Good morning Calgary,

Here is what is moving the market this week:

Let's get into it. 🚀

- Nathaniel and Graham

What This Means: The summer slowdown is showing up in the data. Sales dropped by 12.4% and active listings crossed the 6,100 mark. But the most telling number for buyers is the 663 price reductions. With average days on market creeping up to 41, sellers who missed the mark on pricing are having to adjust. If you are a buyer, the urgency of the spring market has faded, giving you room to negotiate.

Calgary has long built its reputation as the affordable alternative to Toronto and Vancouver. But this week, the data flipped that narrative on its head.

Ratehub.ca just released its June 2026 Home Affordability Report, and the numbers are tough to swallow. Calgary recorded the largest decline in affordability of all 13 Canadian cities studied. Homebuyers now need an additional $4,670 in annual household income to qualify for the average home compared to just one month ago.

The culprit is a double hit. First, the average home price in Calgary rose by $4,000 month-over-month. Second, fixed mortgage rates climbed 0.08 percentage points. That rate bump was largely driven by escalating geopolitical tensions pushing Canadian bond yields higher. When bond yields rise, fixed mortgage rates follow.

For buyers, especially first-timers, this is a frustrating reality check. The affordability advantage Calgary has always counted on is not guaranteed. As prices hold steady and rates fluctuate based on global events, the cost of entry keeps creeping up.

But there is a silver lining. The 5-year Canadian bond yield just dipped below 3% for the first time in a while this week. That means fixed rate relief could be coming soon. For buyers who are pre-approved and watching the market, this slight softening in bond yields might create a brief window to lock in a better rate before the fall market picks up.

The lesson here is simple: waiting for the market to become universally affordable is a losing game. The buyers who win are the ones who understand their personal numbers and act when their specific window opens.

Some condos just have a different energy the moment you walk in. This one has it.

The living area hits you first: 20-foot vaulted ceilings, a double-sided fireplace, and floor-to-ceiling windows that pull in natural light from every angle. This is a true two-storey loft layout in the heart of the Beltline, with 1,469 square feet spread across two levels. The main floor has your kitchen, living, dining, and primary bedroom. The upper level opens up to a second bedroom or oversized home office with its own closet. Two separate outdoor spaces give you options: a private terrace off the main floor with BBQ gas line and Calgary Tower views, plus rooftop patio access above.

The kitchen is sharp, with two-tone cabinetry, quartz countertops, and a breakfast bar. Secured heated underground parking is included. And the location puts you steps from 17th Ave, the downtown core, and everything the Beltline has to offer.

🏗️ August 4 Is Almost Here And Council Is Still Sorting Out Who Gets to Keep What. Calgary City Council held a public hearing on July 21 to finalize which properties get exempted from the blanket rezoning repeal. Two bylaws were debated: one adding parcels that qualified for exemption between January 2026 and August 4, and one removing parcels whose development permit approvals were overturned. On August 4, roughly 99% of Calgary properties revert to their pre-2024 low-density zoning. If you have a permit application in flight, the clock is ticking. Read more on the City of Calgary website.

📉 CREA Cuts Its 2026 Forecast for the Second Time This Year. The Canadian Real Estate Association now projects 463,336 home sales in 2026, a 1.4% decline from 2025. That is a sharp reversal from January's forecast of 5.1% growth. CREA cites a weak first half of the year, inflation fears, and negative population growth in some regions. But CREA senior economist Shaun Cathcart says a recovery appears to have started and expects a stronger fall market once listings come out after Labour Day. Read more via Yahoo Finance.

🏘️ Calgary Needs $526 Million Per Year to Hit Its Own Affordable Housing Target. A briefing note to Calgary City Council reveals the city would need to invest $526 million annually to meet its goal of 3,000 new non-market housing units per year. Currently, the city invests $75 million a year, delivering about 1,100 units. The "keeping the lights on" option costs $93 million annually. Budget deliberations begin in November. Read more via Global News.

🌐 CMHC Says Prices Will Fall Nationally in 2026 But Prairies Are the Exception. CMHC's 2026 Housing Market Outlook Mid-Year Update, released today, projects home prices will decline nationally through 2026 before a modest recovery in 2027. But the report explicitly notes Prairie markets are expected to "maintain high sales levels and lead price growth," while Ontario and BC face continued affordability challenges. Read more via CMHC.

🛣️ Deerfoot Drivers, Your Day Has Come: New Ivor Strong Bridge Opens July 27. The new Ivor Strong Bridge over the Bow River opens July 27, adding lanes and easing congestion on the Deerfoot Trail. For anyone who has ever sat in Deerfoot gridlock wondering why they did not just buy in the inner city, this is your moment. Watch the report via CityNews.

Thanks for reading. If you know someone trying to make sense of the Calgary market right now, forward this email to them.

Talk soon,

Nathaniel and Graham

Terryberry Real Estate Group