Good morning, Calgary,

Welcome back to the Pulse. In today's edition:

Let's get into it.

- Nathaniel and Graham

What This Means: This week’s numbers show a market catching its breath rather than collapsing. Sales are up modestly week-over-week, active listings are ticking down, and collapsed deals are at their lowest point in months. The fact that nearly 1 in 5 homes is still selling at or above list price tells you that well-priced, desirable properties are moving without much trouble.

For buyers, the more interesting signal is the 670 price reductions still sitting on the market. Sellers who overreached are adjusting. That creates real opportunity, especially in the apartment and townhome segments where inventory is deepest, and the softness is most pronounced.

If you follow the headlines, you might think homeownership is entirely out of reach for young Calgarians. The narrative is relentless: rates are too high, prices are too steep, and the dream is dead. The reality in Calgary right now is a lot more interesting than that.

The Calgary market is operating at two different speeds. Detached homes remain tight and competitive, with the benchmark holding near $748,000 and roughly 2.5 months of supply. The condo and townhome segments are telling a completely different story. The benchmark price for a Calgary apartment fell 9% year-over-year to $300,400 in May. Townhomes have also softened, sitting around $422,000. This divergence gives buyers in the entry-level segment something they have not had in a long time: leverage and choice.

Millennials seem to recognize the opportunity. A recent national survey found that 25% of millennials plan to purchase a home in 2026, outpacing every other generation. Despite the noise, they are moving. And in Calgary, they have something Toronto and Vancouver buyers do not: price points that still make the math work.

The summer window is real. Over 6,000 active listings, price reductions down from their recent peak, and a Bank of Canada rate that has been parked at 2.25% since last fall. For a first-time buyer who is pre-approved and knows their target segment, this is not a market to fear. It is a market to use.

The first home does not have to be the forever home. It just has to be the first step. A modest townhome or a property that lets you start building equity while you wait for the next move. The buyers who act in a window like this are usually the ones who look back and say they got lucky. They were not lucky. They were ready.

If you want to know whether you are actually ready to make a move, reply to this email and we can walk through the numbers with you.

It is Stampede week, which means the Dream Home is back for its 30th anniversary. Built by Homes by Avi, this 2,462-square-foot Craftsman-inspired build sits in the new SW community of Vermilion Hill, steps from Fish Creek Park and the foothills. The $1.47M prize package includes the fully furnished home, $50,000 cash, full landscaping, a complete outdoor patio setup, and even moving services. Four bedrooms, three bathrooms, and zero things left to do except move in.

This kind of turnkey, fully loaded product shows exactly what the top end of the new-build market looks like right now.

🏗️ Calgary breaks ground on its largest affordable housing project ever. Calgary Housing has started construction on Southview in the SE, a two-building mid-rise that will eventually house more than 1,000 residents. Phase 1 delivers 250 units with rents starting around $940 for a one-bedroom. The $104M project is a rare piece of genuinely good news on the supply side, and the largest single affordable development in the city's history.

📉 Canada's rental market posts its 20th straight annual decline. Average asking rents fell 4.7% nationally to $2,029 in May, with Alberta sitting at $1,663. Record apartment completions and a slowing population are keeping rents soft heading into summer.

🏢 Calgary's office conversion program is open for its next round. We have covered this program before because it keeps delivering: 2.68 million square feet of empty downtown offices already converted into 2,667 new homes. It has now relaunched with expanded incentives, including new categories for seniors housing, co-living, and student housing. Developers have until July 27 to apply.

🏠 Millennials are moving, despite the narrative. A few months ago we noted StatCan data showing millennials buying homes later and slower than previous generations. A new 2026 survey flips the headline: 25% of millennials now plan to purchase this year, outpacing every other generation. The path is longer, but the generation is still walking it.

Have a great Stampede!

If this edition helped you make a little more sense of the market, forward it to someone who would appreciate the breakdown.

Talk soon,

Nathaniel and Graham | YYC Housing Pulse Team

Terryberry Real Estate Group