Calgary Real Estate Just Split Markets. Most People Haven't Even Noticed
Everyone keeps asking how’s the market.
Wrong question.
Because right now, there isn’t a market. There are multiple markets moving in completely different directions, and if you treat them the same, you’re going to make a bad decision.
Let’s break it down.
The Big Picture
Prices are down across the city. Benchmark is sitting around $565,600, down just over 4 percent year over year.
Inventory is climbing. Months of supply is up to 2.87 months, up 20 percent.
Days on market are climbing.
That’s not a crash.
That’s a shift.
And the shift is hitting different property types and areas very differently.
Condos: This Is Where People Get Hurt
Let’s not sugarcoat it.
Prices are down around 9 percent year over year
Months of supply is pushing past 4.5 months
Inventory is climbing fast
Sales are down hard
This is not a wait it out situation.
This is supply stacking on supply.
You’ve got investors exiting, new builds still completing, rents softening, and buyers with options.
If you’re holding a condo hoping it rebounds in the next year or two, you’re betting against basic math.
Smart move:
If you’ve been thinking about selling, this is the window before things get worse, not better.
This doesn’t mean condos are dead forever. It means this cycle is going to take years to clean up, not months.
The North East: Price Sensitive = First to Drop
The Northeast is getting hit harder than almost anywhere else.
Prices are down roughly 8 percent overall
Some segments are down over 12 percent
Inventory is rising
Buyer pool is tightening
Why?
Simple.
This is one of the most price sensitive areas in the city. When rates stay high and affordability tightens, this is where demand pulls back first.
Less borrowing power means fewer buyers, which means more competition between sellers.
Smart move:
If you’re selling in the NE, you don’t test the market.
You price aggressively or you sit.
And sitting right now means chasing the market down.
Row and Townhomes: Quietly Slipping
This one is flying under the radar.
Prices are down around 6 percent year over year
Months of supply is rising quickly
Days on market are climbing
This is the middle market getting squeezed.
Buyers are asking if they should stretch to detached or drop to a cheaper condo.
That leaves townhomes stuck in the middle.
Smart move:
If you’re selling, you need to look like the best deal in your category.
If you’re buying, this is where opportunities are starting to show up.
Detached Homes: Still Holding, But Not Untouchable
Detached is holding up the best overall.
Prices are only down around 3 percent year over year
Inventory is relatively stable
Demand is still there in key areas
But don’t get comfortable.
This is not 2022 anymore.
The reason detached is holding comes down to limited supply, higher income buyers, and lifestyle demand still being strong.
And more importantly, where the detached home is matters more than ever.
West and South Calgary: Still Strong For Now
The west side is barely down, almost flat year over year
South Calgary is holding relatively steady
Lower months of supply
Stronger buyer pool
These areas are insulated by higher incomes, established communities, and less investor driven inventory.
Smart move:
If you’re upgrading, this is where it gets interesting.
You might be selling something weaker like a condo, townhome, or NE property and buying into something that is holding better long term.
That’s how you move up in a shifting market.
What Most People Are Getting Wrong Right Now
They’re treating everything like it’s the same market.
It’s not.
They’re holding bad assets waiting for a rebound, overpricing in weakening areas, and hesitating on moves that actually make sense.
Meanwhile, the gap between strong and weak segments is getting wider.
The Actual Opportunity
This market isn’t bad.
It’s just selective.
And selective markets reward people who understand where demand is shrinking, where it’s holding, and move accordingly.
Not emotionally.
Strategically.
Final Thought
If you’re making a decision right now based on headlines or how the market is, you’re already behind.
You need to be asking:
What part of the market am I actually in, and what is it doing right now?
Because depending on the answer, the right move could be to sell immediately, hold long term, or upgrade while the spread works in your favour.
Same city.
Completely different outcomes.
