High-density supply impacts apartment condominium prices
June sales in Calgary improved over May, reaching 2,197 units. Despite the monthly gains, sales were nearly four percent lower than last year and just below the long-term average for June, largely due to pullbacks in apartment-style units. While sales are down across most price ranges so far this year, there have been gains in both the highest price ranges and the most affordable ranges across most property types.
“The easing of demand for resale homes does not come as a surprise given the recent decline in migration, which is impacting both rental and ownership demand for higher-density homes. The bigger change in our market relates to inventory, which has been on the rise in the rental, resale and new-home markets following several consecutive years of record-high housing starts,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Inventory growth has mostly occurred in high-density homes, resulting in buyer’s market conditions and steep price adjustments for condominium apartments. While it will take time to absorb the high-density supply, detached supply growth has been limited and some districts are reporting record-high prices.”
New listings are starting to pull back compared with 2025 and the sales-to-new-listings ratio rose to 56 percent. This has slowed the pace of inventory growth in the market and kept the months of supply at just over three months. This is considered a balanced range in the city, but conditions vary across property types, as the apartment condominium sector is experiencing buyer’s market conditions, with the months of supply at nearly five months and a sales-to-new-listings ratio of 45 percent.
The range of conditions is also impacting prices. In June, the unadjusted benchmark price was $572,500, up over the previous month and two percent below levels reported last June. However, apartment-style properties have reported an annual decline nearing nine percent, leaving condominium prices in June at $299,000. Meanwhile, the benchmark price for a detached home rose over the previous month, reaching $750,500, one percent below last year’s level, with most of the adjustments driven by specific pockets of the market.
DETACHED
Sales activity in June reached 1,202 units, in line with last year’s levels, as gains for homes priced over $1,000,000 and under $600,000 offset pullbacks in the other price ranges. Sales growth in these segments was partly supported by increases in new listings and inventory growth in those same ranges. While overall inventories have remained in line with last year’s levels and conditions remain relatively balanced, the pullback in new listings this month caused the sales-to-new-listings ratio to rise to 60 percent. Despite balanced conditions citywide, the North East and East districts are experiencing excess supply relative to demand. In these districts, the months of supply is elevated and the sales-to-new-listings ratio is below 50 percent.
Relatively balanced conditions have supported monthly price gains since the start of the year. It is only the City Centre and West districts that have recorded enough of these gains to reach record-high prices in June. The West district, which has also been experiencing seller’s market conditions, has reported the strongest year-over-year growth at nearly four percent. Meanwhile, buyer’s market conditions in the North East are contributing to price declines nearing seven percent. As of June, the citywide benchmark price was $750,500, up over the previous month and over one percent lower than last year.
SEMI-DETACHED
Improving sales in June were nearly enough to offset earlier pullbacks, leaving year-to-date sales down by only one percent compared with last year. The 234 sales in June were met with 363 new listings, pushing the sales-to-new-listings ratio back above 60 percent and slowing the pace of inventory growth compared with earlier in the year. With two and a half months of supply, conditions remained relatively balanced and continued to support stable prices.
In June, the unadjusted benchmark was $694,600, up over the previous month and similar to levels reported last June. Similar to the detached sector, price movements vary significantly across the city. Compared with last year, prices have improved in the North West, West and City Centre districts, reaching a new record high in June while the steepest decline occurred in the North East and nearly six percent.
ROW
June saw a pullback in both sales and new listings activity, causing the sales-to-new-listings ratio to rise to 55 percent. This prevented any further gains in inventory levels, which remain above long-term trends. With 1,152 units in inventory and 338 sales this month, the months of supply sat at nearly three and a half months. While this is higher than both the detached and semi-detached sectors, it remains within the upper end of a balanced range.
Additional supply choice has led to price adjustments. Year-over-year declines have occurred across all districts, ranging from two percent in the South to 10 percent in both the North East and East districts. Unadjusted prices improved in June over the previous month, as gains in the City Centre, North West and South districts offset pullbacks in the East, North East, West and South East districts.
CONDOS
Sales in June continued to fall compared with last year, causing year-to-date sales to decline by 26 percent to a total of 2,260 units. While new listings eased this month, the 931 new listings and 423 sales kept the sales-to-new-listings ratio at 45 percent. In June, inventory levels reached 2,076 units – slightly lower than last June’s level but more than 24 percent above typical inventory levels. This kept the months of supply at around five months, contributing to further price adjustments.
In June, the unadjusted benchmark price was $299,000, down over the previous month and nearly nine percent lower than last year. Prices have declined across all districts, with decreases exceeding 14 percent in the North East and East districts. The smallest decline occurred in the North West district at seven and a half percent.
