Good morning Calgary,

This week’s Calgary housing story is all about the gap between what gets announced and what actually gets built. After a record year for non-market housing, the city’s pipeline nearly hit the brakes, and the number at the centre of it is a little hard to ignore.

Let’s get into it.

- Nathaniel and Graham

What This Means: This week’s market looks less like a dramatic slowdown and more like a negotiation reset. Sales were almost flat, but active listings and vacant listings both climbed, average days on market stretched to 36, and under-contract activity moved lower. In plain English: buyers have more to choose from, and they are not being forced into quite as many snap decisions.

The interesting wrinkle is that price reductions fell even as inventory rose and collapsed deals jumped. That suggests sellers are not universally sprinting to cut, but more deals are running into friction before they close. Pricing still matters, but so do condition, financing confidence, and whether both sides can keep the transaction together after the offer is accepted.

Calgary does not just need more housing announcements. It needs a steadier path from funding, to permits, to actual keys in doors.

That gap showed up clearly this week. LiveWire Calgary reported that after a record year for non-market housing, the city had just 58 non-market housing units under development permit in Q1 2026. For context, Calgary built 1,836 non-market units in 2025, while the city’s target is 3,000 per year.

That is not a small wobble. That is the housing-policy equivalent of tapping the brakes so hard everyone checks their seatbelt.

The key point is that non-market housing does not move like a steady conveyor belt. Calgary’s Chief Housing Officer described it as “chunky,” because projects often arrive as 20-unit, 60-unit, or 400-unit developments rather than a constant stream of applications. A quiet quarter can look worse than the underlying reality, while a record year can make the system look smoother than it really is.

But the bigger problem is alignment. Non-market providers often need land, municipal support, provincial dollars, federal dollars, permits, construction capacity, and timing to all line up. If one piece lands late, a project can miss a funding window or sit in limbo. That is how a city can talk about urgency while the pipeline still moves in lurches.

This matters for more than renters waiting on affordable homes. A stop-start non-market pipeline puts more pressure on the rest of the market, especially entry-level ownership and lower-priced rentals. When affordable supply does not arrive consistently, households spill into whatever else they can qualify for, and that pressure shows up everywhere from basement suites to townhomes to older apartments.

The good news is that Calgary is not starting from zero. Projects like The Heights in Albert Park/Radisson Heights and SORAH’s Erin Woods development show homes are still moving from concept to construction to residents. The challenge is making that progress less exceptional and more boringly reliable.

Boringly reliable, in housing, would be a very big upgrade.

This week’s property is not really about “value.” It is about spectacle. The three-level penthouse at 690 Princeton Way SW is listed at $7,175,000, making it the kind of apartment that reads more like a private museum than a condo listing. We are talking 4,802 sq. ft., two bedrooms, six bathrooms, three titled parking stalls, an oval marble staircase, four fireplaces, Versailles-inspired details, and a monthly condo fee of $4,510.

In a week where Calgary’s broader apartment market has plenty of softness, this is the reminder that trophy real estate lives in its own strange weather system.

🏦 The Bank of Canada holds at 2.25% again. The Bank of Canada kept its policy rate at 2.25% on June 10, citing weak Canadian economic activity, ongoing trade uncertainty, elevated oil prices, and inflation risk. Translation for Calgary buyers: variable-rate relief is still waiting in the lobby.

🏗️ A new community north of Cochrane is moving from dirt to doors. Sky Ranch, a 118-acre master-planned community north of Cochrane, includes 646 planned residential lots, with the first 254 already serviced and sold to seven builders. Calgary-region growth is still pushing outward, one serviced lot at a time.

🏘️ The first homeowners move into The Heights. CMLC and Attainable Homes Calgary say the first residents have moved into The Heights in Albert Park/Radisson Heights, part of a 230-home affordable townhome-style project on the former David D. Oughton school site. This is the rare housing headline where “moving in” matters more than “breaking ground.”

🧱 Siksika’s Erin Woods housing project breaks ground. SORAH has broken ground on a 60-unit Indigenous housing development at 295 Erin Woods Drive SE, with occupancy expected in January 2028. It is another example of housing supply that needs funding, land, timing, and persistence to finally become homes.

If you are trying to make sense of this market as a buyer, seller, investor, or very curious neighbour, we are always happy to help translate the numbers into a plan that actually fits your life.

Have a Calgary real estate question? Reply to this email and ask us.

Want to keep tabs on what is happening before the headlines catch up? Keep reading, keep asking questions, and, if this issue helped, send it to someone who would appreciate a clearer read on the market.

See you next week,

Nathaniel and Graham | YYC Housing Pulse Team

Terryberry Real Estate Group