CREB's September numbers are out, and they tell the same story I've been watching all summer, just a little louder. Calgary isn't one housing market right now. It's two: a detached market that is holding up well, and a condo and townhouse market where buyers have the upper hand.
The big picture: steady, with more choice for buyers
Calgary recorded 1,650 sales in September, roughly the same as August and about 4% fewer than last September. Year to date, sales are down about 10%. New listings came in at 3,354, down 11% from a year ago, so sellers pulled back a bit too. The sales-to-new-listings ratio was 49%, and months of supply sits just under four.
In plain terms: there are roughly four months' worth of homes for sale at today's pace. That's the edge of balanced territory, leaning toward buyers. Homes are taking a bit longer to sell too, about 44 days on average versus 42 last September.
The total residential benchmark price was $566,700, less than 1% below last September. Prices aren't falling off a cliff. They're drifting, and the drift depends almost entirely on what kind of home you're talking about.
Detached homes are actually improving
This is the headline CREB itself led with. Detached sales rose 4% from last year to 896, and the detached sales-to-new-listings ratio was a healthy 52%. Months of supply is just over three. The detached benchmark is $739,400, down only about 1% from a year ago.
Location still matters a lot. The North West, West, and South districts have under three months of supply, which is a seller-friendly position. The North East, by contrast, sits at about six months. Same city, very different conversations.
Semi-detached homes are similarly steady: 163 sales, up 5% from last year, with a benchmark of $685,200, essentially flat year over year.
Condos and townhouses: supply is the story
Apartment condos sold 343 times in September, down 14% from last year. The benchmark price of $291,400 is 8% below last September and slipped another 1% from August. Months of supply is just above five.
Row and townhouse sales fell 18% to 248, and the benchmark of $412,400 is down 6% year over year. Months of supply for row homes pushed above four for the first time this year. In the North East and East districts, row prices are down more than 11%.
CREB's chief economist, Ann-Marie Lurie, put it simply: the difference between property types "is related to where the supply was added." Most of the last three years of construction was higher-density housing, so that's exactly where buyers now have the most choice.
What this means if you're making a move
Buying a condo or townhouse: you have real leverage. Five months of supply means you can take your time, compare buildings, dig into condo fees and reserve funds, and negotiate. Don't rush just because it's fall.
Buying a detached home: don't expect the same softness. In the stronger districts, good homes priced right still move quickly. Get your financing lined up so you can act when the right one appears.
Selling a detached home: you're in a decent spot, especially in the North West, West, or South. But buyers are price-sensitive, and an overpriced listing will sit. Pricing it right from day one is the strategy.
Selling a condo or townhouse: be realistic and prepared. You're competing with plenty of similar units, so presentation, pricing, and timing all matter. In some cases, holding and renting may make more sense than selling right now, and that's worth talking through before you list.
Numbers are from the CREB September 2026 release. If you want to know what this means for your home or your search, reach out anytime. I'm always happy to talk it through. And if you'd like these updates in your inbox each month, sign up below.