Calgary's Higher-Density Housing Market Experiences January Slowdown
The Calgary Real Estate Board (CREB) has released its January 2026 housing statistics, revealing a concerning trend for higher-density residential properties across the city. According to the latest data, sales of apartment-style and row homes have experienced a notable decline, marking a slow start to the year for this segment of Calgary's real estate market.
Market Dynamics and Inventory Pressures
CREB chief economist Ann-Marie Lurie provided insight into the current market conditions, stating that potential buyers for high-density homes displayed increased hesitation in January following the typical December slowdown. "Following the typical December slowdown, potential buyers for high-density homes were more hesitant to return to the market in January," Lurie explained. "Increased supply choice across all aspects of the market has reduced the sense of urgency among purchasers."
This buyer hesitation coincided with sellers quickly bringing new listings to market, causing the sales-to-new-listings ratio to drop to just 44 percent. This significant decline was primarily driven by shifts in the apartment and row-style home segments, creating what Lurie described as a market where "both buyers and sellers weigh their options ahead of the spring market."
Inventory Levels Reach Multi-Year Highs
The increase in new listings has pushed inventory levels to concerning heights. Calgary's housing inventory grew to 4,391 units in January 2026, representing the highest January inventory level since 2020. This oversupply situation is particularly pronounced in the higher-density segments, where row and apartment homes face inventory levels significantly above long-term trends.
The months of supply metric reveals the disparity between market segments:
- Detached homes maintain less than three months of supply
- Apartment-style homes face approximately five months of supply
- Row homes experience inventory levels between these extremes
Price Declines and Market Variations
The increased inventory and slowing sales have exerted downward pressure on benchmark prices throughout Calgary's housing market. Year-over-year benchmark prices have declined by nearly five percent, with the oversupplied row- and apartment-style homes significantly impacting total residential prices compared to the previous year.
Price movements varied considerably across different Calgary districts:
- West District experienced less than one percent year-over-year declines
- North East District saw prices drop over six percent compared to last year
- City Centre and North West districts contributed to overall price easing in December
Detached and Semi-Detached Market Performance
While higher-density homes struggled, Calgary's detached market demonstrated relative stability with 657 sales and 1,243 new listings in January. The rise in new listings during December caused inventories to reach 1,753 units, but conditions remained relatively balanced with less than three months of supply and a sales-to-new-listings ratio of 53 percent.
The unadjusted benchmark price for detached homes settled at $724,000, slightly lower than the previous month and over three percent lower than January 2025.
Semi-detached homes represented approximately 10 percent of Calgary's market activity with 118 sales and 251 new listings in January. Although both sales and new listings improved compared to December, the growth in new listings caused the sales-to-new-listing ratio to reach 47 percent. The benchmark price for semi-detached homes was $667,000, with year-over-year prices remaining higher in the North West and West districts but lower in all other areas.
Market Outlook and Stability Factors
The rising supply that has continued into 2026 is creating what economists describe as increased price stability across Calgary's housing market. While this may benefit buyers through more negotiation power and choice, it presents challenges for sellers in the higher-density segments who face increased competition and longer selling times.
As Calgary's real estate market transitions toward the traditionally busier spring season, industry observers will be watching closely to see if the current trends in higher-density home sales represent a temporary seasonal adjustment or a more fundamental shift in buyer preferences and market dynamics.
