Good morning, Calgary,

Here's what's moving the market this week:

Let's get into it. 🚀

What This Means: The market is showing classic early spring signals. Sales are up 2.1% and the average sold price jumped 6.7% to $656,772, largely driven by high-end detached activity.

Active listings climbed another 2.2% to 4,196, so inventory is still building heading into the busiest season of the year. The slight uptick in days on market and the dip in listings going under contract (-5.9%) tells us buyers are active but selective. They have more to choose from, and they know it. If you're selling, this is not the market to test the ceiling on price.

Calgary's spring real estate market is officially waking up, but this isn't the same market we've seen for the past three years. The frenzy is over. The landscape has changed. For the first time since 2020, we're entering the busiest season of the year with a significant amount of housing inventory, slowing population growth, and a clear divide between the detached and high-density markets. This is a tale of two cities, and the strategy you need to succeed, whether you're buying or selling, depends entirely on which market you're in.

As of late February, Calgary has nearly 4,200 active listings, the highest number for this time of year since 2020. This surge in supply is a direct result of a wave of new construction coming online, combined with a moderation in population growth, which is forecast to be 1.3% in 2026, a significant drop from the 3% pace seen in 2025. The result is a market that is more balanced, more rational, and more nuanced than the seller's market that has dominated the past few years.

The most critical trend to understand this spring is the divergence between the detached and condo markets. The detached sector remains relatively competitive, with just under three months of supply. Well-priced detached homes are still moving quickly, and buyers in this segment need to be prepared to act decisively. However, the story is completely different in the high-density market.

Calgary's apartment and row home segments are now firmly in buyer's market territory, with over five months of supply. This is a dramatic shift from a year ago and gives buyers of condos and townhomes a level of choice and negotiating power they haven't had in years. For sellers in these segments, pricing and presentation are more critical than ever. The days of guaranteed bidding wars for condos are over.

For Buyers: If you're looking for a condo or townhome, you're in the driver's seat. You have more options, more time to make a decision, and more room to negotiate on price. For detached home buyers, the market is still competitive, but the increased inventory means you're less likely to face the extreme bidding wars of the past. Regardless of the segment, the spring market will bring even more listings, so be patient and do your homework.

For Sellers: If you're selling a detached home, the market is still in your favour, but you need to be realistic about pricing. Buyers are more discerning. If you're selling a condo or townhome, you need to be prepared for a more competitive environment. Your property needs to be in top condition and priced aggressively to stand out from the crowd.

This spring market is a new chapter for Calgary real estate. Success will come down to understanding the specific dynamics of the segment you're in and acting accordingly.

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🏗️ Alberta Starts Strong. While national housing starts are slowing, Alberta recorded its third-highest January for housing starts on record. The Calgary region accounted for 56% of that activity, with 80% of new construction being multi-family units.

📉 Rents Find Relief. Renters are getting a break to start 2026. The average rent for a 2-bedroom apartment in Calgary fell 3.9% year-over-year to $1,850 as the national vacancy rate climbed to 3.1%. But don't get too comfortable; a national report warns a slowdown in new construction could create a supply crunch by 2028.

🏘️ Calgary Bucks the Trend. CMHC's latest Housing Market Outlook forecasts national housing starts to drop in 2026. However, the report specifically identifies Calgary and Montreal as exceptions where "stronger local conditions" are expected to support a more resilient construction market.

⚖️ Rezoning Vote Looms. The debate over city-wide rezoning is heading for a key decision point in March. City Council will hold a public hearing and vote on a proposed repeal of the policy, a decision that could put up to $861 million in federal housing funds at risk.

Before you go, just a few public service announcements:

Talk soon,

Nathaniel and Graham | YYC Housing Pulse Team