detached market remains one of the tightest segments in the city. With just 2.64 months of supply, we are still firmly in seller’s market territory. While the benchmark price of $734,300 is down 3.2% from the peak last year, it’s actually up 1.4% from January. Homes priced under $700,000 are especially competitive. If you’re selling a detached home, you’re in a strong position. If you’re buying, be prepared to act fast.

This is the sleeper hit of the February stats. The semi-detached market is showing incredible strength. It’s the only segment where sales actually increased year-over-year (up 6.7%), and with just 2.37 months of supply, it’s even tighter than the detached market. The benchmark price of $682,200 is nearly flat from last year (down only 0.4%) and jumped 2.3% since January. For those looking for a balance of space and value, the semi-detached market is where the action is.

Row homes are feeling the pressure. A 34% surge in inventory has pushed the months of supply up by nearly 60% to 3.29 months. While still technically in a balanced market, the trend is clear. The benchmark price has fallen 5% year-over-year to $423,600. For buyers, this means more choice and less competition. For sellers, it means pricing and presentation are absolutely critical to stand out.

The story in the condo market is one of oversupply. Sales have plummeted 27% from last year, and with 4.58 months of supply, we are solidly in a buyer’s market. The benchmark price of $298,600 is down a significant 9.3% year-over-year. With nearly 18,000 new apartment units currently under construction, this trend isn’t likely to reverse course anytime soon. If you’re a condo buyer, you have time, options, and negotiating power on your side.

The Takeaway: The Calgary market is more fragmented than ever. Success in 2026, whether buying or selling, depends entirely on understanding the specific dynamics of your property type. A blanket strategy will not work.

It's not every day you see a detached home in Calgary listed for under $470,000. This 1997-built two-storey in Coventry Hills is one of the most affordable detached properties in the city right now, and it's a foreclosure, which means opportunity for the right buyer.

Yes, it needs work. The listing is clear that the roof and siding need "extensive repairs." But for a contractor, investor, or buyer ready to build some serious sweat equity, this is a fantastic blank canvas. You get a 4-bed, 2.5-bath home with a functional layout, a south-facing backyard, and a location on a quiet street in a great neighbourhood.

This is a chance to get into the detached market at a price that doesn't exist anymore, and turn it into exactly what you want. It's a project, but the potential is huge.

While you were busy keeping your own budget in check, the provincial government decided to reach a little deeper into your pocket. Last week's Alberta Budget 2026 included what Calgary's mayor is calling "the largest property tax hike in Calgary history."

To help tackle a $9.4 billion deficit, the province is increasing the education property tax. For the average Calgary homeowner, that means an extra $340 bill this year. What's more, the rate is set to climb 60% over the next four years.

This comes at a time when the City of Calgary worked to keep its own municipal tax increase to just 2%. The provincial hike is being added right on top. Mayor Farkas was not pleased, calling an emergency council meeting today to discuss the fairness of a move that hits Calgary homeowners twice as hard as those in Edmonton.

This is a direct hit to affordability for every owner in the city. It increases carrying costs, impacts what buyers can afford, and reduces the returns for investors. It's a complex situation, and it's unfolding right now.

Want to know how this could affect your personal situation?

Curious what homes on your street are actually selling for? Sign up for our Nosy Neighbour report, and we'll send you one monthly email with every sale in your neighbourhood, real prices, real addresses, no fluff.

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🏡 Your Backyard Could Be Worth $35K. Calgary's new Backyard Suite Incentive Program launched on March 2, and funding is limited. Eligible homeowners can receive up to $15,000 for construction costs and up to $20,000 for underground infrastructure. It's backed by $10M from the federal Housing Accelerator Fund and runs first-come, first-served. If you've been thinking about a suite, now is the time.

🚰 Another Bill Is Coming. The fallout from the 2024 water main break isn't over; it's becoming a line item. The City is asking council to approve $609.5M in additional borrowing to replace the Bearspaw South feeder main and reinforce the broader system. Monthly water bills could rise by up to $17. No rate change in 2026, but the warning is on the table.

🏦 The Bank of Canada Is Sitting Tight. The policy rate has held at 2.25% for three straight decisions, the longest pause since the rate-cutting cycle began. The next announcement is March 18. With US tariff uncertainty still clouding the outlook, a cut is possible but not guaranteed. Variable-rate holders: mark your calendar.

Before you go, just a few public service announcements:

Talk soon,

Nathaniel and Graham | YYC Housing Pulse Team